GringoPost | Ecuador: Question regarding tax on CD interest due to conflicting info given

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Question regarding tax on CD interest due to conflicting info given

I have CDs at two Ecuadorian Co-ops, and after they mature in one year, I'll report the interest earned to the IRS and pay US taxes on that. I'd like to know, however, whether I'm also required to submit an Ecuadorian tax return and pay Ecuadorian taxes on the interest earned (or, are those taxes automatically deducted by the Ecuadorian government if and only if I receive that interest before the 1-year term has completed)?

I recently read the following:  https://www.escapeartist.com/ecuador/live/tax-in-ecuador/: “As for interest on savings deposits paid to individuals by Ecuadorian financial entities, it is likewise tax-exempt, as are all time deposits and yields obtained from investments in fixed term securities, provided the term should be for one year or more." Is this accurate?

Reed Olson