According to the latest data published by the Ministry of Finance, tax revenues and contributions in El Salvador reached $4,741.6 million at the end of August 2023. This translates into an interannual growth of 2.2%, equivalent to $103.9 million, more than what was collected in 2022.
The collection figures during 2023 have been so positive that they have exceeded what was planned for this year’s budget by $120.2 million.
The income tax (ISR) is the one that has contributed the most to the upward curve, with an increase in the point-to-point comparison of $55.6 million to reach $2,133 million. On the other hand, the value added tax (VAT) had a strong increase of $102.7 million (11.5% more) in the declarations, which led to a general increase of 1.9%.
In this regard, in a recent interview, the head of the Treasury, Jerson Posada, stated that this behavior is a reflection that the country is on “a path of stability in public finances.” He added that this is also thanks to the success of the Anti-Evasion and Anti-Smuggling Plans.
“We are on a path of stability in public finances with positive results at the end of 2022 and we hope they will be maintained for this year. Despite the crises we have gone through, we have increased our tax revenues by $2,000 million since 2020”, Minister… pic.twitter.com/L2zh6LT6DG
— Ministry of Finance (@HaciendaSV) September 7, 2023
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