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Tuesday, 16 January 2024 17:16

El Salvador had a tax collection of US$7.122 billion in 2023

Written by Denis Muñoz
El Salvador had a tax collection of US$7.122 billion in 2023 Courtesy

El Salvador achieved its highest tax collection at the end of 2023 with a total of US$7,122 million, according to data from the Ministry of Finance. This result surpasses the US$6 billion 571 million in tax revenues of the previous year.

Current revenues and contributions experienced an interannual growth of 4.8%, contributing to the country's solid financial performance.

The report details that taxes, including Income Tax (ISR) and Value Added Tax (VAT), as well as non-tax revenues, played a crucial role in this achievement. VAT, in particular, contributed US$3,166.9 million. Meanwhile, ISR contributed US$2,871.9 million.

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This positive growth is attributed in part to the tax amnesty proposed by the Ministry of Finance, whose objective was that taxpayers pay the original taxes or complementary taxes owed to the Treasury of the Republic until december 8, 2023.

According to the initiative, those who paid their tax obligations before the established date enjoyed benefits such as the exoneration of interest payments, surcharges and no fines were imposed on the same tax periods and fiscal years.

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The year 2023 as well as 2022 exceeded the estimated tax collection, creating records in El Salvador's tax collection.

 

Translated by: A.M

Published in Economy
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