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Saturday, 12 March 2022 16:13

The State will not receive US$24.56 million in FEFE and CONTRANS taxes for 3 months

Written by Evelyn Alas
The State will not receive US$24.56 million in FEFE and CONTRANS taxes for 3 months

The President of the Republic, Nayib Bukele, through a national chain announced the implementation of 11 measures in response to global inflation, the first is the suspension for three months of the Fondo de Estabilización para el Fomento Económico (FEFE) tax, US$11.52 million less in taxes that the Government will not receive, and the suspension for three months of the Contribución al Transporte (CONTRANS), which implies US$13.04 million less for the State.

Both initiatives imply a reduction of US$0.26 cents per gallon of fuel; the request will be submitted to the Legislative Assembly for its prompt approval.

The President announced that, through the Directorate of Mines and Hydrocarbons of the Ministry of Economy, today began the deployment of inspectors in gas stations, to verify if they are delivering gasoline with the paid octane rating. Also, a Law of Sanctions for Abuses in the Commerce of Hydrocarbon Derived Products will be promoted in the Legislative Assembly.

Likewise, the fifth and sixth measure is to maintain the propane gas subsidy, currently at US$8.04, which benefits more than one million homes, as well as the Central Government will absorb the increase in international gas prices.

Published in Economy
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