Saturday, 09 July 2022 02:52

Tax Revenues increased US$581.9 million in the first semester 2022

Written by Evelyn Alas

Tax revenues exceeded expectations in the first semester of the year showing a growth of US$581.9 million with respect to 2021, according to the latest report from the Ministry of Finance.

The report highlights that between january and june, the salvadoran treasury received US$361.6 million between tax revenues and contributions, reflecting an inter-annual growth of 18.9%, compared to the US$379.7 million reported in the first semester of last year.

According to the Ministry of Finance, revenues received last july exceeded the expectations contemplated in the General Budget of the Nation by 9.1%, equivalent to an additional US$304.9 million.

Income Tax (ISR) and Value Added Tax (VAT) are the main revenue generators for the Treasury, with a 47% and 42.6% share. Income Tax alone recorded an increase of US$421.7 million with respect to the results for 2021.

Tax Revenues: are the revenues that the State obtains from natural persons (such as you) and legal entities (companies, organizations); who according to the law are obliged to pay taxes. The Internal Revenue Service and the Customs Corporation are the ones who define objectives and goals for this collection.