*Ecuador’s tax authority (SRI) has announced that it collected US$10.28bn in the first six months of the year, representing a 7% increase on the same period in 2023. The tax take in June was US$1.54bn, up by 15.4% on June 2023. The figures demonstrate the impact of the tax reform introduced by President Daniel Noboa’s government in December last year. In a breakdown of the tax take, the SRI said that a new ‘temporary security contribution’, which is intended to fund emergency security measures aimed at tackling gangs, generated an additional US$331m over the first six months of the year. A new tax on banks generated an additional US$184m, while measures aimed at incentivising the payment of overdue taxes generated US$307m. Value-added tax (VAT), which was raised from 13% to 15% in March, generated US$4.50bn over this period, up 6.8% year-on-year.
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LatinNews Daily - 15 July 2024
In brief: Tax reform delivers fiscal boost in Ecuador
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