El Salvador: Improvements in fiscal policy recommended
An extra $300 to $400 million would enter the State treasury if tax evasion, as well as contraband trade, were eliminated, according to a detailed analysis prepared by Funde.
Monday, August 25, 2008
According to the analysis from the National Development Foundation (Funde), experts recommend a series of measures that go from fighting contraband trade to increasing existing tax rates such as VAT, and approving new taxes to improve the financial state of the country.
There is urgent need to strengthen the Superintendence of Tax Administration (SAT) with audit and control instruments.
High taxes and evasion eroding economic growth in Latin America and the Caribbean.
The private sector has signalled an increase in seizures of drugs, food, smuggled cigarettes, and consumer products from illegal sources.
A new attempt is being made by the Álvaro Colom government to increase tax collection by enforcing the so-called 'Anti-evasion Law'.
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