Tax Revenues Decrease by 12.1% in El Salvador

Up to and including February 2009, tax collection was $436.8 million, compared to $497 million during the same period last year.

Monday, April 27, 2009

The head of the area of macroeconomics for the Salvadoran Foundation for Economic and Social Development, Álvaro Trigueros, informed Elsalvador.com: “The reduction in tax revenues comes from lower collection of the Value Added Tax (IVA), which decreased by $53 million, while import taxes were down by some $10 million. The decline in imports is related to falling oil prices, lower tariffs and generally to a lower economic growth."



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Tax Collection Decreases by 4.5% in Costa Rica

April 2009

The 15.2% decrease in customs tax collection for the month of March was the most influential in the outcome of the first quarter of 2009.

Guillermo Zúñiga, Minister of Finance, attributed these results to the global economic crisis.

Mipunto.com reported statements by the minister: "The global recession, which has caused a sharp slowdown in local economy, has taken its toll with regard to tax collection."

El Salvador: Tax Collection Decreases by 15%

April 2009

In February, the government collected $199.9 million in net taxes, 15.61% less than the $236.9 million collected in January.

According to official figures from the Central Reserve Bank (BCR), tax collection for February was also 13.76% lower than during the same period in 2008.

Salvadoran State Falls Behind in its Payments

March 2009

The decrease in tax revenue, mainly from value added tax and customs tariffs, have prevented the timely payments of the State’s obligations.

The elimination of the electricity subsidy payments, which affects those who consume in excess of 99 kilowatts, was a decision that was forced upon the Salvadoran government by the decline in revenues in the face of the economic downturn affecting the country.

Guatemala Lowers Tax Collection Target by 9.3%

March 2009

The SAT lowered its tax collection goal for 2009 by $441.

For 2009, the Tax Administration Superintendent (SAT) in Guatemala had planned to raise $4.758 billion, but it reported yesterday that the target was adjusted to $4.32 billion, a decrease of 9.28%.

Prensalibre.com reported that the Finance Minister, Juan Alberto Fuentes Knight, addressed the impact on the fiscal deficit: "It would have to be covered by a decrease in operating expenses, plus donations and debt grants pending approval, but it is expected that the aforementioned deficit will remain at 2%."

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