SRI Tax Collection Growth in 2024
The Internal Revenue Service (SRI) reported a 7% growth in tax collection from January to June 2024, reaching $10.281 billion. This impressive performance is attributed to several factors, including temporary contributions, value-added tax (VAT) increases, and income tax measures.
Key drivers of growth:
Temporary contributions: The SRI implemented two temporary measures during the period, contributing $331 million and $184 million from the Temporary Social Security Contribution and Temporary Bank Contribution, respectively.
Increased VAT: The recent hike in the VAT rate from 12% to 15% in April contributed an additional $6.8 billion to the total collection.
Income tax: The SRI collected $3.776 billion in income tax, representing a 6.2% growth compared to the previous year. This increase is partly attributed to the implementation of self-retentions for rent among large taxpayers.
Other notable figures:
Tax collection for June 2024 reached $1.536 billion, reflecting a 15.4% growth.
Value-added tax (VAT) collection for the period was $4.507 billion, with a 6.8% increase from the previous year.
Sales revenue until May 2024 climbed by 2.1% to reach $89.687 billion, with a 6.1% growth compared to the previous year.