2024-03-25 17:33:18
The Minister of Finance of El Salvador, Jerson Posada, announced that the country’s tax collection as of March 18 has amounted to $1,715 million, which represents an increase of $199 million compared to the same period of the previous year. This increase was highlighted during a television interview last Wednesday.
Posada highlighted that, although the first quarter of the year has not yet concluded, the collection goal for the first three months has already been exceeded by $80 million, which predicts a good performance for the rest of 2024. It is estimated that At the end of the year, year-on-year growth of $350 million in collections was achieved.
The minister attributed these projections to the dynamism of economic activity and investment that is arriving in the country, as well as the positive impact of the security measures implemented. He also highlighted that last year there was only a deficit of 2.2% of the Gross Domestic Product (GDP), with primary savings of 1.5% of GDP.
Furthermore, Posada mentioned that these results have been achieved without raising or creating new taxes, thanks to different actions undertaken by the Ministry of Finance to optimize tax collection, such as the advance in electronic invoices and improvements in collections and the reduction of tax arrears.
The president of the Finance Commission of the Legislative Assembly, Christian Guevara, highlighted that instead of increasing the tax burden, reforms have been approved to exempt remittances and foreign investment from income.
On the other hand, Posada recalled that Salvadorans have until April 30 to file their income tax (ISR) declaration. To date, 44% of returns have been filed, with approximately 322,000 taxpayers having already completed the process, and it is expected to reach 745,000 returns.
“We have 10 express service centers in the central and paracentral zone, three centers in the western zone and four centers in the eastern zone, where there are personnel who can help you make the declaration,” Posada added.