Tax revenues in Ecuador up 29% in first quarter of 2022

RIO DE JANEIRO, BRAZIL – Ecuador’s tax revenues increased by 29% in the first quarter of 2022 compared to the same period last year, the State Tax Collection Agency (SRI) announced Wednesday.

The SRI attributed this upswing to the result of control processes and collection actions carried out, which allowed it to collect US$4.463 billion between January and March, US$1.015 billion more than the US$3.448 billion collected in the same period of 2020.

In March 2022 alone, the SRI collected US$1.479 billion, excluding temporary contributions established in the so-called Economic Development Act, which were used to mitigate the effects of the coronavirus pandemic.

This represents a 23% (US$278 million) increase over the US$1.2 billion collected in the same month in 2021.

According to the agency, the total is US$1.871 billion when taxes collected as temporary contributions are included.

The SRI stated that sales tax collections in the first quarter of 2022 amounted to US$1.961 billion, 25% more than the same period last year, and said that in March alone, US$589 million was collected, 28% more than the same month in 2021.

As for income tax (IR), SRI said it collected US$1.184 billion in the first quarter of this year, an increase of 12%, and that it amounted to US$443 million in March alone.

“The increase in tax revenues in March 2022 is the result of the controls carried out by SRI at the national level to verify the correct and timely fulfillment of obligations and fight tax evasion in strict compliance with current tax regulations,” Marisol Andrade, director general of SRI.

She reported that her administration has identified taxpayers who have not declared their taxes correctly and therefore has implemented “convincing actions” to ensure compliance with overdue obligations.

“If there is no positive response to these actions, the IRS will immediately initiate the appropriate sanction procedures,” Andrade added.

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