The Treasury expects tax collection to increase by $500 million over budget projections by 2024.
Finance Minister Jerson Posada said in the interview Diana Veronica and Tony that since 2019 the taxes collected have increased by more than $2 billion.
Tax Transparency data confirm that 2019 closed with $4,913.7 million raised in taxes, a figure that totaled $1,904.8 million more (38.8 percent) at the end of last year, when they had $6,818,5 million collected by the Treasury.
This year we expect to close with approximately $7.3 billion and a yield of approximately $500 million. Jerson Posada, Minister of Finance
Finance predicted earlier this year that collection would increase, but at a slower pace.
The 2024 budget was formulated under the scenario of receiving $6,927.6 million in tax revenue, at least $109.1 million (1.6 percent) more than the 2023 collection.
If the new land projections were met, reaching $7.3 billion, there would be an annual increase of 7 per cent in the collection.
Results to September
The increase in tax collection is already reflected in the statistics of the last of the reports published by the Treasury. According to the document, as of September 2024, $5,660.5 million accumulated, 4.8 % ($261.6 million) more than budgeted, and 7.8 percent ($411.5 million) more than the results of the same period of 2023.
Value Added Tax (VAT) is the one that represents the largest cut within taxes, covering 45.8 percent of all income reported by this route in the first nine months of 2024. The second largest fund is the Income Tax, after covering 44.2 percent of the total.
The rest are distributed between import tariff duties, selective consumer taxes, special and various other taxes such as transfers of real estate, tourism and migration.
What’s the matter?
A spokesman said projected collection levels are based on efforts to combat tax evasion, combat smuggling, as well as facilitating services for taxpayers and facilitating the payment of taxes.
For next year the projections remain stold, according to the nation’s overall budget blueprint.
Finance expects a little more collection in 2025$747 million more(10.7 %) than budgeted in 2024, to total $7,674.6 million in taxes.
The government expects 79.4 % ofbudget for 2025 is financed by tax revenues.
This article has been translated after first appearing in Diario El Mundo