Low Tax Collection Complicates Fiscal Outlook: Current Revenue Deficit Grows to $1,456 Million
The Ministry of Economy and Finance will increase the number of staff and equipment to improve tax collection.
The DGI report indicates that, of the 5.426 billion dollars collected until October, 4.316 billion correspond to tax revenues, a figure that reflects a deficit of 17.7% compared to the budget. As the months go by, the gap between the amount collected in current revenue and the figure budgeted for this year becomes more pronounced. In addition to being below the figure projected for the period January-October 2024, the amount collected was also $272 million lower than the figure reported in the same period last year. Receiving less income to cover their operating expenses, past and current authorities have resorted to issuing debt to compensate for the shortfall in income.
