Commerce, banks, hotels, restaurants and communications are the sectors that drive tax collection, according to the SIN

Commerce, banks, hotels, restaurants and communications are the sectors that drive tax collection, according to the SIN

May 15, 2024, 11:56 AM

May 15, 2024, 11:56 AM

Tax collection increased in Bolivia. According to the latest report from the National Tax Service (SIN) until April of this year, tax collection expanded by 12.5%. This increase is due to the contribution of sectors such as financial services, as well as hotels and restaurants.

Mario Cazón, president of the SIN, maintained that this growth represents more than Bs 1,447 million compared to the same period in 2023. when collections reached Bs 11,584 million.

The official maintained that this collection shows that the country’s economic recovery is real in clear reference to politicians and analysts who question Arce’s economic policy.

“In response to those who pointed out that the economy is not doing well, it is doing very well, there is a dynamization of the economy and growth in collections; For example, from January to April we achieved a collection of 13,031 million bolivianos, which represents a growth of 12.5%,” said Cazón.

Commerce tops the list as the sector with the highest collection, reaching a total of Bs 2,688 million. This sector has experienced a growth of 13.7% compared to the same period of the previous year.

According to the SIN report, the financial sector was one that increased its contribution to the treasury the most. Specifically, commercial banking activities, among others, increased tax payments from Bs 1,231 million — in April 2023 — to Bs 2,408 million.

This translates into an increase of 95.7%, indicates the institutional report of National Taxes. Regarding this particular case, Cazón said that it is an effect of the “economic reactivation and, of course, the import activity that generates commissions.”

Another of the sectors that showed dynamic behavior was restaurants and hotels, they raised Bs 156.3 million, that is, 16% more than the Bs 134.7 million achieved between January and April 2023.

“These sectors show dynamism because the Bolivian man and woman are given the opportunity to share with the family, particularly on the weekend,” Cazón said.

Added to these optimistic figures are collections from the media, fixed and mobile telephony, which, for the tax on company profits, it generated Bs 4,113 millionthat is, 20.3% more than that achieved in 2023, while air and land transport activity moved Bs 723 million compared to Bs 671 million in 2023.

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