Tax collection will fall by $ 700 million

Tax collection, according to the Internal Revenue Service (IRS), dropped from January to September compared to the same period in 2015. In October, however, there is slight growth. This swing of figures forced a review of the annual forecast downward.

The IRS expected revenues for $ 14 billion this year. On that basis, the General State Budget of 2016 was built. Now, after the earthquake of April 16 and the fall of the economy, it is expected that tax revenues do not exceed 13.3 billion dollars. That is, about 700 million less.

Leonardo Orlando, director general of the agency, emphasizes that, despite the fall in the tax revenues, the collection of the last quarter will have positive numbers. In October there is an increase of 4% compared to the same month last year.

The rise, however, does not help in the general collection. From January to October 2015, 11,532 million dollars were obtained, in contrast to the same period of this year 10,269 million were collected. An 11% drop. This amount does not include the values achieved by the solidarity law for the reconstruction of Manabi and Esmeraldas after the earthquake of April 16.