The country lives off taxes, but these are not enough

Image: El Comercio

The Treasury is practically living in the last months off taxes, but the government’s needs outweigh the revenues. Ecuador today collects more taxes than nine years ago and figures show this. In 2015 revenues from this sector totaled USD 15 588 million, equivalent to 16% of Gross Domestic Product (GDP), almost five points higher than in 2007.

Nevertheless, that money is not enough to cover all public expenditure and proof of this is that the Treasury ended last year with USD 2,546 million payables to suppliers, municipalities and other arrears.

Source: http://www.elcomercio.com/actualidad/ecuador-impuestos-economia-presupuesto.html