In the first quarter of the year, the collection of the value added tax (VAT) fell by 21.4% compared to the same period of 2015, according to the April report of the Internal Revenue Service (IRS).
Between January and April 2016, the VAT collected net revenues by $ 1,934.03 million, while in the same period last year it collected $ 2,460.48 million.
There was a reduction of 37.4% in the imports VAT, while in 2015 $ 647.08 million were collected, $ 404.86 million were collected in 2016. The internal VAT reached $ 1,529.17, $ 284.23 million less than in 2015.
According to Jaime Carrera, executive director of the Fiscal Policy Observatory (OPFfor its Spanish acronym), the contraction of these revenues is a reflection of the slowdown in the economy.