TAX NEWS - June 2010

Ecuador Tax: Ecuador's Jan-May Tax Collections Rise 15% On Year To $3.44B

Ecuador tax collections totaled $3.44 billion for the January-May period, a 15% increase from $2.98 billion in the same period last year, the Internal Revenue Service, or SRI, said Monday.

Collections from the value-added tax in the five months rose 21% to $1.69 billion from $1.39 billion a year earlier, according to the SRI.

Income-tax collections, however, fell 5% to $1.23 billion from $1.30 billion in the same period last year.

The consumption taxes collected between January and May amounted to $205 million, up 13% from $181 million a year ago.

Other taxes totaled $315 million between January and May.

In May, according to the SRI, Ecuador's tax collections rose 19% to $576 million from $483 million in the same month last year.

Collections from the value-added tax in the month rose 27% to $333 million from $263 million in May last year.

Income-tax collections in May fell to $155 million, down 7% from $166 million a year ago.

Consumption taxes collected in May rose to $46 million, up 59% from $29 million.