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Caribbean & Central America - June 2020

Economic highlights

REGION | Icefi warns of drop in tax take. In a report published on 20 May the Guatemala-based think-tank Instituto Centroamericano de Estudios Fiscales (Icefi) forecast that Central America’s tax take will fall by US$3.85bn (0.92% of regional GDP) in 2020 due to the coronavirus (Covid-19) pandemic. Icefi also expects that the regional tax take as a percentage of GDP will fall from 14% in 2019 to 13.1% in 2020. According to Icefi, Costa Rica reported an accumulated tax take of ₡1.29trn (US$2.3bn) as of 31 March, up 4.7% on the same period in 2019. El Salvador reported a tax take of US$1.76bn to 30 April, a 11.2% drop on the same period in 2019. Guatemala’s tax take to 30 April was Q21.45bn (US$2.78bn), up 1.1%. Honduras reported tax take of L27.19bn (US$1bn) to 30 April, was 6.8% down. Nicaragua registered tax take of C$19.27bn (US$561m) as of 31 March, was down 9.6%. Panama reported a US$1.3bn tax take to 30 April, a 23.7% drop.

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