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LatinNews Daily - 13 August 2021

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In brief: Ecuador’s tax revenue surges in 2021

* Ecuador’s tax authority (SRI) has announced that it collected US$1.1bn in taxes during the month of July, a figure which represents a 25% increase on the tax take a year earlier, in July 2020. According to the SRI’s director, Marisol Andrade, the tax take between January and July this year totalled US$8.1bn, 12% more than during the same period in 2020. Value-added tax (VAT) accounted for US$3.6bn of the total tax take in January-July, up 18% on last year; in July, income from VAT accounted for US$536m, a 39% year-on-year increase. Meanwhile, income tax accounted for US$2.75bn of the total tax take this year so far. Andrade noted that this year’s increased tax revenue is due to both taxpayers correctly meeting their tax obligations and to the government’s efforts to control tax payments and ensure they are compliant with regulations.