Throughout this time of the pandemic, taxpayers, like exporters, did not receive or use tax credits to pay taxes, since the process was suspended by the health emergency law.
The law establishes the suspension “during the term of the emergency declaration, the entry of new requests for refund of tax credits, as well as the resolution of those that are in process, unless the latter are from the accelerated regime.”
The Deputy Minister of Taxation, Óscar Ouebe, last Thursday on the occasion of the rendering of accounts for Fiscal Year 2020, explained that from January 2021 the process will begin to regularize.
The data presented on that occasion reveal that this year, due to the suspension, only credits were used for an amount of G. 382,122 million (US $ 54.5 million at the current exchange rate), while last year the amount had exceeded G. 1.2 trillion (US $ 177.7 million).
Ouebe said that there is a gradual recovery in tax collection and this leads to an initial estimate of 10% less income for this year, now this gap is reduced to -4%.
As of December 14, tax revenues contributed more than G. 13.3 billion (US $ 1,909 million) to the treasury, according to data from the tax administration. The improvement in collection, together with the slowdown in expenditures, will contribute to the fiscal deficit finally reaching 6.1% and not 7.2% of GDP.
