The Ministry of Finance held a press conference to publicize the results of the first month with value added tax, on August 22, 2019.
The collection of tax jumped from ¢53,548 million to ¢76,676 million from July of last year to July of this year, as sales tax was replaced by the value added tax.
The number of declaration statements jumped even higher, from 70,000 per month to 360,140 per month, based on numbers from the first month the VAT was applied. There are a total of 430,000 taxpayers and the 16% who have not filed have until September 30 to file.
The tax remains at 13%. One of the changes is that services are now taxed. Another is that there is greater compliance based on the new electronic invoice and the possibility of being denounced.
