Sunat: Tax collection fell by 14.7% in March

In March collection of taxes it amounted to SGD 15,239 million, lower than previously recorded, the National Administration of Customs and Revenue Administration (Sunat) said.

It means that collection National is down 14.7% year on year, including tax refunds.

According to Sunat, this lower tax income is due to poor economic performance, the declaration of a state of emergency due to natural disasters, and the delay in repayment.

Recall that the organization has expanded tax liabilities for up to three months in rain-affected areas to support companies from these localities.

“It should be noted that this measure is not entirely negative, as it helps to provide liquidity to taxpayers, helping individuals and companies to resume or continue their commercial activities, contributing to the economic recovery of disaster-hit regions,” Sunat points out.

For other companies, outside the zones declared in emergencyin March, the expiration date of the annual income tax declaration began.

In addition to lower economic activity, Sunat also points out that other reasons for lower fees in March were:

– Lower payments for Income Tax Regulation with a decrease of 46.3%

– Impact of applying the reduced IGV rate for mypes restaurants and hotels approved by Law No. 31556.

– Decrease in extraordinary payments as a result of Sunat’s control and collection activities.

– Reducing imports by more than 8%, despite a 1.3% exchange rate appreciation.