The Inter-American Development Bank (IDB) has reported a fall in tax revenues in Latin America and the Caribbean (LAC).

The bank reported an eight percent drop on average in nominal terms and a 0.8 percent decrease as a share of gross domestic product (GDP) in 2020.

It attributed the decrease to the coronavirus pandemic.

However, in a new report, the IDB said the region’s economic recovery and a rebound in commodity prices supported a recovery in tax revenues in 2021.

The Revenue Statistics in Latin America and the Caribbean 2022, shows that the decline in tax revenues in LAC in 2020 exceeded the region’s economic contraction in nominal terms.

Jamaica is among eight CARICOM countries in the report.

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Peter Peterkin, Readers Bureau, Contributor

Edited by Jesus Chan

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