A total of 5 billion dollars, or billions, was the amount of income tax from January to October 2023 by 25 economic sectors.

This is shown by the study of Weekly analysis with data from the Tax Administration (SRI), in which banking activities appear as the sector that pays the most this tax with 10.4%.

He economic analyst Jorge Calderón mentions that in recent years there have been several sectors that stood out for investments and believes that the bank achieves this by diversifying financial products and services. “We are seeing growth. It is a sector that has sustained itself.”

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Guillermo Granja, also an economic analyst, says that the banking problem is not only loans. “It is a comparison of many things such as banking services, commissions, interest earned, banking really has extraordinary profits in this country, but we must remember that the cost of funds to operate in banking is about 9%, so it is so difficult to find loans of less than 9%”, says Granja.

Oil is the second sector that pays the highest income tax of 3.8%. And this Calderón indicates that it is due to large investments and its production.

“By exporting more oil, I have to pay more income tax. I believe that oil services are the mediation of everything that has to do with exploitation services”, says Granja.

And very close are mining with 3.5% and oil services with 3.1%. “It is a growing sector and one could say that it is the future, then mining will be more profitable if there is more profit. And we can group oil, mining and oil services because if these three are added together they give approximately the same amount as banking activities. They are important sectors of the Ecuadorian economy,” explains Granja.

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And in fifth place appears the store with 3%. For Calderón, this sector is recovering and showing stabilization.

“They’ve just recovered and are at pre-pandemic levels, but it shows the progress they’ve made in that regard. I believe that more incentives are needed to guarantee that sectors, such as trade, which do not have a large workforce, can continue to grow,” says Calderón.

Below is a list of 25 activities:

The government is in sixth place with 2.4 percent, and according to experts, it is precisely because of the efforts it is undertaking. Next comes shrimp with 2.2%.

“It is a sector that, despite all vicissitudes, is still maintained and is one of those that export the most, so shrimp exporters have to pay profit tax,” explains Granja.

Shrimp is the main export product of non-oil and non-mining supplies and its export value decreased by 2% in the period from January to October 2023, according to an analysis of figures presented by the Ecuadorian Federation of Exporters (Fedexpor). The main destination is China.

In eighth place is the telecommunications sector with 2.1 percent, and Granja describes it as “classic” in the economy and even more so with development of technological platforms. “It is logical that it is also in this ranking“, he says.

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Then comes fuel sales with 2%. “What marketing is, we already know that it is the price they give to the gas station, and it also does its own marketing, so only between the marketing of diesel and extra, which are subsidized, does it generate a lot of income,” says Granja.

And in tenth place are medicines with 1.7 percent. Calderón states that this sector increased more with the COVID-19 pandemic. “It has had significant growth, dynamism in hospital services, in private medical centers, locating in several sectors where development needs to reach services,” says Calderón, adding that this is also due to awareness of care.

Meanwhile, from position number eleven to twenty is gas with 1.5% and here Calderón mentions that he would include it along with oil and oil services in terms of growth.

Then come vehicles with 1.5%. According to the Association of Automobile Companies of Ecuador (Aeade), between January and November 2023, 123,409 new vehicles were sold. In addition, they showed a minimal decrease of 0.4% compared to the same period in 2022.

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In November 2023, sales fell by 16.6% compared to the same month last year.

The list also includes healthcare with 1.3 percent, supermarkets with 1.2 percent and savings and credit cooperatives with 1.2 percent. The latter is under development, according to economic experts.

Housing and higher education appear in sixteenth place, in seventeenth place, with 1%.

This is followed by insurance, bananas and personal services with 0.9%. Exports of bananas and plantains increased their export value by 16%, according to Fedexport. The main destination is the countries of the European Union.

And in the last five places of the sectors that pay the highest income tax are maritime transport, cement and alcoholic beverages with 0.8 percent. And with 0.7%, balanced food and retail.

“This shows us that we lack diversification, that’s something we have to keep in mind. These are things that have to be worked on, but they are clear representations of the Ecuadorian economy,” sums up Calderón.

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