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El Salvador Business Report
General information
Source: The World Factbook - Central Intelligence Agency
Population
6,187,271 (July 2018 est.)GDP (PPP)
$51.17 billion (2017 est.)Fourth largest economy in Central America, though remittances make 18% of GDP
GDP growth rate
2.3% (2017 est.)Low within developing countries
GDP (PPP) per capita
$8,000 (2017 est.)In line with other Central American countries but considerably lower than Costa Rica and Mexico
Local currency
US dollar (USD)The US dollar is used as the local currency since 2001
Financial stability (Public debt)
67.9% of GDP (2017 est.)Medium to high, it has been growing for the past seven years
Inflation
1% (2017 est.)Low
Language
Spanish (official)Low English proficiency (60/100)
Corruption perception index (Source: Transparency International)
105/160High level of corruption
Duties and tax
Source: PwC World Tax Summaries 2017-2018
VAT
13%The taxable amount is the price or remuneration agreed upon by the parties. For imports, the taxable amount is the customs value.
Corporate Tax
30%In addition to the standard CIT, domestic and foreign companies with net income greater than 500,000 USD are subject to a special contribution of 5% on their net income.
Duties
N/AAll duties for import are ad valorem and are applied at the cost, insurance, and freight (CIF) value of the goods. The duty is common for all the countries in Central America (Arancel Centroamericano de Importación).
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