Tax office investigating Cemento Nacional

Tax office investigating Cemento Nacional
Published: 17 September 2004

Ecuador’s tax office SRI is investigating tax declarations of the country’s leading cement producer Cemento Nacional, local paper El Comercio reported.  In 2003, Cementos’ 22 companies between them paid US$13m in corporate taxes, however, 10 companies within the group registered their tax payable as zero, said the paper.  Earlier this month, Cementos announced the sale of five non-core factories to maintain a focus on cement, concrete and aggregate production.  It reported US$240m in net sales and has 62% of the domestic construction market, according to information from its 2003 annual report cited by the paper. Cemento Nacional comprises Agregados Rocafuerte (Agrefort), Hormigones Rocafuerte (Rocafort) and Industrias Rocacem.