Wednesday, February 1, 2023 | 8:18 p.m.
Tax collection in Argentina grew 93.4% year-on-year in January, accounting for 2.26 trillion pesos (some US$12,122 million).
As reported today by the Ministry of Economy, this increase was driven “mainly by the performance of resources associated with the domestic market and social security,” the economic ministry said in a statement. “Regarding the taxes that grant progressivity to the system, they expanded by 102.9% as a whole”, in interannual terms.
The improvement in collection is recorded in the midst of an inflation estimated by private analysts close to 100% for this year.
Thus, tax collection increased by 81.6% in 2022 compared to the previous year, after having registered a year-on-year rise of 95.6% in December. In particular, the Personal Assets tax, which exceeded $23,500, and registered an increase of 331.4% due to the additional application of 25% provided by AFIP resolution 5272/22 as of October 2022.
Meanwhile, the Income Tax registered a growth of 97.8%, adding more than $471,800 as a result of the income of the extraordinary payment on account made by the companies and the perception applied to the purchase of foreign currency arranged in July through the Resolution General of the AFIP 5232/22.
For their part, “the taxes with the greatest response to economic activity also contributed to explaining the growth in national revenue,” the statement said.
Within this group, the VAT-DGI stood out, with an increase of 103% to reach $439,200 million, the Tax on Credits and Debits, with an increase of 97.4% and almost $156,000 million in revenue, and Internal Co-participation, with an increase of 94.5% and something more than $57,200 million obtained.
Regarding Social Security resources, the increase reached 105.4% year-on-year because “high growth rates were sustained, deepening the expansive trend observed in recent months.” “Salary improvements persist as a factor that explains this expansion,” said the Ministry of Economy.
The increase in said resources responds to the 108.9% growth in Employer Contributions, to add $380,500 million, and to the 101.4% increase in Personal Contributions, which almost reached $251,000 million.
On the other hand, the collection from export duties fell 4.4%, exceeding $65.1 billion, while those for imports rose 58% to almost round $65,000 million.
