Monday April 3, 2023 | 9:37 p.m.
Tax collection amounted to 2.3 trillion pesos in March, a figure that implies an increase of 88.3% compared to the same month last year, driven by taxes associated with the domestic market and employment, which registered year-on-year variations of above the average, as opposed to those linked to foreign trade, as reported on Monday by the Federal Administration of Public Revenues (AFIP).
Taxes linked to economic activity contributed to the growth of national collection, especially consumption. Within this group, VAT stands out (+120.6% yoy), which represents more than a third of the growth in tax collection compared to 2022, the tax on Credits and Debits (+122.1% yoy) and Co-participated Internal Taxes (+147.9% yoy).
The taxes that grant progressivity to the system registered, as a whole, an increase of +96.6% yoy The Personal Assets Tax presented an increase of +166.8% yoy as a result of the additional application of 25% established by the RG AFIP 5272/22 as of October 2022. For its part, Income Tax registered a growth of +93.6% yoy driven by the increase in the amount of taxable remunerations and the amount of operations achieved. Additionally, the effect of the perception applied to the purchase of foreign currency arranged in July through RG AFIP 5232/22 is contemplated, as well as the extraordinary payment on account of corporate income tax.
On the other hand, Social Security resources expanded by +113.0% yoy, as a result of the salary improvements registered. The rise responds to the growth in Employer Contributions (+117.1% yoy) and the increase in Personal Contributions (+107.8% yoy).
Foreign trade taxes show a fall of 29.3% yoy In particular, Import Duties and statistical tax jointly registered a growth of +71.4% yoy as a result of lower imports. It is worth noting that the interannual variation in the collection of Export Duties in March was affected by the severe drought registered in recent months, which had a significant impact on the main products of the agricultural sector. To measure the magnitude of the drought and its impact on public accounts, it is worth mentioning that the decrease in collection for the first quarter is estimated at around $350,000 million compared to the initial estimates contained in the 2023 Budget Law.
