Nicolas Perez - Oficina de Presupuesto del Congreso

FISCAL IMPACT OF BILL TO STRENGTHEN THE FEDERAL CRIMINAL JUSTICE SYSTEM IN THE PROVINCE OF SANTA FE

by Nicolas Perez | Mar 17, 2023 | Cost Estimates

The fiscal impact of the legislative proposal is approximately ARS1.106 billion per year.

The Bill proposes to create 50 positions, 36 in the Public Prosecutor’s Office and 14 in the Judicial Branch, without providing for the detail of the structures containing them.

Expenditures on personnel are estimated at ARS1.564 billion, partially offset by the revenue from Social Security contributions and the payment of Income Tax which remain under the scope of the National Government.

ANALYSIS OF NATIONAL TAX REVENUE – FEBRUARY 2023

by Nicolas Perez | Mar 16, 2023 | Tax Revenue

Tax revenues amounted to ARS2,126.338 billion in February 2023, which implied a growth of 82.3% year-on-year (YoY). Adjusted for inflation, it decreased 10.2% YoY.

Among taxes, there was an increase in real terms only in VAT, as a result of the higher economic activity.

Income tax decreased due to lower VAT offsets and refunds of foreign currency transactions, despite the positive effect of the fourth advance payment for individuals in 2022 and the one-time payment on account for corporations.

Wealth Tax also decreased despite the fourth advance payment for the 2022 tax period.

Export Duties decreased because of lower volumes of sales abroad. There is a decoupling of tax collection with respect to international prices as a result of export incentive programs.

Social Security contributions grew slightly with respect to the same period of 2022 due to the increase in formal jobs.

ANALYSIS OF NATIONAL GOVERNMENT BUDGET EXECUTION – FEBRUARY 2023

by Nicolas Perez | Mar 15, 2023 | Budget Execution

In the first two months of the year, the financial deficit of the National Government was 8.7% higher than in the first two months of the previous year, despite the improvement obtained in the primary result.

Total revenue fell by 7.2% YoY in real terms and total expenditure decreased by 4.6% YoY.
Tax revenues fell 14.3% YoY on average, a decline that reached 56.4% YoY in Export Duties.
Transfers to provinces fell 38.3% YoY.
Debt interest payments grew 34.8% YoY.
The financial result was negative by ARS655.215 billion: 8.7% higher than in the first two months of last year. The primary result was negative ARS107.185 billion, an improvement of 45.3% YoY.
Food policy, Potenciar Trabajo Program and interests showed the highest level of execution.

PUBLIC DEBT OPERATIONS – FEBRUARY 2023

by Nicolas Perez | Mar 13, 2023 | Public Debt, Public Debt Operations

Securities totaling ARS761.676 billion were placed in two auctions.
Principal repayments of market securities were made for ARS541.7 billion.
A total of USD695 million of interest was paid to the IMF.
Between March and December, maturities are estimated for the equivalent of USD86.95 billion, of which USD25.269 billion is in foreign currency

PUBLIC DEBT OPERATIONS – JANUARY 2023

by Nicolas Perez | Feb 23, 2023 | Public Debt Operations

Securities totaling ARS677.398 billion were placed in two auctions.
A swap was offered with a 67% acceptance rate.
Amortizations were paid to the IMF for USD2.656 billion.
A total of USD1.022 billion of interest was paid on the securities issued in the 2020 restructuring process.
Between February and December, maturities are estimated for the equivalent of USD110.567 billion, of which 76% are payable in ARS.

MEETING OF THE PARLIAMENTARY OVERSIGHT COMMITTEE

by Nicolas Perez | Feb 23, 2023 | Activities

The Parliamentary Oversight Committee appointed María Eugenia David du Mutel de Pierrepont, until now in charge of the Directorate of Studies, Analysis and Evaluation, as general director of the OPC.

The appointment will be effective until the selection process for the renewal of the directors whose terms of office have expired are completed.

In accordance with the provisions of Law No. 27,343, which created the Argentine Congressional Budget Office, directors cease to hold office five years after their appointment following the selection process for their appointment.

The Parliamentary Oversight Committee formalized its decision through Resolution No. 1-CSP/ 23, after its first meeting of the year.