Bienes Personales - Oficina de Presupuesto del Congreso

ANALYSIS OF NATIONAL TAX REVENUE – AUGUST 2021

by Nicolas Perez | Sep 6, 2021 | Tax Revenue

Tax revenue totaled ARS1.005 trillion in August, an increase of 64.2% year-on-year (YoY). Adjusted for inflation, the increase was 8.1% YoY.

Among the tax resources, the increase in VAT, Tax on Credits and Debits and Profits stand out. Export Duties and Social Security resources continued to show a good performance.

The low comparison base attributable to the economic effects of the Mandatory Preventive Social Isolation (ASPO) that came into force on March 20, 2020, the increase in international prices of raw materials and the increase in the nominal exchange rate (32.6% YoY) contributed favorably to these results, although a deceleration is observed.

ANALYSIS OF NATIONAL TAX REVENUE – JULY 2021

by Nicolas Perez | Aug 6, 2021 | Tax Revenue

Tax revenues totaled ARS933.2 billion in July, which implied an increase of 66.9% year-on-year (YoY). Adjusted for inflation, it expanded 9.9% YoY.

Last month, Value Added Tax (VAT), the main tax source, grew 23.1% in real terms. The Tax on Credits and Debits and Income Tax also rose significantly.

Wealth Tax decreased (43.5%) because of the deferral of the due date for the month of August.

Export Duties (100.8%) and Social Security resources continued to show a good performance.

The low comparison base attributable to the economic effects of the Mandatory Preventive Social Isolation (ASPO) that came into effect on March 20, 2020, the increase in international commodity prices and the increase in the nominal exchange rate (34.6% YoY) contributed favorably to these results.

ANALYSIS OF NATIONAL TAX REVENUE – APRIL 2021

by Nicolas Perez | May 7, 2021 | Tax Revenue

In April, national tax revenue totaled AR$817.88 billion, the highest increase since April 2003, with a real increase of 40.8% and a nominal increase of 105.5%.

The nominal exchange rate increase and the low base of comparison for last year -when the economic activity was restricted by the preventive and mandatory social isolation- partly explain this result.

Social Security resources grew in real terms for the first time since September 2020.

The most significant variations above inflation were those of Income Tax (36.4% YoY), VAT (35.7%), Wealth Tax (224.5% YoY) and co-participated taxes (154.4% YoY), in some cases because of regulatory amendments that expanded the tax base.

Tax revenue had a negative real increase since January 2020, a situation that was reversed in September 2020 steadily up to date.

PAIS Tax collection shrank again and accrued USD 2.17 billion since its creation.

ANALYSIS OF NATIONAL TAX REVENUE – December 2020 and yearly total

by Juan Fourcaud | Jan 14, 2021 | Tax Revenue

Driven by an incipient economic revival and the increase in Wealth tax rates, tax revenue grew 38% in nominal terms and 1.6% in real terms in December, registering for the fourth consecutive month an increase above inflation. However, in 2020, it suffered a real drop of 7.4% year-on-year, which doubled that recorded in 2019 and completed a cycle of three consecutive years of decline.

In the last month of last year, VAT revenues grew 11.7% YoY and recorded the first real increase in twenty-six months. But there were falls in Social Security and Export Duties resources since the rise in the exchange rate did not offset the fall in foreign trade.
The recessionary context, deepened by the pandemic, is the main reason why tax revenue has fallen in 23 of the last 25 months in real terms.
The annual drop in VAT (17.7%) tripled the drop recorded in 2019 and the Income Tax doubled its decrease (-7.1%).
The combination of a drop in registered employment and the lag of nominal wages with respect to the general price level makes the rate of expansion of the wage base to be systematically below that of the CPI since June 2018. Social Security resources fell 11.4% in real terms last year.
The improvement in the exchange rate did not prevent the decline in revenues from Export Duties (29.5%), partly conditioned by the advances in foreign trade operations made by the agro-industrial sector at the end of 2019.
Despite previous regulatory reforms to strengthen revenue, in the first quarter of last year there was already a real drop in revenues, prior to the beginning of the social isolation caused by the pandemic.
In April, inflation-adjusted revenues fell 23.7% YoY, the sharpest drop since April 2002, largely due to the decrease in activity caused by the Mandatory Preventive Social Isolation (ASPO).
Tax relief measures to alleviate the economic effects of COVID19 on taxpayers reduced tax collection by an estimated AR$79.2 billion in the first half of 2020.
The year ends with four consecutive months of positive variations.

ANALYSIS OF NATIONAL TAX REVENUE – NOVEMBER 2020

by Juan Fourcaud | Dec 9, 2020 | Tax Revenue

Tax revenue amounted to AR$649 billion in November, a nominal growth of 36.7% YoY, which is explained by the gradual increase in the level of activity, but mainly due to the payment facilities arising from Income Tax and Wealth Tax deadlines that this year took place in August. Revenue from the second income tax collection for transactions subject to PAIS tax also had a positive effect.

The real variation was 0.1% YoY in November, the third registered so far this year, partly due to the modified calendar of tax deadlines, the relaxation of social isolation, and a lower base of comparison with respect to November 2019.

In absolute terms, the taxes that most contributed to the nominal increase in revenue were Income Tax (39%), Value Added Tax (28.6%), Wealth Tax (10.6%) and Social Security resources (12.5%). PAIS Tax decreased its share due to greater restrictions applicable to taxable transactions. For this reason, it contributed only AR$8.5 billion.

ANALYSIS OF NATIONAL TAX REVENUE – OCTOBER 2020

by Juan Fourcaud | Nov 6, 2020 | Tax Revenue

National tax revenue showed a real increase of 6% in October, the second increase recorded so far this year, partly due to adjustments in the tax deadline calendar and the relaxation of social isolation; and the lower comparison base against October 2019.

Total revenues totaled AR$642.1 billion, which implied a nominal growth of 43.9% year on year. This growth in revenue is explained by the gradual increase in the level of activity but mainly by the collection of the second installment of the payment facilities for Income Tax and Wealth Tax, which this year operated in August.

The revenue from the first income tax levied on transactions subject to PAIS tax also had a positive impact.
In absolute terms, the taxes that most contributed to the nominal increase in revenue were Income Tax (31%), Value Added Tax (21.3%), Wealth Tax (17%) and Social Security resources (15.7%). PAIS Tax decreased its share due to greater restrictions applicable to taxable transactions. For this reason, it contributed only AR$8.5 billion.