Ganancias - Oficina de Presupuesto del Congreso

ANALYSIS OF NATIONAL TAX REVENUE – SEPTEMBER 2020

by Juan Fourcaud | Oct 15, 2020 | Tax Revenue

National tax revenue showed a real increase of 5.6% in September, the first increase so far this year, partly due to adjustments in the tax deadline calendar, the relaxation of social isolation, and the lower comparison base against September 2019.

Total revenue amounted to AR$606.5 billion, which implied a nominal growth of 43.7% YoY, and Social Security resources grew for the first time in real terms since April 2018.

This growth in collection is explained by the gradual increase in the level of activity but mainly because last month’s Income Tax and Wealth Tax deadlines, originally scheduled for previous months, became effective.

In absolute terms, the taxes that contributed most to the nominal increase in revenue were Income Tax (20%), Value Added Tax (17.2%), Wealth Tax (11.8%) and PAIS Tax (11.3%).

This last tax obtained a record collection, generating AR$20.8 billion from the purchase of dollars for hoarding purposes.

ANALYSIS OF NATIONAL TAX REVENUE – JULY 2020

by Nicolas Perez | Aug 10, 2020 | Tax Revenue

Total tax revenue amounted to AR$559.09 billion in July, which implied a nominal growth of 24% YoY, however, it contracted for the seventh consecutive month when adjusted for inflation, showing a decrease of 13% YoY.

In the first seven months of the year, total collection amounted to AR$3.44 trillion, 26.2% higher than in the same period of last year.

The main factor behind the drop in inflation-adjusted tax revenues was the economic impact of COVID-19. The national tax revenue is strongly linked to the level of activity, so the recessionary context, deepened by the pandemic, is the main factor explaining why tax revenue has decreased in 22 of the last 25 months in real terms.

Analysis of National Tax Revenue – May 2020

by Nicolas Perez | Jun 5, 2020 | Tax Revenue

National tax revenue reached AR$499.53 billion in May, which implied a nominal growth of 12.4% year on year (YoY), but a drop of 21.7% YoY, when adjusted for inflation.
All taxes shrank in real terms, but the sharpest declines were in taxes related to foreign trade and VAT, with decreases of 49.1% and 27.8%, respectively. Both contractions are the sharpest since the beginning of 2002.
The decline in tax revenue during May was explained by the adverse macroeconomic context caused by the COVID-19 pandemic and by the fiscal relief measures implemented by the national government.
There was a record collection of the PAIS Tax (AR$11.9 billion) due to higher purchases of foreign currency.
Resources for the first five months of the year were 16.3% below OPC’s November estimate, basically because of changes in the economic and regulatory situation.
Tax relief measures in the framework of the pandemic in the first five months reduced the estimated revenue by AR$75.93 billion.