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.

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.

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.