Tax revenue amounted to ARS1.551,370 trillion in May 2022, which implied a growth of 79.9% year-on-year (YoY). Adjusted for inflation, it expanded 12.3% YoY.
The recovery in the level of activity since March 2021, the increase in international commodity prices and the rise in the nominal exchange rate (25.2% YoY) contributed favorably to this result.
Among tax resources, the increase in real terms in the PAIS Tax stands out because of the return to foreign travel as COVID-19 restrictions are removed. Income Tax, Wealth Tax and VAT also recorded significant growth.
Duties on Foreign Trade decreased given the lower export quantities recorded.
On the other hand, Social Security contributions showed a significant year-on-year growth.