• 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.
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