Tax revenue totaled ARS11.005 trillion in 2021, which implied a growth of 65.9% year-on-year (YoY). Adjusted for inflation, it expanded 11.9% YoY, exceeding the expected growth in the level of activity.
Among the tax resources, the increases in real terms in VAT (14.8% YoY), Tax on Credits and Debits (11.2% YoY) and Income Tax (8% YoY) stand out. Export Duties grew 69.6% YoY and Social Security resources 4% YoY.
The main factor behind the increase in tax revenue in real terms is the recovery in economic activity after the year 2020 which was marked by the restrictions imposed to mitigate the effects of Covid-19, along with the increase in international prices of raw materials exported by our country.