This report analyzes tax revenues for the first month of the year and outlines the scenario for the whole of 2019.

National tax revenue in January 2019 totaled AR$363.92 billion, showing a year-on-year increase of 38.9% in nominal terms, which implied a drop of 6.7% in real terms.

As for the projection for the year, after the submission of the 2019 Budget, three regulatory amendments were introduced with a significant impact on the national tax revenue for 2019.

These amendments have an almost neutral net impact on the projected revenue: a reduction of AR$3.83 billion, which is equivalent to 0.1% of the total projected amount.

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