It grew 88% against an evolution of the CPI estimated at 103%. Export withholdings registered a nominal drop of 64.6%, without taking into account the effect of prices on the currency.
Tax collection in March was strongly impacted by the drop in exports, product of drought. In the third month of the year, lhe Federal Administration of Public Revenues (AFIP) registered an income of $2.3 trillion, with a nominal year-on-year increase of 88%, very far from the inflation accumulated in the period, estimated at 103%. The data corresponds to the organization directed by Carlos Castagneto.
As stated in the official report, taxes related to foreign tradeboth withholdings and import duties, suffered heavy fallsboth due to the effect of the climate disaster, as well as the lack of dollars for purchases abroad.
The AFIP pointed out that “the most important taxes of the structure referred to the internal market and linked to employment registered year-on-year variations above the average”. He even indicated that, if taxes related to foreign trade were excluded, the collection would have grown 121%. But, strictly speaking, for the purposes of the accounts that must be presented to the International Monetary Fund (IMF) the situation is complicated.
In this context, the collection of the Value Added Tax (VAT) registered a total of $847,638 million, a figure that represents an improvement of 120.6% nominal year-on-year. Tax VAT, which is directly linked to the activity of the domestic market, was $573,889 million, with a rise of 157%. The customs officer left $279,754 million, with a nominal increase of 66%, which exposes a collapse of 37 points with respect to inflation.
The other pillar of the collection, Income Tax had a nominal increase of 93.6% and a total of $447,645 million. Tax revenues were below inflation, even though extraordinary advances from companies and extraordinary payments from companies that had recorded profits of more than $500 million in the previous year were recorded in the period.
On the other hand, social security taxes recorded revenues of $562,745 million, with an improvement of 113% yoy Personal contributions represented $214,562 million, while employer contributions represented another $340,141 million.
The AFIP highlighted that the result is due to the fact that “total jobs increased 3.8% while average gross remuneration reached a year-on-year increase of 102.7%.”
In the case of taxes on foreign trade, a true earthquake was registered, with a nominal fall of 64.6%, that is, without discounting the effect of inflation.
Withholdings left in the AFIP coffers just $48,321 million. In the case of import tariffs and the statistical tax, there was a collection of $81,976 million, with a nominal increase of 71.4%, that is, almost 30 points below the increase in prices. “Collection is affected by the administration in the face of external restrictions facing the economy,” the agency said.
Source: Ambito
