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Collection grew 102.3% in September, conditioned by the drought

Collection grew 102.3% in September, conditioned by the drought

September tax collection reached $4,303,335 millionwith a year-on-year growth of 102.3%, negatively affected due to the drought and a high comparison base for the same month of 2022, when the Soybean Dollar I program was developedas reported by the Ministry of Economy.

In Septemberthe expansion of national revenue was driven by taxes with a greater response to economic activity. Within this group, the VAT stood out, with an increase of 187.1%, and the Tax on Credits and Debits, 128.3%.

If the effect of the drought is excluded, the interannual variation in collection for the ninth month of the current year would have shown an improvement of around 150%, as estimated by the Minister of Economy, Sergio Massa.

Massa anticipated that September tax collection recorded “an increase of 150% annualized” and noted that “everyone can rest assured from a fiscal point of view” because he is “obsessive that Argentina has to reach balance.”

“I am convinced that the country has to build fiscal balance, a trade surplus, accumulation of reserves to gather the dollars to pay the International Monetary Fund (IMF) and get it out of the country,” said the candidate for president of Unión por la Patria (UXP) in statements to C5N.

Regarding the report released by the Treasury Palace, in September the expansion of collection was mainly driven by the taxes with greater response to economic activity.

Within this group, the VAT, with an increase of 187.1%, adding revenues of 1 trillion 612,390 million pesos.

Of that total, the tax component linked to the domestic market concentrated just over $990,000 million, with an increase of 174%; and customs $637,500 million with an increase of 194%, while refunds reached $16,000 million, in the latter case with an increase of 2%.

Another factor that helped the growth of collection was the Tax on Credits and Debits, with an increase of 128.3% year-on-year and just over $316.2 billion.

In addition, income from the collection of the COUNTRY tax registered an increase of 437.3%, to reach $236.4 billion, as a result of the expansion of the tax base of the tax established according to Decree 377/2023.

Source: Ambito

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