The Collection associated with Social Security registered a significant acceleration compared to the previous month for the second consecutive time and its contribution to the growth of national collection continues to increase. Thus, a positive dynamic of a fundamental source of financing is consolidated to guarantee the sustainability of the Social Security System and public finances in general.
Among the factors that explain this dynamic stands out the process of recovering wages after the different joint agreements.
The boost in taxes associated with the activity also stands out (61.5% yoy). The evolution of those associated with consumption stands out, such as the DGI VAT (+ 55.4% yoy) and the fuel tax (+ 65.3% yoy)
In this way, November collection exceeded the values registered during the 2018-2020 period for the same month, placing the accumulated resources at eleven months of the year at levels higher than those of the pre-pandemic
The growing trend in national collection continued in November (59.5% yoy), driven by the performance of foreign trade taxes and Social Security resources. The collection of taxes linked to economic activity also contributed to this expansion.
The high growth rates are sustained, even, against a comparison base affected less and less by the effects of the first wave of the pandemic in 2020
Thus, the collection in November was located, at constant prices, at values similar to those of 2017, exceeding what was registered in the 2018-2020 period for the same month. The return to these levels was achieved under a change in the tax structure, characterized by an increase in the participation of taxes that give progressivity to the system. This dynamic was the result of the reforms introduced through the Law of Social Solidarity and Productive Reactivation in December 2020, aimed at establishing a scheme that favors growth with social inclusion
Thus, At eleven months of 2021, the accumulated collection was at levels higher than those of the pre-pandemic.
The performance of taxes associated with Social Security stands out (69.7% yoy), which recorded an acceleration with respect to the previous month for the second consecutive time. Its contribution to the growth of national collection continues to increase, thus consolidating the good performance of a fundamental source of income to guarantee the sustainability of the Social Security system and public finances in general.
Regarding the factors that explain this dynamic, it is worth highlighting the process of recovery of wages after the different joint agreements. In particular, Personal Contributions increased 66.0% yoy, while Employer Contributions grew 69.2% yoy
Regarding foreign trade taxes, they continued to register high growth rates (87.4%). The main impetus was provided by the Export Duties, with an increase of 95.4% yoy; On the other hand, Import Duties and Statistical Tax grew as a whole 71.8% yoy
Taxes linked to economic activity grew by 61.5% yoy Within this group, the increase in those associated with consumption stands out, such as VAT tax (55.4% yoy), Fuel tax (65.3% % yoy) and Internal Coparticipants (55.8% yoy). Customs VAT (78.1% yoy) and Tax on Credits and Debts (58.7% yoy) also performed well. Regarding the latter, it should be clarified that the exemption for the Health sector continues
Income Tax grew 45.8% yoy, under the effects of the recent reforms implemented to alleviate the tax burden of workers in a dependency relationship
The collection of Personal Assets showed a year-on-year drop due to a lower rate of income from late payments.
Source From: Ambito
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