This was reported by the Federal Public Revenue Administration (AFIP). The treasury’s revenues were severely hit by the lower activity.
The March tax collection totaled $7.7 billion which implied a nominal increase of the 230.6%Under inflation elapsed since the same month last year. According to private estimates, discounting inflation, there was a sharp drop of 16% in real terms in treasury resources.
As reported by the Federal Administration of Public Revenues (AFIP) VAT collection totaled $2.8 billion, with a real drop of between 17% and 19% while Profits totaled $1 billion, with a drop of around 40%. Both taxes represent 56% of the total collection.
If of VAT, its product reflects the billing of the previous month, which in this case is that of February. In that sense, the AFIP explained that “a set of products from the basic basket and medicines began to be exempt from the VAT collection regime for a period of 120 calendar days.”
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However, the tax reflects the strong fall in economic activity which according to private estimates was of the order of 5.5% in the second month of the year.
In the case of Income Tax, the amount produced of just over a trillion pesos is equivalent to a nominal interannual increase of just 136%which shows the impact of the repeal of this tax for high-wage workers, which is motivating the government to try to negotiate with opposition governors to re-sanction it.
The other tax that tries to compensate for what Profits lost is the PAIS tax, which produced $694,903 millionwhich explains an iNominal increase of $1,552.5%. In terms real, the tax registers an improvement of 303% compared to last year. It must be taken into account that the government extended the tax to all foreign currency sales operations for imports with a rate of 17.5%.
News in development
Source: Ambito
