From September, Some measures that the Government is currently taking will have an impact on a drop in tax collection. Some will affect the provinces and others, such as the reduction of the PAIS Tax, only the Nation.
For example, the Repeal of the Income Tax and VAT withholding regime borne by retail stores and companies In general, regarding sales with electronic means of payment – recently announced – it will take resources away from both the coffers of the Nation as well as those of the provinces.
According to the CEO of SDC Tax Advisors, Sebastián Domínguez, with the withholding system “VAT collection was being anticipated up to 90 days”, which will now not be entered in the same month but later.
This is because some companies, those that have SME certification, pay the tax with 60-day deferral. In the In most cases, it is paid the following monthIn the case of Income Tax it is worse, because payment is annual.
“This benefit will affect the national accounts, because the VAT and Income Tax collection will be received later. The Government must have foreseen other measures in the fiscal package to compensate for this shortfall in collection,” explained Domínguez.
The tax expert also pointed out that also The provinces will lose income. “When the AFIP collects the amount corresponding to the withholdings, it automatically sends it to the provinces,” he explained. In this way, the reduction in resources will be quickly noticeable.
How many electronic payments are made per month
As an estimate, according to data from the Central Bank, Last June, at least $10.2 trillion worth of electronic payments were made. Of these, $3.9 billion were with debit cards; $5.7 billion with credit cards and $612 billion in payments with interoperable QR codes. The provinces received $3.1 billion in revenue sharing (VAT and Income Tax) in total.
The resources that the economic team is planning to allocate will come from the restoration of the fourth-category Income Tax, which is estimated to be equivalent to between 0.3% and 0.4% of GDP. In addition, we will have to wait for the results of the recently launched tax reform and moratorium.
PAIS tax: the Government decides on the reduction
But on the other hand, the Government’s decision to reduce the PAIS tax rate from 17.5% to 7.5% from September 1st plays against the balance of resources, which will have an estimated cost of between $200,000 and $300,000 million per month. The measure is to be defined in the next few hours, as promised by the Government.
Tax collection fell in July and is expected to continue this way in August
The Tax collection in July reached $11.9 billionwith a nominal interannual variation of 233.5% and a real drop of 8% discounting the effect of inflation. Although the decrease was less than in previous months, AFIP resources are expected to continue to decline in the following months.
The Tax on Net Added Value raised $3.7 billion and had an interannual variation of 217.1%. The Tax VAT increased by 216.7%, while the Customs VAT increased by 214.5%. As for Earnings, presented a year-on-year variation of 174.8%, collecting $1.9 billion.
Source: Ambito
