The total income counted by the National Public Administration (APN) would have registered in February an increase of 1.4% in real terms Regarding last year, according to an analysis of its execution made by Argentine Budget Association and Public Finance (ASAP).
“During February 2025, the total income of the APN increased by 1.4% interannual adjusted by inflation, exceeding the growth recorded in January 1.1%”, The report stands out.
The clarification is worth APN does not include the entire non -financial public sector (SPNNF), which is what the Ministry of Economy finally reports. In that case, in January the total income of the SPNNF had a decrease of 2.1%.
In this way, it is expected that Although the APN has a positive result in this regard, the total of the national state actually registers a fall in resources.
Then, The problem would be the general trend. In 2024 the tax and another concept were down, but the adjustment of the expense was much greater and that is why the Government managed to achieve financial and primary surplus. This year the chainsaw is lighter. Total expenses grow at a rate of 20%.
Some analysts consider that in 2025 The National Government will have trouble maintaining the financial surplus, Although it includes more capitalizable bonds to your title menu for month by month to withdraw pesos from the market.
As is known, Capitalizable letters and bonds do not accrue interest during their term of validity and therefore are not part of the financial spending. Hence, at the end of the route the total fiscal result improves.
ASAP’s report indicates that in February “Tax revenues presented a negative year -on -year variation of real 6.2%.” It is clear that in the form that AFIP reports monthly, the collection of taxes itself is included and also the “contributions of social security contributions”, which are not technically considered as taxes for accounting.
The entity indicates that The fall in tax resources is due to the elimination of the country taxwhich last year represented 13% of the total, already the decrease of 20% of the concept “other taxes”, They have to do with some special internal taxes.
In the case of tax on Gains were instead an interannual variation that was 31.5% In line with that registered in January, reflecting in both cases the effect of the extension of its tax base operated for 2024.
With regard to foreign trade, Export rights grew by 11.9%, while those related to imports and the statistical rate did so in 16.8%.
The taxes associated with Economic activity such as Value Added Tax (VAT) and Debit and Credits They grew up to February of the previous year 6% and 4.9%, respectively.
Other income
On the other hand, the collection associated with the Contributions to Social Security showed an interannual growth of 30.1%, continuing the recovery path initiated in September 2024.
But what would be negatively impacting are non -tax revenues, within which they appear Property income that fell 49.9% compared to February 2024, and evidenced an intermennsual fall of 68% compared to January 2025. Last month just over $ 171,000 million were received.
Falls are also reported in current transfers, 96% and in non -tax revenues of 16%, which would be negatively impacting the total resources that the APN counts.
Source: Ambito
