August tax revenues amounted to $11.7 billion and fell 13.7%

August tax revenues amounted to .7 billion and fell 13.7%

The collection of Taxes reached $11.7 billion in Augustwith a nominal interannual variation of 189.6% and a fall in real terms of 13.7%, reported this Monday the Federal Public Revenue Administration (AFIP)Last month’s revenue includes the first funds obtained from the so-called Palliative and Relevant Fiscal Measures, better known as moratorium and money laundering.

The tax collection agency detailed that in August was the deadline for cash payment of debt due on March 31 of 2024 with the forgiveness of 70% of the compensatory and punitive interest, and the installment payment plan was found to be in force. Through this resource, taxes were collected in the month $243.096 million.

“This collection includes $67.676 million which correspond to outstanding obligations of the Solidarity and Extraordinary Contribution which were regularized under the current regime, which are not part of the tax resources,” said the AFIP.

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On the other hand, money laundering also made its first contributions. Last month The adhesion was found to be in force with the advance payment of no less than 75% of the special tax regularization, for those subjects who join before September 30.

Last month’s tax collection plummeted again to levels of 14%, amid measures by the Government itself that had a negative impactAmong them, the Cedular Tax ceased to be in force and in the case of the PAÍS Tax and taxes linked to imports, they fell because companies waited for the Government to lower the rate.

Private estimates of income

According to data from the Argentine Institute of Fiscal Analysis (IARAF)in August, national tax collection would have down 13.7% in real terms compared to August 2023. Excluding the collection of taxes linked to foreign trade, the decrease would be 14.3%.

The income that would have increased the most in real terms would be that from fuel tax at 36%, followed by export duties at 20%.

The increase in export duties is mainly due to last year’s drought and the increase in the fuel tax. the disclosure of the real value of the tax levied by the Government in the first months of the year.

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The IARAF details that “for the first time this year, The actual monthly collection of the PAIS tax did not grow in interannual terms, and given the real drop in import duty collection, the decline appears to be motivated by a postponement of imports of goods while awaiting the reduction in the rate announced by the Government.”

It is important to remember that, Starting in September of this year, the year-on-year comparison of the PAIS tax will be under the same level of tax burdendue to the reduction of the import tax on goods from 17.5% to 7.5%.

At the far end, The tax that would have fallen the most would have been that of import duties, which would have fallen by 34% year-on-year, followed by Income Tax with 26.5% and Personal Property Tax with 24.4%.

The details of the collection according to AFIP

According to the agency, the Value Added Tax (VAT)contributed 3.8% with a nominal increase of 181.7%, while the Income Tax did the same for $2.1 billion with a nominal increase of 141%.

On the other hand, Bank credits and debits recorded an income of $919,948 million with an improvement of 230.9% while Social Security received $2.5 billion, which explains a nominal increase of 215.7%. Of these, personal contributions accounted for $985,571 million, while employer contributions accounted for another $1.5 billion.

In the foreign trade segment, the Withholdings on exports left about $435.720 million in cash with a nominal improvement of 303.6%, while the Import tariffs and the statistics tax raised $311.492 billion with a nominal advance of 120.7%. The PAIS Tax, in turn, produced revenues of $659,985 million. with a nominal increase of 211%.

Meanwhile, the Tax on Personal Property recorded revenues of $291.88 billion, with a nominal increase of 153.5%.

According to the AFIP, in the first In nine months of the year, tax collection has recorded revenues of $79.6 billionindicating a real drop in resources of 8%.

Source: Ambito

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