The tax collection grew 1.9% year-on-year in Uruguay during October (if the inflationary effect is discounted), after having previously fallen for four consecutive months, according to the latest report prepared by the General Tax Directorate (DGI).
The DGI reported that the increase is linked to the higher income recorded from collection of the Value Added Tax (VAT)which increased by 3.7% year-on-year, and the higher perceptions for the Personal Income Tax (IRPF)which rose 6.2% year-on-year compared to October 2022.
Despite the higher collection in October, in the accumulated annual figure it fell by 0.9%, mainly due to the consecutive falls between the months of June and September.
In figures, the total gross collection reached 54,171 million pesos, implying a variation of 6.3% at current prices. Refering to net collectionthis was 46,883 million pesos, having an interannual variation in real terms of 0.7%.
VAT income was 46.6% of the total collection in October
The collection for VAT reached 25,249 million pesos, representing 46.6% of the collection gross total of the country.
However, the variation of the moving year ended in October is negative by 1.7%, while the real interannual variation for the period January-October 2023 was also negative by 1.5%.
The collection of Income Tax It reached 9,617 million pesos, representing 17.9% of the total gross collection. The variation for the moving year ended in October was 2.3% and the interannual variation for the January-October 2023 period was 2.4%.
The collection for Tax on Income from Economic Activities (IRAE) represented 13.5% of the total gross collection, while that of Specific Internal Tax (Imesi) 9.5%.