Tax collection grew 102.3% in September, adding revenues of $4.3 trillion | Cuyo’s diary

2023-10-03 00:06:44

Tax collection exceeded $4.3 trillion in September, which represented an increase of 102.3% compared to the same month last year, the Ministry of Economy reported this afternoon.

The income recorded by the treasury was affected by the impact of the drought, which determined that the year-on-year comparison was against a high base, since in September 2022 the collection was boosted by the first edition of the so-called dollar-soybean.

If this effect is excluded, the interannual variation in collection for the ninth month of the current year would have shown an improvement of around 150%, as estimated this afternoon by the Minister of Economy, Sergio Massa.

Massa anticipated that September tax collection registered “an increase of 150% annualized” and noted that “everyone can rest assured from a fiscal point of view” because he is “obsessive that Argentina has to reach balance.”

“I am convinced that the country has to build fiscal balance, trade surplus, accumulation of reserves to raise the dollars to pay the International Monetary Fund (IMF) and get it out of the country,” said the candidate for president of Unión por la Patria (Union por la Patria). UXP) in statements to C5N.

Regarding the report released by the Treasury Palace, in September the expansion of collection was mainly driven by taxes with a greater response to economic activity.

Within this group, VAT stood out, with an increase of 187.1%, adding revenues of 1 billion 612,390 million pesos.

Of that total, the tax component linked to the domestic market concentrated just over $990,000 million, with an increase of 174%; and customs $637,500 million with an increase of 194%, while returns reached $16,000 million, in the latter case with an increase of 2%.

Another factor that helped the growth of collection was the Tax on Credits and Debits, with an increase of 128.3% year-on-year and just over $316.2 billion.

In addition, income from the collection of the COUNTRY tax registered an increase of 437.3%, to reach $236.4 billion, as a result of the expansion of the tax base of the tax established according to Decree 377/2023.