Despite the soy dollar boost, the 2022 harvest grew below inflation. The Ministry of the Economy communicated that tax revenues for the entire year were equal 19.7 trillion pesos, an increase of 81.6%. So, the rise was below the estimated inflation for the period, which stands at around 95%.
In the year, VAT revenue grew by 79.8%, even below the price increase. Official inflation data for all of 2022 will be released by INDEC on 12 January.
For its part, AFIP data shows that the check tax has increased by 79%, which shows a contraction in activity, at least in the formal economy.
From one year to the next, the largest increase occurred for the PAIS tax, the 30% increase that is applied to consumption dollars and also to savings dollars, which jumped 211%. Here the extent of the increase is explained by the fact that 2021 was crossed by the restrictions of the pandemic, which limited ability to spend outside Argentina.
From the Palacio de Hacienda they preferred to highlight the data for December. The last month of the year, the collection of taxes it recorded 95.6% growth over the same month in 2021, adding $2.3 trillion.
“National tax collection it closed the year with a real increase of 5.3% in December. The tax with the highest real increase was that of export duties with 34.6%. It was followed by income tax with a real increase of 11.1%,” said IARAF economist Nadin Argañaraz.
Tax revenues in December were mainly driven by the performance of resources related to foreign trade, the domestic market and social security.
Thanks to the soybean dollar II, foreign trade taxes in December increased by 126.4% year-on-year, to add more than $218.7 million.
For all of 2022, the payment of export duties for all items, where the agricultural sector and its derivatives concentrate 65% of turnover, exceeded 1.6 trillion pesos.
The official press release underlines this “the taxes that grant progressiveness to the system have increased overall by 111.9%”.
In particular, Income Tax recorded a 116.6% growth in December, exceeding the 562,000 million dollars, product of the collection of the third installment of the extraordinary advance paid by the companies. For its part, the personal property tax recorded an increase of 74.6% compared to the same month in 2020.
In the last month of the year, VAT revenue increased by 89.2% when measured year-over-year, while co-participating taxes grow by 96.3%; the tax on receivables and payables, 85.5%, and the tax on liquid fuels, 28.8%.
Finally, in the last month of the year, resources linked to social security increased by 96.5% on an annual basis. They thus achieved the highest change of 2022. The official release states that this increase was explained “entirely by the wage improvements recorded. The increase responds to the growth in employer contributions, with 101.3% and to the increase of personal contributions, with 90.4 %”.
AQ
Source: Clarin
