Strong increase in funding in June: it grew by 82.1% on an annual basis, above inflation

Tax collection grew strongly in July, with un jump of 82.1% on an annual basis. With this result it leads 20 consecutive months expansion in real terms, ie above inflation, as specified by the Ministry of Economy.

The June harvest has arrived $ 1,680,901 millionmainly driven by the trend of the Income Tax, which grew by 109.8% year on year, the Personal Property Tax, with an increase of 108.2%, and the taxes related to Social Security, which increased by 83.2%.

One striking fact is that withholding taxes on exports grew by only 11.2%, a modest increase that the Government attributed to the effects of the freight strike.

An element that played in favor of tax revenues was that in June the deadlines for sworn declarations of taxes on Personal Property and Income from Human Persons took place, unlike last year where these deadlines had been extended to August. , which affected the comparison basis.

However, from the Palacio de Hacienda they recalled that this impact “was mitigated by the sentence of the Justice in favor of the protection presented by the Professional Council of Economic Sciences (CPCE) of the City of Buenos Aires asking for the postponement of the deadlines”, which was later revoked by the justice.

“Both wage improvements and recorded employment growth persist, as the factors explain the expansion of taxes related to social security“, indicated by the Ministry of Economy.

This increase responds to the growth in Employer Contributions (84.1%) and the increase in Personal Contributions (80.1%)

“Taxes with a greater response to economic activity also helped explain the growth in national collection,” said Martín Guzmán’s team.

This group includes VAT, with an increase of 77.8%, the tax on checks (90.7%), shared internal taxes (52.4%) and the tax on liquid fuels ( 32.0%).

In turn, foreign trade taxes showed a growth of 25.5%. The main concept explaining the growth are import duties and the statistical rate, which together recorded an increase of 63.9%.

In turn, export duties increased by 11.2% “,affected by freight transport stops which have changed the normal activity of the exporting agricultural sector “.

The most marked jump in June corresponded to that raised by the iFiscal COUNTRY, linked to the expenses of Argentines abroad and to payments in dollars. this tribute it jumped 260% in one year and 4% compared to May.

In the first six months of the year, collection grew by 67.9%, above the inflation forecast for the period.

The Ministry of Economy has also estimated that the levels of deposits accumulated in the first half of 2022 “exceed in real terms those reached in 2021 and in the years preceding the double crisis (2018/2019 and the COVID pandemic)”.