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November's revenue rose 139.5%, but was below inflation

2023-12-04T19:37:08.641Z

Highlights: November's revenue rose 139.5%, but was below inflation. The year-on-year increase in prices for last month is around 160%, according to private estimates. In real terms, the fall in public revenues was 6%.. Revenue in November, the last full year of Alberto Fernández's administration, rose139.5% in November and lagged behind inflation. In November, VAT, PAIS and Credits and Debits in Current Account mainly drove the collection.


The year-on-year increase in prices for last month is around 160%, according to private estimates. In real terms, the fall in public revenues was 6%.


Revenue in November, the last full year of Alberto Fernández's administration, rose 139.5% in November and lagged behind inflation. Thus, in real terms, tax revenues fell by 6%, according to private estimates.

The official report specifies that the collection in November amounted to $ 4.68 billion. The head of the AFIP, Carlos Castagneto, highlighted on the social network X that "all taxes registered significant nominal increases in November."

"In particular, the levies that had year-on-year increases above the monthly average of collection were the PAIS tax, with 600.6%; Personal Property, with 365.5%; other co-shareholders, with 189.2%; current account credits and debits, with 175.8%; and VAT, with 171.6%," Castagneto said.

The PAIS tax is the one applied to the purchase of dollars and card transactions abroad. Since August, it has also been in force on all imports, which explains the sharp jump that this tax took.

On the other hand, below the monthly average were Import Duties and Statistical Fees, with 112.2%; Export Duties, with 97.6%; and Earnings, with 75.8%.

The AFIP specified that the taxes that mainly drove the collection in November were VAT, PAIS and Credits and Debits in Current Account.

The 139.5% jump in revenue is below the estimated inflation for November, which would have been around 12% against the previous month, with a year-on-year record of 160%, according to private estimates.

"Cumulative national tax collection up to November would have decreased by 6% year-on-year in real terms. By excluding taxes linked to foreign trade, it would remain constant in real terms," said economist Nadin Argañaraz, of the IARAF.

Argañaraz explained that in terms of real year-on-year variation in these eleven months, the taxes with the greatest fall would have been export duties (64.4%), Fuels (43.4%) and Profits (15%). The taxes with the highest increase would have been PAIS tax (52.8%), VAT (9.6%) and Personal Property (3.8%).

"Considering the recent changes to the PAIS tax, it is interesting to assess the year-on-year difference in terms of GDP. In the accumulated to November 2022, 0.38% of GDP was collected, while in the current year in November the accumulated would have been 0.66% of the product," Argañaraz said.

Source: clarin

All business articles on 2023-12-04

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