Argentina's tax revenue rose 23,1% year-on-year in November, reaching 224.464 billion pesos, the Federal Public Revenue Administration (AFIP) reported on Friday (01.12.2017).
Without considering the income from the tax amnesty in November 2016, the variation amounts to 32,5%, AFIP indicated.
In eleven months of 2017, the collection progressed by 30,6% compared to January-November 2016, 2.343.370,7 million pesos.
How each tax fared
On IVA $74.273 million were obtained, 41,8% above the November 2016 mark, with a 57,8% increase in the customs component and 38,2% in the tax component.
Abad explained that VAT collection “has a procyclical component”, which increases more than economic activity increases, but -when it decreases- it also falls even more.
In this context, VAT collected by manufacturing activities grew by 53% year-on-year; that of the Finance and Services sector, by 43%; and that of Retail and Wholesale Trade, by 42%.
Abad stressed that in terms of refunds “we are practically up to date”, with a delay of only one month for VAT and two months in the case of refunds on exports, which must be requested by companies.
Thus, VAT refunds so far this year amounted to $18.506 billion, more than four times the amount refunded between January and November of last year, while Refunds amounted to $23.853 billion, with an increase of 61,5%.
Meanwhile, for the income tax $47.423 billion were collected, with a year-on-year increase of 26,4%, driven by a 50% growth in the Customs component.
The number of people also increased by 30%. Debit and Credits to current accounts to exceed $16.200 billion, reflecting the higher level of domestic activity and registration.
Personal Contributions increased by 31,8% to $24.595 billion; Employer Contributions by 27% to $32.021 billion; and “Other Social Security Income” by 33% to $2.732 billion, within the framework of “a 1,3% growth in the number of registered employees.”
income from Import Duties rose almost 50% to reach $6.844 billion, while, on the other hand, Export Duties fell 11,7% to $4.478 billion.
Abad stressed that "it is observed that exporters are holding back seeds, due to the low prices of soybeans, and also the exchange rate."
Between January and November, the export income They have accumulated a decline of 7,7%, collecting just over $62.400, so they will close 2017 with a negative sign.
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