Tax collection in February amounted to 1 trillion 166.514 billion pesos, with an increase of 62,8% year-on-year, driven mainly by an increase in 70% on taxes associated with foreign trade, reported the Ministry of Economy on Wednesday (02.03.2022).
In February, import duty revenues totaled $36.400 billion, up 67,8%; whileexport-related taxes exceeded $110.250 billion, with an advance of 71% compared to the same month in 2021.
Settlements of foreign currency for exports of cereals, oilseeds and their derivatives reached historical highs for the sector in February and in the first two months of the year, according to figures reported today by the Chamber of the Oil Industry (CIARA) and the Cereal Exporters Center (CEC).
In this regard, companies in the agro-export sector liquidated US$ 2.500,4 billion last month, which was the best February in the last 20 years.
In terms of overall revenue collection, Social Security-related resources rose 66,1% year-on-year in the second month of this year, with a 65% rise in Personal Contributions, which reached $102.260 billion; 66,8% in Employer Contributions, with revenues of $153.500 billion; and 68,7% for the "Other revenue" category, which totaled just over $8.000 billion.
VAT, for its part, reflected an increase of 58,2%, with just over $335.500 billion.
In this last tax, the DGI component, related to the performance of the domestic market, the collection increased by 55,2%, and the one linked to Customs increased by 68,5%, explained by foreign trade.
"The magnitude of the year-on-year variation in the tax was attenuated by the exceptional adherence to payment plans during the past month and the greater compensations made towards other taxes. When these factors are not considered, the year-on-year variation in net VAT shows a positive real balance of greater magnitude," the Ministry of Economy said.
On the other hand, taxes related to economic activity grew 56,5% year-on-year. Among them, the most notable were the increases of 70% in the Tax on Credits and Debits with $78.200 billion and the Fuel Tax, with 27,1% and $31.800 billion, and the Internal Shared Tax, 41,8%, almost $28.900 billion.
Also notable was the 220% increase in income from the Country Tax, due to the purchase of dollars for savings, to exceed $19.100 billion.
"There is a general favorable evolution of the different concepts that make up the tax system, maintaining a trend in national collection that guarantees the strengthening and organization of public accounts in a context of virtuous economic growth with recovery of the population's income," highlighted the ministry headed by Martín Guzmán.
"This means that revenue is expected to grow in real terms for the eighteenth consecutive month, a phenomenon that has not been observed since 2011-2012," the sources added.
In this way, "February marked the best level of real collection for this month on a historical level. This year, the comparison base is no longer a determinant of growth in collection since in 2021 it exceeded the values collected in real terms during the crisis years of 2018-2020," they emphasized at the Treasury Palace.
Source: Telam
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