May tax collection reached a trillion 551.370 million pesos, with an 80% year-on-year growth and driven mainly by the performance of the Income Tax and taxes associated with Social Security, the Ministry of Economy reported today.
With the level of income reached in May, "an interannual expansion in real terms is expected for the twenty-first consecutive month," the Treasury Department said in a statement.
“Taxes that grant progressivity to the system expanded by 102,5% as a whole,” said the portfolio led by Martín Guzmán, after which they highlighted that “in particular, the Income Tax registered a growth of 102,6% to add up to just over $434.600 billion.”
As for Social Security resources, the 75,8% increase was driven by salary increases and the growth of registered employment.
The increase in these resources is due to the growth in Employer Contributions, with $179.008 million and an increase of 75,6% and to the increase of 73,9% in Personal Contributions $121.063 million.
“Taxes that responded more to economic activity,” with a rise of 70,1%, “also contributed to explaining the growth in national tax collection,” said the Ministry of the Economy.
This group includes VAT, with $416.664 billion and an increase of 69%; the Tax on Credits and Debits, with $92.800 billion and an increase of 58,6%; and the tax on Liquid Fuels, with an increase of 51,8% totaling $37.500 billion.
Meanwhile, the foreign trade taxes showed a growth of 49,2%.
In the latter case, the main concept that explained the growth was the Import duties and taxesdística, which together recorded an increase of 71,3% with an income of $45.166 million, in line with the improvement in economic activity.
In turn, Export Duties they grew 42,8% to add up to just over $130.000 billion.
Meanwhile, revenue from the so-called Country tax, which taxes the purchase of dollars for hoarding, increased by 330% in May, recording revenues of just over $23.600 billion.
According to the Treasury, the May result shows a "real expansion of fiscal resources" compared to previous periods.
With the improvement in May, the first five months of this year have accumulated a tax collection of 6 trillion 472.512 million pesos, with an increase of 64,5% compared to the same period in 2021.
Compared to last April, tax revenues in May rose by 15,6%.
In May 2021, tax revenues totaled $862.480 billion, up 5,5% compared to the previous month and 72,7% year-on-year.
On that occasion, the improvement was driven by taxes related to economic activity, which registered an increase of 62,4% compared to the same month in 2020.
Source: Telam
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