La Tax collection rose 72,2 percent in March compared to the same month last year. Tax revenues thus increased in real terms for the seventh consecutive month. The expansion was driven by taxes associated with foreign trade, among which the performance of export duties stood out with an increase of 145,7 percent.
"The behavior of the collection prior to the ASPO allows us to confirm the effective improvement that the resources of the National State have been experiencing," highlighted the Ministry of Economy through a release.
They added that “for this reason it is useful to compare the dynamics prior to the ASPO coming into force. Taking the year-on-year variation corresponding to the first 14 business days of March 2020 and 2021, the collection grew slightly above 45 percent, also showing growth in real terms.”
Foreign trade
Withholdings were not the only tax linked to foreign trade with high rates of expansion. Customs VAT increased by 127,8 percent year-on-yearWhile Import duties and the statistical rate made it 114,3 percent, with a significant acceleration compared to previous months. On average, revenue linked to foreign trade increased by 132 percent.
“The natural recovery of aggregate demand At pre-pandemic levels, it is partially channeled through imports. Purchases from abroad are accelerated largely by the acquisition of intermediate and capital goods, which serve as inputs for domestic industry. This results in greater revenue collection from taxes associated with imports," they noted at the Treasury.
Internal Taxes
The taxes associated with the domestic market marked a 68,8 percent year-on-year advance. They stood out VAT DGI with an increase of 51,6 percent, while earnings increased to 72,3 percent and credits and debits advanced to 53,3 percent. Meanwhile, fuels grew 100,5 percent and domestic co-participation 150,8 percent.
It was also highlighted that "the social security taxes showed a persistent acceleration.” In March, the total collected through social security concepts registered for the fourth consecutive month a rate of increase higher than that of the previous month, marking an interannual increase of 34 percent.
In detail, it was indicated that the collection of employer contributions increased by 34,4 percent, while personal contributions increased by 32,2 percent year-on-year. “A moderate recovery has been recorded, which is reflected in an acceleration for the fourth consecutive month for the former and for the third month for the latter,” detailed the Treasury through a report on the tax results.
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