According to the Ministry of Economy, November tax revenues grew by 59,5% year-on-year, the highest amount for this month since 2017. The total tax revenues for the month are 1.034.964 million pesos.
According to the statement, November's tax revenue was similar to that of 2017. The taxes that contributed most to revenue collection were Social Security resources (69,7%) and taxes linked to foreign trade (+87,4%)
"Revenue from Social Security registered a significant acceleration compared to the previous month for the second consecutive time and its contribution to the growth of national revenue continues to increase," the statement said.
"Among the factors that explain this dynamic, the process of salary recovery following the various collective bargaining agreements stands out," they stressed.
The growth of taxes associated with the activity (61,5%) is also noteworthy. The evolution of taxes associated with consumption is also noteworthy, such as DGI VAT (55,4%) and the fuel tax (65,3%).
With respect to foreign trade taxes, continued to record high growth rates (87,4%)The main boost was provided by Export Duties, with an increase of 95,4%; on the other hand, Import Duties and Statistical Taxes together grew by 71,8%.
Taxes linked to economic activity grew by 61,5%. Within this group, the increase in those associated with consumption stands out, such as VAT (55,4%), fuel tax (65,3%) and internal revenue sharing (55,8%).
Customs VAT (78,1%) and the Tax on Credits and Debits (58,7%) also performed well.
Income tax increased by 45,8%, due to the effects of recent reforms implemented to alleviate the tax burden on employees.
Personal Property Tax collections fell year-on-year due to a slower pace of late payment collections.
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