National revenue in October reached $1.964.056,4 million. This dynamic was driven by the growth of Social Security resources and those associated with the domestic market, the Ministry of Economy reported on Tuesday (01.11.2022).
Tax collection grew by 92,8% year-on-year in October, driven mainly by the performance of VAT, Income Tax, the tax on credits and debits and taxes associated with Social Security.
Taxes linked to recent economic activity contributed to the growth of national revenue. Within this group, VAT stands out with 110,1%, the Tax on Credits and Debits with 86,5% and the Internal Shared Taxes, 76,1%.
Taxes that grant progressiveness to the system recorded, as a whole, an increase of +115,3%. Income tax showed an increase of +128,5%, partly due to the effect of the first installment of the extraordinary advance payment of profits made by companies.
For its part, the Personal Property Tax registered a growth of +38,5% where individuals paid the last installment of the payment facility plan for the balance of the sworn declaration corresponding to the year 2021.
Regarding Social Security resources, they rose by 89,7% year-on-year, their expansion explained by salary increases. The increase is due to the growth of Employer Contributions (+91,6%) and the increase of Personal Contributions (+87,0%).
It is worth mentioning that the evolution of these taxes continues to be affected by the exemptions granted by the National State to alleviate the tax burden on the Health sector.
Foreign trade taxes show a variation of +30,8%. In particular, Import Duties and statistical tax together registered a growth of +70,6%, and Export Duties increased by +16,0%.
National revenue in October reached $1.964.056,4 million. This dynamic was driven by the growth of Social Security resources and those associated with the domestic market, the Ministry of Economy reported on Tuesday (01.11.2022).
Tax collection grew by 92,8% year-on-year in October, driven mainly by the performance of VAT, Income Tax, the tax on credits and debits and taxes associated with Social Security.
Taxes linked to recent economic activity contributed to the growth of national revenue. Within this group, VAT stands out with 110,1%, the Tax on Credits and Debits with 86,5% and the Internal Shared Taxes, 76,1%.
Taxes that grant progressiveness to the system recorded, as a whole, an increase of +115,3%. Income tax showed an increase of +128,5%, partly due to the effect of the first installment of the extraordinary advance payment of profits made by companies.
For its part, the Personal Property Tax registered a growth of +38,5% where individuals paid the last installment of the payment facility plan for the balance of the sworn declaration corresponding to the year 2021.
Regarding Social Security resources, they rose by 89,7% year-on-year, their expansion explained by salary increases. The increase is due to the growth of Employer Contributions (+91,6%) and the increase of Personal Contributions (+87,0%).
It is worth mentioning that the evolution of these taxes continues to be affected by the exemptions granted by the National State to alleviate the tax burden on the Health sector.
The Foreign trade taxes show a variation of +30,8%In particular, Import Duties and Statistical Tax together recorded a growth of +70,6%, and Export Duties increased by +16,0%.
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