The collection reached $2.336.942,6 million during the month, a figure that implies an increase of 88,3% compared to the same month last year, driven by taxes associated with the domestic market and employment, which registered year-on-year variations above the average, as opposed to those linked to foreign trade, according to what the Federal Public Revenue Administration (AFIP) reported this Monday (04.04.2023).
The taxes that registered a variation above the average were: Personal Property (+166,83%), Domestic Shared Taxes (+147,94%), Credits and Debits in Current Accounts (+122,14%), VAT (+120,56%), Social Security System (+113,03%), Other Shared Taxes (+101,12%) and Income Tax (+93,65%).
"As can be seen, both the taxes applied to domestic activity and the social security contribution sources show year-on-year variations that are much higher than the average collection for the quarter," the tax authority said.
On the other hand, income linked to foreign trade showed a strong decline - Export Duties (-64,62%) and Import Duties and Statistical Rate (+71,41%) - compared to March 2022, due to lower volumes declared in the Foreign Sales Affidavits (DJVE) corresponding mainly to wheat and soybean derivatives, due to the effect of the drought and the end of the Export Increase Program - or soybean dollar - which generated an advance of the exports that are usually settled in these months.
"If customs resources (which include export duties, import duties, statistical tax and VAT, profits, internal taxes and fuels collected at customs) were excluded from the analysis, March revenue would have grown by 121,1% year-on-year," said AFIP.
In this regard, AFIP highlighted that taxes linked to the national production of goods and services destined for the domestic market and those linked to formal employment grew "above the price variation of the period," which "allows us to presume that the economic activity directed towards domestic absorption continues with good performance."
Specifically, within VAT and Income Tax, he explained that the sub-headings of these taxes collected in domestic activity (VAT Tax and Income Tax) increased by 157,4% and 100,9%, respectively.
"VAT, together with the evolution of Credits and Debits in Current Accounts (+122,14%), show that domestic activity remains at relatively high levels," the agency said in its March collection report.
«In summary, if taxes are broken down by the source of revenue, tax revenue grew by 124,7% in March, followed by revenue from the Social Security System, with 113%, and finally, customs revenue, with a year-on-year increase of 17,2%».
When analyzing the performance of disaggregated income in the first quarter of 2023, those obtained by DGI increased by 115,2% year-on-year, Social Security resources increased by 107,1% and those of DGA by 21,4%; while in absolute terms, $6,7 billion was received in this period, a variation of 88% compared to the same quarter of 2022.
"This uneven performance is correlated with the fact that if all taxes collected from foreign trade operations were excluded (both Export and Import Duties and the statistical rate, as well as VAT, Profits, Fuels and Domestic Taxes) the collection for the period January-March would have grown by 112,7% year-on-year," the agency concluded.
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