Tax collection reached one trillion 731.319 billion pesos during August, which marked an increase of 72,2% compared to the same month last year, The Ministry of Economy reported today (01.09.2022).
This increase "was driven by the growth of the Social Security resources and those associated with the internal market", the Treasury Palace said.
The 81,4% increase in resources from Social Security was highlighted due to salary improvements and the growth in registered employment.
The increase is due to the 83,7% growth in Employer Contributions, which totaled just over $207.000 billion, and the 77,8% increase in Personal Contributions, which totaled almost $141,000 billion.
"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 official report said.
Taxes linked to recent economic activity “contributed to the growth of national revenue.”Within this group, the Tax on Credits and Debits stands out, with an increase of 82,4% and $116.500 billion; VAT, with an increase of 86,6% and $518.600 billion; Internal Shared Taxes, with $41.300 billion and an improvement of 93,5%.
For its part, "the taxes that grant progressivity to the system “They recorded a combined increase of 66,8%,” the official report said.
Income tax, with just over $420.000 billion, showed an increase of 81,6% as a result of the receipt of the second installment of the payment facility plan for Natural Persons for the balance of the 2021 fiscal year and the third advance payment of Companies with a balance sheet closing in December corresponding to the 2022 fiscal year.
Furthermore, improvements in the labor market and the reform implemented in 2021 to the tax rates applicable to companies (Law No. 27.630) had a positive influence on the collection of this tax.
The Personal Property Tax, with $55.300 billion, registered a growth of 3,1% due to the high comparison base of August 2021, the month in which the due date for the balance of the sworn declaration of Natural Persons occurred, while this year the final deadline was in June.
In August, the foreign trade taxes showed an increase of almost 30% overall. In particular, import duties and statistical taxes together recorded a growth of 104% to exceed $61.000 billion.
Export duties, on the other hand, increased by only 3,8%, totaling $89.100 billion.
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