Tax collection reached $ 446.171,8 million, with a year-on-year increase of 42,8%, announced the Federal Administration of Public Revenue (AFIP) this Friday (01.11.2019).
On Net VAT, the increase was 32%, with a rise of 31,9% in the Tax section and 35,1% in the Customs section.
The increase was mitigated by the elimination of VAT on basic food basket products and by higher net compensations made from VAT to Income Tax, Fuel Tax and other taxes.
The tax on Earnings increased by 25,4%; last month the second advance payment for individuals was received; the decrease in the corporate tax rate (from 35% to 30%) reduced income from advance payments by about $2.000 billion. In addition, fewer resources were received due to the reduction in the tax for employees in a dependent relationship due to the increase in the non-taxable minimum and the special deduction and the refund of the second installment for the differences in favor generated by this modification. Also, due to the 50% reduction in advance payments for self-employed workers.
In the tax on debits and credits In the current account, the increase was 58%, with one more business day compared to the previous year.
In taxes on the Social security, the collection increased by 27,3%. In this area, due to the tax reform, approximately $2800 billion was lost; there was also less collection due to the State's bonus on personal contributions accrued in August to employees in a dependent relationship.
On foreign trade, Export duties increased by 176,1%, due to the rise in the exchange rate, the Additional Export Duty and Services. Meanwhile, the Import duties increased by 66,2%, due to the year-on-year increase in the exchange rate and the statistical tax rate for definitive import destinations for consumption.
For its part, the collection of Personal property increased by 335,4%, since last month the second advance payment for the 2019 fiscal period was due with the application of the new tax scheme.
In the case of fuels, revenues grew by 52,9%.
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