Argentina's tax revenues in August amounted to $4.062.431,8 million pesos (about 11.616 million dollars), with a year-on-year increase of 134,6%, reported the AFIP.
According to information from the Government, released on Friday (01.09.2023), this expansion was driven mainly by taxes linked to internal economic activity, Social Security and the COUNTRY tax.
There were five main sources of tax revenue that recorded significant performance.
On one hand, the PAIS tax, which with a collection of $ 211.902 million grew by 506% compared to August 2022. This increase is explained by the recent measures adopted with the payment on account for certain import operations for which foreign currency is required.
On the other hand, the resources provided by the Value Added Tax (VAT) during August increased by 166,4% with a monthly collection of $1,4 billion.
The impact of the tax administration measures adopted by AFIP, such as fiscal monitoring and improvements in the collection regime for digital platforms, among others, have had a positive effect on the tax, both in the tax and customs components. The latter was also impacted by the suspension of non-withholding certificates for certain importers.
In August, current account credits and debits increased by 138,2% compared to the same month last year, above the average collection.
Social Security resources, as in previous months, once again showed a favorable evolution of employment and wages with an increase of 130,5% in August compared to the same month in 2022.
On the other hand, Import Duties, driven by the change in the exchange rate, increased by 131,3% compared to August last year.
However, the AFIP indicated that in August there was a sharp drop (-45,1% year-on-year) in tax collection export duties, "a different trajectory from the rest of the taxes (+21,1% yoy), as a consequence of the impact of the drought and the low liquidation of the agro-export sector, partially offset by the Export Increase Program (Decree 378/2023)", explained the Government.
In the first eight months of the year, Argentina collected 23,6 trillion pesos (67.486 billion dollars) in taxes, with a year-on-year increase of 103%.
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