Argentina's tax revenues reached $312.508,8 million, up 42,2%, due to sharp increases in VAT, the tax on debits and credits and those related to foreign trade, the Federal Public Revenue Administration announced on Thursday (1.11.2018).
In the first 10 months of 2018, tax revenues amounted to 2.762.603,7 million pesos, with an increase of 30,4% compared to the same period of the previous year.
VAT In the case of net VAT, the growth was 59,5%, with a rise of 56,3% in the tax bracket and 63,4% in the customs bracket.
The increase in VAT was offset by higher refunds compared to the previous year and by the implementation of the reduction in VAT charges for imports of movable goods, which came into effect recently.
EARNINGS. In the income tax, the increase was 30,7%; The increase was moderated because the fourth installment of the sworn declaration balance of taxpayers with an “A” rating in the Risk Profile System (SIPER) was distributed in September this year, while in 2017 it was collected in October.
DEBITS AND CREDITS. In the tax on Debits and Credits, the increase was 51,3%, with one more business day of settlement than the same month last year.
SOCIAL SECURITY.In the Social Security section, the increase was 24,7%, a result attenuated by the unification of the rate and the new non-taxable minimum established in the tax reform.
FOREIGN TRADE. In foreign trade, the increase was 136% in general.
In particular, in the Export duties reached 265,5%, due to the rise in the exchange rate, the greater exported volumes, one more business day of collection and the additional withholdings recently established. Meanwhile, the Import duties increased by 65,3%, due to the year-on-year increase in the exchange rate.
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