The Federal Public Revenue Administration (AFIP) reported that the collectionn of Tax Resources reached $13,379,446 million in May, cwith an interannual growth of 320.9%. It is worth remembering that April’s interannual inflation was 289.4%, which implies a real increase in income, despite the fact that the CPI for May is not yet known.
The Net Value Added Tax collected $3,097,296 million and had a year-on-year variation of 204.2%. Tax VAT increased 220.7%, while Customs VAT increased by 189.1%.
As noted from the Argentine Institute of Fiscal Analysis (IARAF) «after 8 consecutive months of real year-on-year decline, in the month of May 2024 the rNational tax collection would have risen a real 10% year-on-year«. By excluding the collection of taxes linked to foreign trade, the increase would be 8%.
«The rThe collection that would have increased the most in real terms would be the PAIS tax with 251.4%, followed by Profits with 80% and in third place export duties with 11%,” explains the report.
May collection: the impressive increase of 585.8% in Profits
Income Tax presented a positive interannual variation of 585.8%, collecting $5,511,952 million. This result is linked to the expiration of the balance of the Sworn Declaration for the fiscal period 2023 of Companies with December closingwhich is the most important of the year, and was characterized by the good performance of the Financial Activity.
The interannual variation was negatively affected by: The Cedular Tax for dependency relationships and retirees. The change in the perception scheme applied to foreign currency operations. The decrease in demand for foreign currency for hoarding and travel and expenses abroad.
The Tax on Debits and Credits reached $638,994 million, with a year-on-year increase of 187.0%. One more business day of collection had a positive impact compared to the previous year.
The interannual variation was mitigated by the extension of the last expiration of the month to 05/31/24 (which corresponds to operations carried out between May 16 and 22, 2024). Therefore, the pending income will be credited in the following month.
Social Security income increased 234.8%, reaching $2,209,300 million. The increase in collection is mainly due to the increase in average gross remuneration.
In Export Rights, $751,208 million were obtained and an interannual variation of 323.4%. They had a positive impact: the rise in the exchange rate; two more business days of collection in relation to the previous year.
The interannual variation was mitigated by the decrease in the average prices of most products of the soybean and cereal complexes compared to the previous year.
Fountain: Argentine News
