The Ministry of Finance of Río Negro reported a significant drop in taxes related to economic activity. On the other hand, there was a real increase of 13% in collections in May compared to the same month in 2023. It is an extraordinary case due to the expiration of Earnings.
In nominal terms, May collection registered an increase of 340% compared to the previous year. Adjusting for inflation, this increase translates to 13%, being the first time this year that an increase has been observed compared to 2023 levels.
Income Tax showed a real increase of 77%. This increase is attributed to the expiration of the Affidavit of Profits of legal entities that close the year in December 2023, as explained by the Ministry of Finance.
On the other hand, the current recessive environment has negatively affected taxes linked to economic activity, such as Gross Income and VAT, which represent 69% of the province’s tax revenue. Compared to May 2023, these taxes experienced a real decrease of 16%, the largest drop recorded so far.
The real variation in May of the national co-participation was due to the annual expiration of profits, a phenomenon that will not be repeated in the coming months.
The Ministry of Finance warned that the coming months will present a significant challenge to economic and fiscal projections.
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