In this context, remittances to Chaco also showed a significant contraction: the province received $174,375 million with a nominal variation of 184.5% year-on-year; after discounting regional inflation (CPI NEA according to own estimates at 4.9%) the transfers to this province registered a real decrease of 21.1% year-on-year, indicated a report from the consultancy Politikon Chaco based on data from DNAP and INDEC.
Looking at the components of automatic transfers for the Chaco case, the Federal Co-participation falls in constant currency by 16.8% year-on-year (totaled $159,289 million, which is equivalent to 91% of the total automatic transfers); while the resources derived from special laws and regimes totaled $12,633 million and as a whole, show a real decrease of 50.5% year-on-year; Among them, the resources derived from the Personal Assets tax moved downwards (-58.7%); to Social Security VAT (-17.5%), to the Electric Energy Regime (-0.4%) and to the Monotax (-47.6%); On the contrary, resources linked to the Liquid Fuels tax showed an increase of 21.4%. For their part, Fiscal Consensus Compensation funds contracted in Chaco by a real 36.7% year-on-year this month.
Thus, the 21.1% real drop in this month of analysis is equivalent for the Chaco case to a loss of resources estimated at $ 46,606 million compared to the same month in 2023, when measured in constant currency of June 2024.
With this result, the accumulated figure for the first half of 2024 closes with decreases. Accumulated shipments to the Chaco totaled $863,829 million, registering a nominal interannual variation of 232.3%, while in real terms it showed a decrease of 10.6%.
Summary of transfers at the national level
Automatic transfers of resources of national origin (co-participation, special laws and compensation of the Fiscal Consensus) sent to the consolidated provinces and CABA totaled $3,647,557 million in June 2024.
In the comparison against the same month in 2023, they show a nominal variation of 184.4% (in June 2023, shipments were $1,282,425 million). When discounting the inflation of the month of analysis (projected at 5.0% for the national level according to private and own projections), the real variation showed a negative result: they fell 23.8% real year-on-year, being the second highest relative decrease in year.
Seen at June 2024 prices, this contraction generated resource losses for the consolidated provinces and CABA for $1,136,300 million compared to June 2023. It should be noted that in this June 2024 there were 17 business days, against 20 business days in the same month. 2023, a situation that contributed to the sharp fall.
Looking at the components that make up automatic transfers, remittances through Federal Tax Co-participation reached $3,312,002 million and explained 91% of the total automatic remittances to the 24 jurisdictions this month. They exhibit a year-on-year expansion of 199.7% nominal; In constant currency, they registered a fall of 19.7% that was strongly driven by the poor performances observed in the two main co-participating taxes: the Income Tax had a decline of 17.8% and the VAT of -20.3%. .
For their part, the components of Laws and Special Regimes (which totaled $273,135 million as a whole) had heterogeneous performances, although the negative ones prevailed. On the one hand, there were falls in resources derived from the tax on Personal Property (-60.1%); the VAT on Social Security (-20.3%) and the Monotributo (-49.3%). On the other hand, resources derived from the tax on Liquid Fuels grew by 19.3% and those from the Electric Energy Regime did so by 2.3%. Finally, resources from Fiscal Consensus Compensation showed a real year-on-year drop of 39.0%.
Results by jurisdiction
The calculation of real variations by jurisdiction is carried out based on regional CPIs (with estimates for each region for the month of June 2024); this leads to differences – sometimes significant – in the real variation rates between provinces, as they have different impacts of price increases depending on geographical location.
In June it is observed that the 24 subnational jurisdictions exhibited drops of strong magnitude, a scenario similar to that observed between January and April and inverse to that of the previous month. Among these, the slightest decrease is seen in CABA (-20.3%) while the province of Buenos Aires registered the sharpest drop of the month (-25.6%).
In turn, the cumulative figure for the first half of 2024 remains in negative territory: it registers a real drop of 12.3% for the consolidated automatic transfers and the 24 subnational jurisdictions present real decreases with considerable deviations: at one extreme, CABA shows the slightest decrease (-9.2%) and at the other extreme, the province of Buenos Aires presents the strongest decrease (-14.3%).
Politician
