Income tax collection grew 20.7% in June, according to the BCR

The Central Reserve Bank (BCR) reported that income tax revenues increased by 20.7% in June compared to the same month of 2021, mainly due to higher payments from domiciled and non-domiciled legal entities.

In addition, the collection of income tax from legal entities grew by 41.7% year-on-year. Payments on account of domiciled legal entities increased by 36.9% compared to June 2021 and that of non-domiciled taxpayers did so by 84.9%. In the first of the cases, the increase in income of the general regime stood out by 39.6% year-on-year, for the seventeenth consecutive month, due to the favorable situation of prices of export minerals and hydrocarbons, the application of higher payment coefficients on account of various sectors, particularly mining and hydrocarbons, and the highest level of economic activity.

For its part, the collection of income tax from natural persons decreased by 13.1% year-on-year in June, after fifteen consecutive months of growth, due to lower collection from second-category income, which was partially offset by higher income from fourth and fifth category income (income from independent and dependent workers, respectively).

In the first semester, the collection grew by 48.4%, due to the higher payments of natural and legal persons in 27.6% and 36.2%, respectively, and mainly due to the higher income from the regularization of the income tax (95.3%), before the highest income recorded during the regularization campaign.