Tax collection reached one billion 731,319 million pesos during August, which marked an increase of 72.2% compared to the same month last year, reported the Ministry of Economy.
It goes up “was driven by the growth of Social Security resources and those associated with the domestic market”pointed out the Palacio de Hacienda.
It was noted the increase in 81.4% of resources from Social Security due to salary improvements and registered employment growth.
The rise responds to the 83.7% growth in Employer Contributions, which totaled just over $207,000 million, and the 77.8% increase in Personal Contributions, to add almost $141,000 million.
“It is necessary to mention that the evolution of these taxes continues to be affected by the exemptions granted by the National State to alleviate the tax burden on the Health sector”, highlighted the official report.
Taxes linked to recent economic activity “contributed to the growth of national collection.”
Within this group, the Tax on Credits and Debits stands out, with an increase of 82.4% and $116,500 million; VAT, with a rise of 86.6% and $518,600 million; Internal Co-participants, with $41,300 million and an improvement of 93.5%.
On the other hand, “the taxes that grant progressivity to the system registered, as a whole, an increase of 66.8%”, highlighted the official report.
The Income Tax, with just over $420,000 million, presented an increase of 81.6% as a result of the entry of the second installment of the payment facility plan for Human Persons for the balance of fiscal year 2021 and the third advance of the Companies with balance sheet closing in December corresponding to the 2022 financial year.
In addition, the improvements registered in the labor market and the reform implemented in 2021 to the rates applicable to Companies (Law No. 27,630) had a positive influence on the collection of this tax.
The Tax on Personal Assets, with $55,300 million, registered a growth of 3.1% as a result of the high comparison base of August 2021, the month in which the balance of the sworn declaration of Human Persons expired, while that this year the deadline was in June.
In August, taxes on foreign trade showed a rise of almost 30% as a whole. In particular, the Import Duties and the statistical rate together registered a growth of 104% to exceed $61,000 million.
For its part, Export Duties increased by just 3.8%, totaling $89.1 billion.
Lastly, in August, income from the Tax on Liquid Fuels rose 4.2%, totaling $36,149 million due “to the non-updating of the value of the tax”.
This was due to the fact that the Government postponed for the third time in the year the updating of the tax on Liquid Fuels, which was to take effect tomorrow, which was deferred until October 1st.
The decision was adopted through decree 561/2022 published yesterday in the Official Gazette, with the aim of “ensuring a necessary stabilization and an adequate evolution of prices.”
“In the case of consumption taxes, and given that the demand for liquid fuels is highly inelastic, the variations in taxes are transferred practically directly to the final prices of fuels,” the decree indicated.
