The Total gross collection of the General Tax Directorate (DGI) reached $ 46,670 million in November, which means a 19.9% increase in current prices compared to the same month a year ago. Removing the effect of inflation, the interannual variation of the collection was 11.1%, as reported by the agency this Wednesday. The main state bank thus added its ninth month of growth to the thread.
Net collection —that is, after deducting the tax refund— reached $ 40,385 million., which implied a 7.3% year-on-year expansion in real terms. “The difference between the gross collection and the net collection corresponds to the tax refund, which can be made through payments made with credit certificates issued by DGI or by cash / bank refunds,” explained the official document.
DGI
Tax collection is one of the indicators that serves as a “thermometer” for the Uruguayan economy. This Wednesday it was published that the analysts who responded to the BCU Economic Expectations Surveys they raised their growth forecast by almost one percentage point for the Uruguayan economy this year (4%). The figure – influenced by the auspicious new GDP growth data for the third quarter of the year – turned from month to month more optimistic than the 3.5% forecast by the Ministry of Economy and Finance starting 2021.
Consumption taxes: VAT and Imesi
VAT collection reached $ 21,899 million in November, 46.9% of total gross collection. The real variation of the month compared to the same in 2020 was 8.6%, and in the moving year ending in November it was 8.2%. The real interannual variation in the period January-November 2021 was 8.8%.
DGI
For its part, Imesi collected $ 4,784 million pesos in November 2021, or 10.3% of the total gross collection. Compared to November 2020 the real variation for this tax was 18.4%, while the change in the mobile year closed to the month of measurement was 9.8% and the real interannual variation in the period January-November 2021 was 8.9%.
Personal income tax and IRAE
The official document reported that IRAE collection reached $ 6,153 million pesos in November 2021, which represented 13.2% of total gross collection. The real variation for this tax in November was 10.7%, and in the moving year closed to that month it was 6.7%. In turn, the real interannual variation in the period January-November 2021 was 7.6%. The tribute has been growing for several consecutive months.
Finally, personal income tax amounted to $ 7,912 million for the DGI in the month, which was 17% of the total gross collection. Yes OK in November the real variation was 10.2%, the agency clarified that “in the month of December 2020 cash flow corresponding to November was received” and if this effect is corrected “the real variation would have been 5.5% instead of 10.2%”. Finally, the increase in revenue in the moving year closed to that month was 1.5% and the real interannual variation in the January-November 2021 period was 1.2%.
