The main State box improved its performance during the fifth month of the year. the rgross tax collection of the DGI in May reached $50,049 millionwhich implies a year-on-year increase of 21% at current prices and 10.6% in real terms (Discounting inflation), the agency reported on its website.
The net collection that is, discounting the tax refund, it reached $ 42,372 million and had one year-on-year rise in real terms of 8.2%. 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. The net collection corresponds to what is actually collected by the DGI in moneyor, while the gross collection shows the total amount of taxes that corresponded to pay in the period.
DGI
Consumption taxes rise
According to data from the DGI, VAT collection totaled $22,743 million in May (45.4% of gross collection) and had a year-on-year expansion of 9% and 10.5% in the accumulated January-May .
Meanwhile, Imesi’s collection reached $4,839 million (9.7% of gross collection), advancing 9.3% compared to May of last year and 7.2% in the accumulated of 2022.
DGI
For its part, income from IRAE totaled $6,205 million in May (12.4% of total gross collection), increasing 6% year-on-year and 7.9% in the January-May period. Meanwhile, income tax collection reached $9,091 million in May (18.2% of the DGI’s gross income). In May, the real variation was 15.1% and that of the moving year ending in said month was 4.3%. In this case, the DGI explained that in May of this year a cash shift was received. If this effect is left aside, the year-on-year expansion would have been 4.6% instead of 15.1%.
The Uruguayan economy grew again in the first quarter of 2022, according to the National Accounts report released this Thursday by the Central Bank of Uruguay (BCU). The Gross Domestic Product (GDP) grew 0.6% compared to the immediately previous quarter (October-December), that is, in seasonally adjusted terms. While, in the year-on-year measurementeconomic activity expanded 8.3% compared to the January-March period of last year.
Final consumption spending increased 6.7% year-on-year during the first quarter, with an increase in both household spending (6.9%) and government spending (4.7%). In the first case, the positive impact of consumer spending during tourist trips abroad stands out, as well as the consumption of leisure, cultural and sports services and passenger transport.
Tax collection by the DGI is one of the leading indicators that the government and analysts follow closely to have clues about the pace of activity in the economy. For now, thinking about the second quarter, there was a poor figure in April and a dynamic one in May. It remains to be seen how June behaves in order to have a clearer idea of the evolution of this indicator in the second quarter. The BCU will report in September the official GDP data for the April-June period.
