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Tax collection grew 31.2% in 2018 and exceeded $3.3 trillion

The head of the AFIP stressed that over the past year, net VAT grew 44.3%

Politics and Economics

The result released by the director of the Federal Administration of Public Revenue (AFIP), Leandro Cuccioli, is below inflation estimates, which are around 45% per year.

At the press conference, Cuccioli stressed that last year “had very different moments” in the economic sphere, which were reflected in the proceeds of the collection.

“There was a first period until March and April” in which the economy grew at a rate of 4% yoy and then “changed abruptly”, starting from the lack of external financing, devaluation, and falling economic activity, which was also reflected in the collection, the official said.

“Not a minor fact was the drought, which seems to have happened a long time ago, but no. That strongly affected revenues,” Cuccioli stressed.

However, the head of the AFIP stressed that over the past year, net VAT grew 44.3%, to add a billion 104,580 million pesos, with a variation of 41.6% in the tax tranche and 47.8% in the customs.
With an estimated decline in GDP of around 2%, “all that is VAT behaved much better than expected, because electronic transactions and greater control tasks allowed the levels of income in this tax to be maintained”.

The income tax increased 33.7% to $742,052 million due to higher revenues from the balance of affidavit and advances of companies and individuals and higher withholding.
“ I want to highlight the income of about $7.1 billion residents abroad from the sale and sale of shares and securities of companies, which were not made through stock exchanges or stock markets,” Cuccioli said.

Without in the social security sector, revenues increased by 24.7%, about $878,379 million due to “a drop in the number of jobs” registered, and wage growth below inflation, Cuccioli explained.

In foreign trade, due to the rise of just over 100% of the dollar recorded in 2018 revenues from import duties increased 51.7%, to add $107.178 million and export duties 72.7%. to $114,160 million.

The revenue from the withholding was enhanced by the implementation of the additional export duty starting in September, which contributed about $32.9 billion.

The personal property tax totaled $14,517 million and fell 34.5%.
The annual result was obtained after the tax collection grew by 36% in December 2018, with $319,921.5 million, favored by the additional export right and the increase in the exchange rate but attenuated by one working day less of collection in revenues linked to foreign trade and current accounts, lower revenues from import duties and customs VAT, drop in imports and reduction in the aliquot of VAT receipts for imports.

Source: Télam

Publication Date: 15/01/2019

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