Argentina’s Tax Revenue to Reach a Record This Year

Source: Bloomberg
By: Eliana Raszewski and Silvia Martinez

09.02.2011

Argentina’s tax revenue will rise to a record in 2011 after collections in the first eight months reached 349 billion pesos ($83 billion), said Ricardo Echegaray, head of the national tax agency.

The government collected 47 billion pesos in August, up 35 percent from the same month a year earlier, Echegaray told reporters today in Buenos Aires. He declined to give a forecast of revenue for the whole of 2011. Last year, tax revenue totaled 410 billion pesos.

“The economy is solid,” Echegaray said. “The good economic data is that revenue keeps rising and at a double digit rate.”

President Cristina Fernandez de Kirchner, who leads opinion polls ahead of the Oct. 23 presidential election, boosted government spending to a record 51 billion pesos in July, a 39.2 percent increase from the year-earlier period, according to the Economy Ministry.

Collection of income tax rose 51 percent in August from a year earlier to 9.1 billion pesos, according to the tax report. Sales taxes climbed 32 percent to a record of 13.6 billion pesos, while export and import duties also gained to a record 5.6 billion pesos and 1.3 billion pesos respectively last month, the report said.

The peso strengthened 0.4 percent to 4.2040 per dollar at 1:17 p.m. New York time from 4.2210 yesterday. Earlier today, it fell as much as 0.7 percent to 4.2505.

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