Argentina witnessed a noteworthy increase in tax collection in June, with a year-on-year rise of 109.2%, reaching 3.5 trillion pesos (US$13.635 billion).

Official sources confirmed this information on Monday.The Ministry of Economy cited that the surge in national tax collection was primarily driven by taxes more closely linked to economic activity, such as Value Added Tax (VAT), Credits and Debits, and Co-participated Internal Taxes.The first half of the year was impacted by reduced revenue from Foreign Trade due to drought conditions, resulting in a 90.3% increase.Argentina’s tax collection records significant year-on-year growth in June.

(Photo Internet reproduction)However, export duties experienced improvement compared to previous months, attributed to the Export Increase Program.Argentina accumulated tax revenues of 15.9 billion pesos (US$61.642 billion) during the first six months, marking a 95.9% year-on-year increase.In the previous year, Argentina’s tax revenues reached 19.9 trillion pesos (US$77.149 billion), indicating an 81.6% growth compared to 2021.However, this increase fell below the inflation rate of 94.8% experienced during the same period.