Argentina’s October tax revenue rose 31.8 percent from a year earlier to 47.56 billion pesos ($10.29 billion), the government said on Tuesday.
The official tax-take data came in slightly above expectations for revenue of 47.50 billion pesos, according to the median forecast in a Reuters poll.
The biggest increases were seen in corporate and individual income tax revenue, which surged 44.7 percent to 8.92 billion pesos, and in social security levies, which jumped 35.6 percent in October from a year earlier to 11.73 billion pesos.
Receipts from the value-added tax — the largest contributor to total revenue — rose 29.0 percent to 13.06 billion pesos, the AFIP tax agency said.
Argentina’s tax revenue has surged thanks to fast economic growth and high inflation, which have boosted income and sales tax receipts in particular.
This rapid growth in revenue has helped the government maintain primary budget surpluses despite high spending in the run-up to President Cristina Fernandez’s landslide re-election on Oct. 23.
The tax-take totaled 36.08 billion pesos in October 2010 and 47.73 billion pesos in September of this year .
Source: Reuters