Overview
- ARCA, which reported Wednesday, put March collections at about 16.07 trillion pesos, up 26.2% nominally but down 4.5% after inflation for an eighth consecutive year-over-year decline.
- ARCA said March brought no advance payments for the income tax known as Ganancias from companies with December fiscal year-ends or from individuals, which reduced receipts.
- Trade-linked taxes weakened as export duties fell 14.6% in nominal terms, a drop IARAF estimated at about 35.3% in real terms after rate cuts on soy, wheat, and corn.
- Lower federal revenue carried through to provinces, with IARAF estimating a 4.3% real fall in automatic transfers and a 7.4% decline in revenue sharing that strained local budgets such as Santa Fe.
- For the first quarter, total revenue reached roughly 50.64 trillion pesos with a 22.7% nominal rise, confirming growth in pesos that still lags high inflation.