Tax collection in November amounted to one trillion 953.860 million pesos, which represented an increase of 88.8% year-on-year, driven mainly by the performance of resources associated with the domestic market and social security.

With only one month remaining to end 2022, the tax collection for the first eleven months of the year marked an accumulated amount of $17.68 trillion, with a year-on-year variation of 79.9%.

“In this way, tax revenues for the year grew above the general price variation,” AFIP said in a statement.

The most relevant taxes in the tax structure were those that boosted the collection in November, among which were Profits (128.3%), VAT (96.4%), Social Security (94.9%) and Credits and debits (92.2%), which grew above average.

As in October, in the case of Profits, the component that reaches Companies generated revenues of $75,573 million.

The latter was due to the payment of the second installment of the extraordinary payment on account provided only once to companies that have presented income derived from the commercialization of products and services whose international prices increased extraordinarily as a result of the international economic context (post-pandemic and war conflict between Russia and Ukraine).