Nicolas Perez - Oficina de Presupuesto del Congreso

ANALYSIS OF NATIONAL TAX REVENUE – MARCH 2023

by Nicolas Perez | Apr 17, 2023 | Tax Revenue

Tax revenues amounted to ARS2,336.942 billion in March 2023, which implied a growth of 88.3% year-on-year (YoY). Adjusted for inflation, it decreased 8.1% YoY.

Among taxes, the increase in real terms in VAT, because of the higher economic activity, and in Wealth Tax, as a result of higher receipts for the purchase of foreign currency and the additional tax rate applied to trips and expenses abroad, stand out. Income Tax decreased due to the refund of taxes levied on foreign currency transactions.

Export Duties decreased as a result of lower volumes recorded in the foreign sales affidavits (DJVE), which evidenced the decoupling of collection with respect to international prices, due to export incentive programs.

On the other hand, Social Security contributions grew with respect to the same month of 2022, favored by the increase in the number of formal jobs.

MARCOS MAKÓN COMPLETED HIS TERM AS HEAD OF THE OPC

by Nicolas Perez | Mar 27, 2023 | Activities

On January 31, the terms of office of the OPC General Director, Marcos Makón, of the Director of Fiscal and Tax Analysis, Carlos Guberman, and of the Director of Sustainability and Public Debt Anlysis, Mariano Ortiz Villafañe, ended, in accordance with the terms established by law.

During the meeting held to close this first stage, Makón expressed his “deep personal satisfaction for having had the opportunity to participate from the beginning in the OPC’s operation” and thanked “the support provided by the Parliamentary Oversight Committee, the legislators of the different benches and the Executive Branch, as well as for the invaluable service vocation and professionalism of the OPC’s staff”.

“As a fervent defender of democracy, I consider that the OPC has contributed, and should continue to contribute, to strengthen the role of the National Congress which, as representative of the people, requires to have objective technical analyses supported by solid, reliable and timely information on fiscal matters, necessary for the processes of review, approval and follow-up of policies in the matter”, he stressed.

Pending the resolution of the competitions to renew the directorates with expired mandate, the Parliamentary Oversight Committee appointed, through Resolution No. 1-CSP/23, the general directorate of the OPC to María Eugenia David du Mutel de Pierrepont, until now in charge of the Directorate of Studies, Analysis and Evaluation.

FISCAL IMPACT OF BILL TO STRENGTHEN THE FEDERAL CRIMINAL JUSTICE SYSTEM IN THE PROVINCE OF SANTA FE

by Nicolas Perez | Mar 17, 2023 | Cost Estimates

The fiscal impact of the legislative proposal is approximately ARS1.106 billion per year.

The Bill proposes to create 50 positions, 36 in the Public Prosecutor’s Office and 14 in the Judicial Branch, without providing for the detail of the structures containing them.

Expenditures on personnel are estimated at ARS1.564 billion, partially offset by the revenue from Social Security contributions and the payment of Income Tax which remain under the scope of the National Government.

ANALYSIS OF NATIONAL TAX REVENUE – FEBRUARY 2023

by Nicolas Perez | Mar 16, 2023 | Tax Revenue

Tax revenues amounted to ARS2,126.338 billion in February 2023, which implied a growth of 82.3% year-on-year (YoY). Adjusted for inflation, it decreased 10.2% YoY.

Among taxes, there was an increase in real terms only in VAT, as a result of the higher economic activity.

Income tax decreased due to lower VAT offsets and refunds of foreign currency transactions, despite the positive effect of the fourth advance payment for individuals in 2022 and the one-time payment on account for corporations.

Wealth Tax also decreased despite the fourth advance payment for the 2022 tax period.

Export Duties decreased because of lower volumes of sales abroad. There is a decoupling of tax collection with respect to international prices as a result of export incentive programs.

Social Security contributions grew slightly with respect to the same period of 2022 due to the increase in formal jobs.

ANALYSIS OF NATIONAL GOVERNMENT BUDGET EXECUTION – FEBRUARY 2023

by Nicolas Perez | Mar 15, 2023 | Budget Execution

In the first two months of the year, the financial deficit of the National Government was 8.7% higher than in the first two months of the previous year, despite the improvement obtained in the primary result.

Total revenue fell by 7.2% YoY in real terms and total expenditure decreased by 4.6% YoY.
Tax revenues fell 14.3% YoY on average, a decline that reached 56.4% YoY in Export Duties.
Transfers to provinces fell 38.3% YoY.
Debt interest payments grew 34.8% YoY.
The financial result was negative by ARS655.215 billion: 8.7% higher than in the first two months of last year. The primary result was negative ARS107.185 billion, an improvement of 45.3% YoY.
Food policy, Potenciar Trabajo Program and interests showed the highest level of execution.

PUBLIC DEBT OPERATIONS – FEBRUARY 2023

by Nicolas Perez | Mar 13, 2023 | Public Debt Operations

Securities totaling ARS761.676 billion were placed in two auctions.
Principal repayments of market securities were made for ARS541.7 billion.
A total of USD695 million of interest was paid to the IMF.
Between March and December, maturities are estimated for the equivalent of USD86.95 billion, of which USD25.269 billion is in foreign currency