Nicolas Perez - Oficina de Presupuesto del Congreso

ANALYSIS OF NATIONAL GOVERNMENT BUDGET EXECUTION – JUNE 2022

by Nicolas Perez | Jul 15, 2022 | Budget Execution

In the first half of the year, the National Government recorded a primary deficit of ARS1.395,180 trillion and a financial deficit of ARS1.922,347 trillion, with both results decreasing by 92.1% year-on-year (YoY) and 51.8% YoY, respectively. This was the result of a real drop in total revenues versus an expansion of total expenditures of 9.6% YoY.

The economic deficit was ARS1.413,575 trillion, an increase of 82.7% YoY.
Given the lower collection of the Solidarity and Extraordinary Contribution, total revenues fell 0.4% YoY in real terms. Excluding this exceptional revenue, total revenues would have grown 4.0% YoY.
In the year-on-year comparison, tax revenues grew by 2.8% and Social Security revenues by 8.9%.
Primary expenditures increased 10.7% YoY.
Social programs increased 28.9% YoY and continue to lead the growth of social benefits.
As of June 30, total expenditures amounted to ARS7.244,098 trillion, equivalent to 44.1% of the current budget appropriation. Social programs and energy subsidies exceeded this level of execution.

ANALYSIS OF NATIONAL GOVERNMENT BUDGET EXECUTION – JUNE 2022

PUBLIC DEBT OPERATIONS – JUNE 2022

by Nicolas Perez | Jul 13, 2022 | Public Debt Operations

Securities totaling ARS637.046 billion were placed in three auctions.
There was net financing of Temporary Advances for ARS377 billion.
The IMF approved the first review of the EFF program and made a new disbursement of USD4.009 billion.
Necessity and Urgency Decree (DNU) 331/2022 extended debt authorizations for fiscal year 2022.
July debt maturities are estimated at USD7.403 billion; USD1.966 billion are payments to the IMF.

ANALYSIS OF NATIONAL TAX REVENUE – JUNE 2022

by Nicolas Perez | Jul 7, 2022 | Tax Revenue

Tax revenues amounted to ARS1.680,901 trillion in June 2022, which implied a growth of 82.1% year-on-year (YoY). Adjusted for inflation, it expanded 11.5% YoY.

The recovery in the level of activity operating since March 2021, the increase in international commodity prices and the rise in the nominal exchange rate (28.9% YoY) contributed favorably to this result.

Among tax resources, the increase in real terms in the PAIS Tax stands out because of the return to foreign travel as COVID-19 restrictions are removed. Income Tax and Wealth Tax showed important increases because the maturities occurred this month, which in 2021 took place in the month of August. VAT also recorded a satisfactory performance.

Duties on Foreign Trade were reduced because of a cargo transportation strike that affected the normal activity of the agricultural and livestock exporting sector.

On the other hand, Social Security resources showed high year-on-year growth.

TRANSITORY REIMBURSEMENT REGIME FOR THE ACQUISITION OF VEHICLES THAT PROVIDE TAXICAB SERVICES – JULY 2022

by Nicolas Perez | Jul 6, 2022 | Cost Estimates

The Bill that creates the “Transitory reimbursement regime for the acquisition of vehicles that provide taxicab services”, approved by the Chamber of Deputies of the Nation, proposes a reimbursement for the equivalent to the amounts paid in VAT and Internal Taxes for the acquisition of new units for the service.

Since the Bill itself establishes a fiscal quota of ARS3.6 billion during 2022 to cover the costs, it is not necessary to make estimates of fiscal impact.

THE OPC HELD A WORKSHOP FOR LEGISLATIVE ADVISORS ON ESTIMATING THE FISCAL IMPACT OF BILLS

by Nicolas Perez | Jul 4, 2022 | Activities

On Thursday, June 30, the Argentine Congressional Budget Office (OPC) held an Online Workshop for Legislative Advisors on methodologies for estimating the fiscal impact of parliamentary initiatives. The presentation was given by the General Director, Marcos Makón, the Director of Tax Analysis, Carlos Guberman, and Julieta Olivieri, Laura Cafarelli and Pedro Velasco from the OPC’s Analysts Team.

With more than 100 participants, the Workshop provided fundamental tools for a correct estimation of fiscal impact and reviewed the different methodologies for their calculation through practical examples. Emphasis was also placed on tools to search for information in public access platforms to enrich the legislative work. Participants were able to provide input and ask questions to improve their daily work in their respective offices.

Through this activity, the OPC continues to carry out its mission of providing support to the Legislative Branch to deepen the understanding of issues involving public resources, democratizing knowledge, and decision-making.

WE PARTICIPATED IN THE EVENT “GENDER PERSPECTIVE FROM THE FINANCIAL ACTIVITY” ORGANIZED BY THE LAW SCHOOL OF THE UBA

by Nicolas Perez | Jun 29, 2022 | Activities

Last June 28, the OPC participated in the event “Gender perspective from the financial activity. A concrete vision” organized by the Center for Financial Law and Tax Law Studies of the School of Law of the University of Buenos Aires.

The Director of Studies, Analysis and Evaluation, María Eugenia David Du Mutel de Pierrepont, made a presentation on the effects of tax policy on gender inequalities and presented the progress made by Argentina in this field.

The meeting was also attended by Claudia Balestrini, Undersecretary of Public Revenues of the Secretariat of Treasury of the Ministry of Economy, and Paulina Martínez, Judge of the Tax Court of San Martín in the province of Mendoza.

The event is part of a series of presentations promoted by the Gender and Financial Law Commission of the Center that gathers outstanding specialists in the tax field of the country and the region.