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Argentina Tax Revenue in April 2025: Real Growth and Key Factors
In April 2025, Argentina’s tax revenue once again outpaced year-on-year inflation for the second time this year.
Collections reached ARS 13.68 trillion, representing a 57.9% increase compared to the same month in 2024, while year-on-year inflation stood at 55.9% through March, according to the latest official data available.
Real Growth:
After adjusting for inflation, tax revenue grew by 7% in real terms in April. For the first four months of 2025, the real year-on-year increase is 7.5%, according to the Argentine Institute of Fiscal Analysis (IARAF).
Key Factors Driving Revenue:
Changes in the exchange rate regime: removal of currency controls and adoption of a managed float within a band, which encouraged the liquidation of foreign currency and exports.
Partial recovery in economic activity and increased pressure on personal income and pensions.
Notable increases in taxes such as liquid fuels (+44.5% real), export duties (+41% real), and income tax (+33% real).
Significant declines in wealth tax (-50% real) and a slight real decrease in VAT (-0.7%).
April’s fiscal performance benefited from a low comparison base and the elimination of taxes such as the PAIS tax, as well as the temporary reduction of export tariffs for those who liquidated foreign currency within the required timeframe.
Tax revenue is showing sustained real recovery, supported by exchange rate changes, increased activity in certain sectors, and fiscal adjustments. However, challenges remain in maintaining this trend within the current economic context.
In April 2025, Argentina’s tax revenue once again outpaced year-on-year inflation for the second time this year.
Collections reached ARS 13.68 trillion, representing a 57.9% increase compared to the same month in 2024, while year-on-year inflation stood at 55.9% through March, according to the latest official data available.
Real Growth:After adjusting for inflation, tax revenue grew by 7% in real terms in April. For the first four months of 2025, the real year-on-year increase is 7.5%, according to the Argentine Institute of Fiscal Analysis (IARAF).
Key Factors Driving Revenue:Changes in the exchange rate regime: removal of currency controls and adoption of a managed float within a band, which encouraged the liquidation of foreign currency and exports.Partial recovery in economic activity and increased pressure on personal income and pensions.Notable increases in taxes such as liquid fuels (+44.5% real), export duties (+41% real), and income tax (+33% real).
Significant declines in wealth tax (-50% real) and a slight real decrease in VAT (-0.7%).April’s fiscal performance benefited from a low comparison base and the elimination of taxes such as the PAIS tax, as well as the temporary reduction of export tariffs for those who liquidated foreign currency within the required timeframe.Tax revenue is showing sustained real recovery, supported by exchange rate changes, increased activity in certain sectors, and fiscal adjustments. However, challenges remain in maintaining this trend within the current economic context.
