Overview

• ARCA reported August collections of $15.359 trillion, up 30.6% year over year but down about 2.4% after inflation.
• Lower receipts reflected the end of Impuesto PAIS—which had contributed roughly $660 billion a year earlier—and the pull-forward of export duties during temporarily reduced retentions.
• VAT led with about $5.33 trillion, followed by social security contributions (~$3.6 trillion) and Income Tax (~$3.19 trillion), with fuels, import duties and Ganancias showing the fastest real gains.
• Bienes Personales registered the steepest real drop (about 71.7% year over year), and export duties also fell in real terms, highlighting uneven tax-by-tax performance.
• Automatic transfers to provinces reached roughly $5.13 trillion in August, a 37% nominal rise and about 2.4% real increase, with Buenos Aires posting the largest gain and Santa Fe the smallest; estimates differ on year-to-date real revenue trends and hinge on inflation adjustments.