Overview
- ARCA reported $15.6 trillion pesos collected, up 19.7% nominal year over year versus roughly 31% inflation, resulting in an 8.6–8.7% real drop.
- It was the fourth consecutive real interannual decline, and excluding foreign‑trade taxes the fall would have been about 3.6% in real terms.
- Export duties plunged about 69% in real terms, Bienes Personales fell around 64% and internal taxes about 12.6%, while import duties rose roughly 21.7% and fuel taxes 17.2%.
- Analysts attribute the setback to one‑off inflows that boosted November 2024 receipts and to temporary zero or low export retentions that prompted advance agro liquidations and later shortfalls.
- Automatic transfers to provinces and CABA fell about 5.4–5.5% in real terms, pressuring subnational budgets as the government accelerates transport and energy subsidy cuts.