Overview
- Automatic transfers to provinces and CABA totaled about $5.49 trillion in October, up 1.0% year over year in real terms, with the coparticipation component rising 1.5%.
- Distribution was uneven: Buenos Aires Province gained 2.2% in real terms, while Santa Fe fell 0.4% and Córdoba 0.3%; January–October transfers rose 2.2% in real terms but remain below prior years in constant pesos.
- The mix was driven by a 12.8% real jump in income tax and a near-flat 0.2% in VAT, while special laws and regimes slid 28.5% on a steep drop in wealth tax; the Fiscal Consensus compensation rose 41.7%.
- Non-automatic transfers dropped 28.7% in real terms to $226.1 billion, with CABA and Buenos Aires absorbing 62% of funds and a court-ordered CABA payment of $64.6 billion; excluding CABA, provinces saw a 4.2% real rise.
- ATN execution reached only 16.9% in January–October, with $13.0 billion sent in October to five provinces and an estimated $645.3 billion still unallocated, as national tax receipts fell more than 3% in real terms.