Overview

• ARCA reported export duties at ARS 562.9 billion, down 21% in real terms after temporary 0% rates for key farm products, with the US$7.0 billion DJVE cap reached late in the month.
• Import duties rose to ARS 714.9 billion, a 33% real increase, reflecting higher imports and exchange-rate effects.
• Value-added tax collected ARS 5.4 trillion, up 32% nominally and flat in real terms, signaling weak domestic demand.
• The earlier removal of the PAIS tax reduced September revenue by an estimated ARS 432.5 billion, and IARAF notes year-to-date receipts would be roughly 6.5% higher in real terms if PAIS were excluded.
• Of the ARS 15.4 trillion total, ARS 6.2 trillion went to the national administration (-11% real), about ARS 5.0 trillion to provinces (-9% real), and roughly ARS 3.5 trillion to social security (+6% real), with analysts warning this strains efforts to meet IMF fiscal targets.