Overview

• ARCA reported total September collections of ARS 15.44 trillion, a 20% nominal rise that translated into roughly a 9% real decline.
• Export duties brought in ARS 562.892 billion, up 4.3% nominally but down about 21% in real terms after Decrees 526/2025 and 682/2025 briefly set key agricultural rates at 0%.
• IARAF estimated the real fall would narrow to about 2% if last year’s one‑off Bienes Personales inflows were excluded.
• Core pillars held up with VAT at roughly ARS 5.4 trillion, Income Tax at ARS 2.9 trillion, and Social Security at about ARS 3.6 trillion, while import duties rose strongly in real terms.
• Automatic transfers to provinces fell around 10.3% year over year, and local media reported the national government is weighing additional spending cuts.