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Tax Revenues Rise By 16% In Argentina

by Mike Godfrey, for LawAndTax-News.com, Washington

09 March 2009

Tax revenues in Argentina are up 16% on figures recorded last year, the government has announced.

According to government statistics, tax collection in February of this year totaled ARS22.78bn (USD6.11bn) - a 16.2% increase on figures recorded from the same period in 2008.

Much of the rise in revenue collection has been attributed to an increase in social security contributions - which are up by 58% - and a 14% rise in income from consumer taxes.

These particular increases relate directly to a rise in salaries and the nationalization of the country's private pension funds - both measures implemented by the government to boost economic growth.

Additionally, the government has reported that revenue from VAT collections rose by 14%, with further tax revenues generated from fuel sales and the introduction of a wealth tax.

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