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Argentina Targets Substantial Growth In Tax Revenue

by Mike Godfrey, Tax-News.com, Washington

18 September 2015


The Argentinian Government is targeting a 25.7 percent increase in tax revenue next year, according to the draft 2016 budget.

Economy Minister Axel Kicillof presented the draft budget to Congress on September 15, 2015. The Minister said during the presentation that tax revenues will be driven by economic growth, higher levels of foreign trade, increased corporate profitability and higher individual incomes. Income tax revenues are expected to grow by 28 percent, and VAT revenues by 8 percent. It is predicted that overall tax receipts will be bolstered by rising prices, with inflation forecast to be 14.5 percent next year. Some analysts are, however, skeptical that these ambitious revenue targets will be met.

Earlier this year, the Government was forced to cut income tax for low-paid workers in the face of strong pressure from trade unions. According to the finance ministry, the income tax cuts will benefit 68 percent of taxpayers and cost the Government ARS6bn in lost revenue.

TAGS: tax | economics | fiscal policy | gross domestic product (GDP) | budget | inflation | Argentina | Economy

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