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UPDATE 1-Argentina November tax revenue jumps 28 pct on year
December 3, 2012 / 6:15 PM / 5 years ago

UPDATE 1-Argentina November tax revenue jumps 28 pct on year

* Revenue growth cooled in second quarter but has rebounded since

* Tax take rose 25.7 pct year/year January through November

BUENOS AIRES, Dec 3 (Reuters) - Argentina’s November tax revenue figure came in at a higher-than-expected 60.67 billion pesos ($12.53 billion), jumping 28.3 percent from the same month last year, the government said on Monday.

Analysts had forecast the government’s tax take at 59.66 billion pesos, according to the median in a Reuters poll. Estimates given by the eight analysts surveyed ranged from 58.62 billion pesos to 60.70 billion pesos.

Latin America’s No. 3 economy is slowing sharply after growing 8.9 percent in 2011. The pace of tax revenue growth cooled somewhat in the second quarter but has largely rebounded since.

Much of this growth can be explained by high inflation, which private economists estimate at around 25 percent a year. The government’s widely discredited data put annual consumer inflation at 10.2 percent through October.

From January to November, tax revenue was up 25.7 percent versus the same period of 2011, the country’s treasury secretary told a news conference.

In November alone, the government reported that proceeds from the Value-Added Tax (VAT) rose a relatively modest 18.1 percent from a year earlier to 17.82 billion pesos.

Corporate and personal income tax revenue jumped 49.8 percent last month to 13.78 billion pesos while social security contributions surged 32.4 percent to 15.35 billion pesos.

Argentina’s tax revenue totaled 47.28 billion pesos in November 2011.

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