LatinNews Regional Monitor: Brazil & Southern Cone - 02 November 2018

* Argentina’s tax authority (Afip) has reported that the national tax-take reached Ar$312.5bn (US$8.53bn) in October, a 42.2% year-on-year increase. An Afip report attributed the significant increase in the tax take to the increases in the Value Added Tax (VAT) rate and on the taxes on financial transactions and exports recently introduced by the Mauricio Macri government as part of its bid to reduce the fiscal deficit. According to the report, with the October figure, the accumulated tax-take so far this year has now reached Ar$2.78trn (US$75.4bn), a 30.4% year-on-year increase. However, a separate report by Argentina’s national statistics institute (Indec) shows that Argentina’s exports fell by 1.4% year-on-year to US$15.59bn in the third quarter of the year on the back of an 8.5% year-on-year fall in exports by volume.

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