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LatinNews Daily - 03 June 2020
In brief: Pandemic affects Argentina’s tax revenue in May
* According to Argentina’s federal tax agency (Afip), tax revenue for May fell in real terms, due to the slowdown in economic activity as a result of quarantine measures taken to mitigate the coronavirus (Covid-19) pandemic. Tax revenue increased by 12.4% compared with May 2019, to a total Ar$499.54bn (US$6.57bn), which amounts to a significant drop in real terms once the annual inflation rate (which stood at 45.6% in April) is taken into account. The Afip notes that a significant drop in revenue from value-added tax, which increased 3.6% year-on-year before adjusting for inflation, was a major contributing factor.
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- In brief: Pandemic affects Argentina’s tax revenue in May