The good indicators of productive and commercial activity that were known in the months leading up to the elections did not translate into an improvement in tax collection. On the contrary, November recorded a 8.8% decrease in inflation-adjusted values.
However, the government attributes this apparent desynchronization to the effects of tax abolition, general reductions in export reservations and import tariffs, and fewer working days to collect taxes.
Over the past month, the three main sources of income (Directorate General of Taxes, Customs and Humanities) together raised $15.6 billion, only 19.7% more than in November of the previous year, while prices rose by 31.3% in the same period.
Analysis of technicians coffin He notes that “the annual variance for this month is still affected by the high comparison base due to the exceptional income for November 2024,” which is:
- the Endowment (Exceptional Regulation of Tax, Customs and Social Security Obligations – Law No. 27743): For income from payment on account of the comprehensive plan with an exemption of 20% of interest. Shares were also received for accessions made between August and October 2024 through a three-installment plan.
- Advances of profits and personal assets – Al-Bashar for the fiscal period 2024 due to the postponement of maturity dates for that year.
Without exceptional income in 2024, the annual variance would be close to 29% (ARCA).
- State tax This is not currently in effect.
- Asset regulation tax: Due to the expiration of the period of joining the system and paying at least 75% of the special settlement tax (stage 1 – only for settlement of funds) in advance.
- Income tax system on private personal property (Reibp): Due to the expiration of the initial payment (75%) for those assets that were legalized in the first stage.
Added to the above is the impact of the temporary incentives provided to exporters in the previous months. Total foreign currency income from clearing agricultural exports reached US$760 million in November, accumulating US$30.324 million so far this year. “The relatively low volume during the month was affected In advance due to the temporary removal of deductions Provided by the National Government,” as reported by the Chamber of Petroleum Industry of the Argentine Republic (CEARA) and the Cereal Exporters Center (CEC), entities representing 48% of exports. These foreign exchange settlements were 32% Lower compared to October 2025, but 11-month total up 24%. Compared to the same period of the previous year.
The effect of reducing two working days for tax collection in general has also been demonstrated, especially on foreign trade and checks.
The best relative performance was again recorded in Social Security: it rose by 29.8% – very close to the inflation rate –
The best relative performance was again recorded in Social Security: it rose by 29.8% – very close to the inflation rate – due to the recovery in average workers’ incomes.
In it Cumulative for the first 11 months of 2025ARCA generated income of US$166.6 billion, a nominal increase of 40.8%, equivalent to 5.3% decrease in real values.
However, sources from the organization estimated that if the impact of the abolition of the PAIS tax is removed, the reduction of deductions on exports and tariffs on imports will mainly be the result of the period. It would have been positive at a level close to 5%.where GDP accumulated until September.
In November 2025, the national government sent $5.3 billion in joint participation, special laws and compensation to the united provinces as well as CABA, which would have registered a real decline of 5.4% year-on-year, if inflation were estimated at 31.3% over the past 12 months.
The Argentine Institute of Financial Analysis (YARAF), run by Nadine Arganiaraz, estimates that “shared participation, that is, automatic transfers less supplementary laws and compensation, would have fallen by a real rate of 5.5%.”
The decrease in the real values of net participation recorded in November can be explained, mainly, by the decrease in income tax and value added tax (IRAV) collected.
“The decline in net participation recorded in November can be explained primarily by a 3.3% real decline in income tax collections year-on-year and a 3.5% decline in value-added tax,” Yarav estimated.
The Mediterranean Authority explained, “In the latter case, this does not necessarily mean that VAT collection has decreased during the calendar month, since there is a two-day delay in sending the collection to the regions. In other words, the joint contribution sent in the month does not necessarily coincide with the time collection for the month.”
However, “the decrease in the collection of what was received from all internal taxes by 12.8%, in addition to the decrease in the rest of the taxes collected by the central administration that it shares with the provinces and CABA, led to a decrease in the net joint participation by 5.5%.”
In the cumulative eleven months of 2025, automatic transfers through joint participation, supplementary laws, and compensation amount to $54.3 billion, which implies a real interannual increase of 1.5% when discounting inflation for the period. “Compared to the same period in 2023, real shipments in 2025 will be 9.3% lower,” the Arganiaras-led entity concluded.