Tax revenues rebounded in June, boosted by VAT and social security.

Tax revenue in June showed a rebound after the decline in May. According to the Customs Collection and Control Agency (ARCA), revenue reached $16.2 trillion, a 43% year-over-year increase. Adjusting for inflation , the real increase was 2.4%. This growth was driven by the increase in VAT , social security contributions, and export revenue, which accounted for much of the monthly improvement.

In the first half of the year, tax revenues totaled $87 billion, with a nominal increase of 55%. The month's performance was primarily supported by the positive results of VAT , resources from social security , and a specific increase in export duties .

VAT was the tax with the greatest positive impact. Total revenue from this item grew 50.5% year-over-year, and in real terms it rose 8%. Within this total, VAT increased 54.3%, while VAT increased 44%. The other major driver of growth was exports , which contributed $1.2 trillion, with a 183.9% increase, benefiting from two extra business days and the jump in the exchange rate.

Another key component was social security contributions, which totaled $3.5 trillion, a 57.5% increase. According to ARCA, the increase was due to the improvement in average gross wages. Also notable was the contribution of the Fuel Tax , which increased 81% year-over-year, driven by the tax update.

Income tax increased by 14.7%, although the fact that the last May tax due date was recorded in June of last year had a negative impact, which increased the comparison base. In contrast, income from personal property grew 265% year-over-year. This was influenced by the tax due dates for the 2024 fiscal year and the CPI parameter update.

Significant increases were also observed in Credits and Debits (21.4%) and in taxes related to imports , which rose 96.4%, with a real improvement of 40%.

ARCA explained that part of the growth is due to technical and calendar factors. Unlike in 2024, this year's Income Tax deadlines were not extended, leaving a lower comparative base. The sharp decline in the agroindustrial sector and changes to the advance payment regime for companies also played a positive role.

Although growth was moderate, it represents an improvement compared to the May slump. With the June figures, tax revenue shows signs of stabilizing, although it still faces challenges ahead.

The evolution of inflation , the level of activity, and the exchange rate will continue to be key factors in the performance of tax revenues during the second half of the year. The impact of the economic measures of Javier Milei 's government for the remainder of the year will also be decisive.