The Argentine tax collection grew again above inflation in October 2026, accumulating two consecutive months of year-on-year increases in real terms, a phenomenon not seen since 2022. According to data from the Revenue and Customs Control Agency (ARCA), revenues reached $21.6 trillion, with a nominal increase of 33.7% compared to the same month last year, above the estimated price variation of 33.4%
The result represented a real growth of 0.2% and constitutes a favorable signal for the economy, in contrast to the recession narrative that Kirchnerism seeks to establish. The improvement in tax revenues occurs in a scenario of reduced tax pressure, estimated at its lowest level in the last 20 years. That is, the State is beginning to show a greater capacity for real collection without relying exclusively on inflation to increase its nominal revenues.
The Argentine State collects more with less taxes.
The difference is significant: collecting more due to inflation does not equate to collecting more due to economic activity. When prices rise, so do the nominal amounts received by the State, even if production and consumption remain stagnant. In contrast, when tax revenues exceed price evolution, the result may reflect higher business profits, an expansion of economic operations, and improvements in workers' incomes.
Among the main drivers of growth, the Income Tax stood out, with a year-on-year collection increase of 55.1%, driven by higher advances from companies and individuals. Also, the greater real profits of companies linked to energy and mining, as well as improvements in economic activity indicators during August and September.
Meanwhile, Social Security revenues grew by 33.8% year-on-year, slightly above the estimated price variation, favored by wage increases for workers covered by collective agreements. In parallel, export duties recorded an increase of 238.4%, driven by agro-industrial, energy, and mining operations, in addition to factors related to international prices and comparison bases.
The economic program of Javier Milei and Luis “Toto” Caputo is consolidating.
The evolution was not uniform. The VAT increased by 30.5% and the Bank Debits and Credits Tax by 21.5%, both below the considered inflation. Likewise, the accumulated collection from January to October reached $196 trillion.
While Kirchnerism insists on presenting a recession scenario, tax revenues show signs of growth in economic activity, accompanied by improvements in certain productive sectors. Although collection alone does not constitute a complete measurement of activity, its evolution contradicts the idea of a widespread and permanent deterioration of all sectors of the economy.
