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Tax authorities obtain high revenues from Corporate Income Tax

Tax authorities obtain high revenues from Corporate Income Tax

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On September 17, 2021, the “La Nación” website published information on the income to the tax authorities through the IRE (Impuesto a la Renta Empresarial – Corporate Income Tax).

1. Accrued income through the IRE

The SET (Subsecretaría de Estado de Tributación – State Undersecretariat of Taxation) obtained a total of G.3 billion in accrued income through the IRE from January to August, representing an increase of 187% and considering G.1.28 billion in the same period of the previous year.

2.Dynamism of the economy

According to the aforementioned website, the Vice Minister of SET, Óscar Orué, explained that taxes generally show positive figures since the economy showed a much higher dynamism compared to a complicated period when the economic rhythm was paralyzed due to the effects of the pandemic, like last year.

3. IRE as part of the tax simplification and modernization law

“The IRE forms part of the Tax Simplification and Modernization Law in force since January 2020. The new law means an important reconversion in tax matters seeking balance among taxpayers”, said the Undersecretary of State. He added the taxes previously known as Iracis, Iragro, IRPC (Impuesto a la Renta del Pequeño Contribuyente – Income Tax for Small Taxpayers), and IRP (Impuesto a la Renta Personal – Individual Income Tax) for simple companies, all are now included in the IRE. 

Simple corporations were included in the Individual Income Tax in the previous law, but today are in the IRE. With 33.1% of total revenues, the IRE is the second-highest tax collected by SET.

4. Accrued income for august

The accrued tax income for August amounted to G. 11.1 billion, whose figure implies a growth of 30.4% regarding the collections obtained from January to August of last year when the tax portfolio computed a total of G. 8.5 billion.

Source: La Nación 17/09/21

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