Argentina's September tax revenue is on track to rise more than 30 percent from the same month a year ago, an Economy Ministry source said on Monday. With a week remaining in September, monthly tax collection is set to exceed 17 billion pesos ($5.32 billion), said the source, who asked not to be named.
Tax revenue totaled 12.75 billion pesos in September 2006. Last month, tax collection increased 37 percent from the year earlier period to 17.87 billion pesos, helped by increased proceeds from income taxes and sales tax. In a monthly central bank poll, analysts forecast September tax revenue at a median of 17.06 billion pesos. Argentina's economy has grown by at least 8.5 percent in each of the last four years, driven largely by strong consumer spending. It is Latin America's third-largest economy.
Record tax revenues have helped the government maintain its primary budget surplus above 3 percent of gross domestic product in recent years, and have also allowed President Nestor Kirchner to increase public spending in an election year. His wife, first lady and Senator Cristina Fernandez de Kirchner, is the front-runner in the Oct. 28 vote.
The government is due to report the official monthly tax revenue figure on Oct. 1 at 6 p.m.