Argentina · ECONOMY
Key Facts
- —August total 20,508,537 million pesos, about US$13.56 billion at the wholesale rate of 1,513 pesos per dollar on 1 September 2026, up 33.5% year on year
- —Estimated inflation around 33.4% year on year; INDEC publishes the official August figure on 10 September
- —Real change roughly zero, per the Instituto Argentino de Análisis Fiscal
- —Income tax up about 45% year on year
- —Social security contributions up 31.9% year on year, or -1.2% in real terms
With estimated inflation of about 33.4%, the 33.5% rise in collections left the state’s purchasing power essentially unchanged.
Argentina’s tax revenue rose 33.5% in August 2026 against the same month last year. Estimated inflation ran at about 33.4%, so the increase was almost entirely nominal.
In real terms collections were flat: the Instituto Argentino de Análisis Fiscal puts the August real change at between zero and 0.2%.
August Tax Revenue Figures
Argentina collected 20,508,537 million pesos in tax revenue during August 2026, according to ARCA, the customs and revenue agency. That represents a rise of 33.5% against August 2025.
The agency published the figure in its monthly report on Tuesday 1 September 2026. In dollar terms the August take was about US$13.56 billion, converted at the wholesale rate of 1,513 pesos per dollar on 1 September 2026.
Inflation Eats the Gain
Year-on-year inflation for August is estimated at around 33.4%. INDEC’s official August index is not published until 10 September; the July reading was 2.1% for the month and 33.8% year on year.
Therefore, the revenue rise is almost entirely nominal, meaning before adjusting for inflation.
In real terms, after accounting for price increases, the state collected slightly less in purchasing power. The fiscal analysis institute IARAF puts the real change at between zero and 0.2%, flat rather than falling.
Income Tax and Fuel Taxes Lead
Income tax rose 45.2% year on year to 4,636,836 million pesos, about US$3.06 billion. Fuel taxes grew 50.4% to 724,899 million pesos, about US$479 million.
In real terms those are gains of 8.8% and about 12%. The largest jump was in export duties, which rose 155.1% to 1,015,506 million pesos, about US$671 million, or 91.1% in real terms.
Much of that owes to a low base, since a temporary cut in grain export duties under Decree 38/2025 pulled collections forward into mid-2025. Value added tax, the biggest single line at 6,675,409 million pesos or about US$4.41 billion, rose 25.3% nominally but fell 6.1% in real terms.
Import duties rose 7.7%, a real fall of 19.3%, and the tax on bank debits and credits rose 21.5%, a real fall of 9%. Social security contributions rose 31.9% to 4,833,581 million pesos, about US$3.19 billion, a real fall of 1.2%.
Month-on-Month Decline
July 2026 collected 22,965,000 million pesos, about US$15.18 billion, a rise of 35.1% year on year and 1.2% in real terms. August therefore fell about 10.7% against July in nominal terms.
That drop is seasonal rather than a slowdown. July was lifted by deferred income tax payments, and August was the second consecutive month in which collections did not fall in real terms.
Understanding Nominal and Real
Nominal means the raw number before adjusting for inflation. Real means after adjusting, so it reflects actual purchasing power.
When prices rise about 33.4% and revenue rises 33.5%, the state has collected roughly the same in real terms. As a result, the headline growth is misleading without context.
ARCA and AFIP Roles
ARCA is the Agencia de Recaudación y Control Aduanero, Argentina’s tax and customs authority, headed by executive director Andrés Vázquez. It publishes monthly revenue reports.
ARCA replaced AFIP, the former Administración Federal de Ingresos Públicos, dissolved by Decree 953/2024 in October 2024. AFIP no longer exists as an institution, though its old web domain still hosts ARCA documents.
Local Billion vs English Billion
In Argentina, a billón means a million million, not a thousand million as in English. Therefore, local reporting figures are not directly comparable with the English billion.
For example, income tax of 4.6 billion pesos in local terms equals 4.6 million million pesos. This distinction matters for readers.
Implications for Public Finances
The slight real decline in tax revenue could signal pressure on public finances. Even so, the nominal rise of 33.5% keeps the headline positive.
Social security contributions, up 31.9% nominally but down 1.2% in real terms, lagged inflation and may affect pension funding. Meanwhile, fuel taxes and income tax show stronger performance.
Outlook for Coming Months
Because inflation remains high, future tax revenue growth may stay nominal. However, if inflation eases, real collections could improve.
For now, the August data shows a stable but barely moving picture. In short, the state is not gaining ground in real terms.
Frequently Asked Questions
What does a 33.5% rise in tax revenue mean?
It means nominal collections increased by that percentage compared with a year earlier. But with estimated inflation around 33.4%, the real gain is close to zero.
Did real tax revenue fall?
Barely, if at all. Estimated inflation of about 33.4% was in line with revenue growth of 33.5%, and IARAF puts the real change at between zero and 0.2%.
Which taxes performed best in August 2026?
Export duties, up 155.1% nominally and 91.1% in real terms, largely on a low base. Income tax rose 45.2% and fuel taxes 50.4%.
Value added tax, import duties and the bank transaction tax all fell in real terms.
How does ARCA differ from AFIP?
ARCA is the customs and revenue agency that publishes monthly tax figures. AFIP was its predecessor, dissolved in October 2024; it no longer exists.
Connected Coverage
Sources: ARCA monthly revenue report, August 2026; INDEC; IARAF; Argentine economic press.
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