ARGENTINA · ECONOMY
Key Facts
- The country Argentina is South America’s second-largest economy, led by libertarian President Javier Milei.
- What happened ARCA, the national tax agency, said October revenue reached 21.6 trillion pesos (about US$14.0 billion).
- The trend Tax Revenue rose 33.7% in a year, roughly in line with prices after inflation.
- The comparison September’s Tax Revenue had risen 38.3% in a year; no analyst estimate was published for October.
- Power Index Argentina ranks 4th of 14 in The Rio Times Latin America Power Index, with 61.2 points (October 2026 edition).
Argentina’s Tax Revenue reached 21.61 trillion pesos (about US$14.0 billion) in October 2026, up 33.7% from a year earlier, the national tax agency ARCA said on Monday 2 November. After inflation, that is roughly in line with prices, since private estimates of the real change range from 0.5% to 0.7%.
For US readers, the number shows whether President Javier Milei can keep his budget surplus without a collapse in spending or tax income. ARCA, the Agency for Revenue Collection and Customs Control, collects national taxes, customs duties and social security contributions.
What Happened
ARCA counted 21,608,201 million pesos of national revenue in October, which equals 21.6 trillion pesos in the short-scale numbers used in the US. In September, revenue had risen 38.3% in a year, a jump lifted by tax-deadline timing.
No analyst estimate was published for this release, so there is no forecast to beat or miss. The peso amounts are in nominal pesos, and all dollar values here use the wholesale rate of about 1,545 pesos per US dollar at the close on Monday 2 November.
Monthly comparisons say little in a country where prices rise nearly 2% a month. The yearly comparison is the useful one, and it shows revenue growing at about the pace of prices.
Where the Money Came From
Income tax, called Ganancias, brought in 5.09 trillion pesos (about US$3.3 billion), up 55.1% and about 17% after inflation. ARCA said companies and individuals paid higher advance payments because their final tax bill for 2025 was larger.
Export duties raised 870,052 million pesos (about US$563 million), up 238.4% in nominal terms and well over 100% after inflation. ARCA gave two reasons: exporters paid early in June, July and September 2025 to use a temporary cut in rates, which leaves a low base, and prices for soy, grains and hydrocarbons are better now.
Social security contributions reached 5.03 trillion pesos (about US$3.3 billion), up 33.8%, which ARCA tied to higher average gross wages. Fuel taxes brought in 688,197 million pesos (about US$445 million), up 51.1%, mainly because of scheduled tax updates.
The Weak Spot Is Value-Added Tax
Net value-added tax (VAT), Argentina’s biggest single tax, raised 7.03 trillion pesos (about US$4.5 billion), up 21.8% but about 8% lower after inflation. VAT follows household spending closely, so a real fall means shoppers are not yet driving the recovery.
Domestic VAT rose 30.5% to 4.98 trillion pesos (about US$3.2 billion), while VAT charged at customs fell 4.9% to 2.13 trillion pesos (about US$1.4 billion). ARCA blamed a high comparison base and one fewer business day than in October 2025 for the customs drop.
Import duties fell 9.6% to 723,108 million pesos (about US$468 million). That decline is smaller than the fall in customs VAT.
The Trend
September’s gain was an estimated 3.7% after inflation, so October is a clear slowdown from a month lifted by tax-deadline timing. For January to October, revenue totalled about 196 trillion pesos (about US$127 billion), up 29.8% in nominal terms and an estimated 2.7% lower after inflation.
The recovery therefore rests on export duties and income tax, not on consumption. Official consumer inflation for September was 33.4% over twelve months, the statistics office INDEC said in October, so any nominal rise below that is a real cut.
Why It Matters
Mr. Milei’s plan depends on a primary surplus, meaning revenue minus spending before interest payments. Weak real revenue has forced deep spending cuts, so a stable tax take lowers pressure for further austerity.
Our earlier report on Argentina’s September tax revenue showed the same pattern of strong income tax and exports with weak VAT. For the people who run the economy, see who runs Argentina’s economy.
What It Means for You
If you hold Argentine bonds or shares through US funds, steady revenue supports the government’s ability to pay its debts without printing pesos. The wholesale peso rate was about 1,545 per US dollar on Monday, so 1,000 pesos are worth about US$0.65.
Travelers need not change plans, because the figures set no new rules for visitors. US farm exporters should note that Argentina collects export duties on stronger soy and grain prices, which signals a competitive crop season.
What Would Change the Trend
A recovery in VAT would be the clearest sign that spending is returning, and it would lift revenue without relying on exports. A fall in soy and grain prices, or another cut in export duty rates, would remove the strongest support for revenue.
Inflation also matters, because revenue must grow as fast as prices just to stand still. Official October inflation from INDEC will fix the real figures that today are estimates.
What Is Not Known
It is not known how much of October’s income tax came from payments pulled forward from later months. ARCA has not published an official real-growth figure, so the real change is an estimate that INDEC’s October inflation can move.
It is also unknown whether VAT will recover before the end of the year. The mix of strong export and income-tax receipts may not last into 2027.
More: Argentina news in English, every day from The Rio Times. See also The Rio Times Latin America Power Index.
Frequently Asked Questions
What Is Argentina’s October Tax Revenue?
ARCA counted 21.6 trillion pesos (about US$14.0 billion) of national revenue in October 2026, up 33.7% in a year. That is roughly in line with inflation.
Was There a Forecast for the Tax Revenue Release?
No analyst estimate was published for this release. September’s Tax Revenue had risen 38.3% in a year.
What Unit Is the Tax Revenue Figure In?
It is in Argentine pesos, 21,608,201 million in total. In US number style that is 21.6 trillion pesos.
Why Does Value-Added Tax Matter?
VAT is Argentina’s largest single tax and follows household spending. It fell about 8% after inflation in October, so consumption is still weak.
Sources: ARCA (Agency for Revenue Collection and Customs Control), monthly national tax collection for October 2026, 2 November 2026; INDEC (national statistics office), consumer price index for September 2026; Central Bank of Argentina, wholesale exchange rate, 2 November 2026; Argentine Institute of Fiscal Analysis (IARAF), real-growth estimates, 2 November 2026.
In depth
Editorial responsibility: Matthias Camenzind, Editor-in-Chief · Editorial standards · Report an error