December 1, 2016 / 8:42 PM / 2 years ago

UPDATE 1-Argentina says November tax revenue rises due to tax amnesty program

BUENOS AIRES, Dec 1 (Reuters) - Argentina’s tax revenues received a boost in November from a government tax amnesty program, rising 40.8 percent from the same month a year earlier to 182.273 billion pesos ($11.51 billion), the AFIP tax agency said on Thursday.

That marked a record high for monthly collections in pesos, and was the highest year-on-year jump in tax revenue, in percentage terms, so far this year.

In October, tax revenue jumped just 24.4 percent compared with the same month last year, far below annual inflation seen at nearly 40 percent.

Alberto Abad, director of Argentina’s AFIP tax agency, said the jump in revenue was largely because of the country’s tax amnesty program, which allows Argentines to pay a fee of between 5 and 15 percent to declare previously hidden assets without fear of prosecution for tax evasion.

Argentines had declared $21.9 billion under the program as of Nov. 21, the government said last week.

From August to November, AFIP collected 16.374 billion pesos ($1.03 billion) from the program, the bulk of which came in November, Abad said on Thursday. ($1 = 15.8400 Argentine pesos) (Reporting by Luc Cohen; Editing by Peter Cooney)

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