The tax cuts and chainsaw-style fiscal adjustment driving President Javier Milei’s administration are jeopardizing one of his biggest achievements: the balance of public accounts.

The seemingly paradoxical dynamic reappeared in April’s tax revenue numbers, down roughly 4% in real terms according to a report published on Monday.

The drop was driven mainly by a fall in revenue from commodity export duties, chiefly beef and grains, which plunged 34.4% year-on-year in real terms, according to estimates by the Argentine Institute of Fiscal Analysis (in Spanish, IARAF).

The government is collecting less from export taxes, not because trade slowed down, but because it cut those duties in July 2025.

Other major taxes also fell: provincial gross income taxes and personal assets tax were down 21.1% and 15.3%, respectively, while import duties slid........

© Buenos Aires Herald