July 2, 2012 / 10:56 PM / 5 years ago

UPDATE 1-Argentine June tax revenue rises 20.6 percent

* Tax take below market view at 58.68 billion pesos

* Reuters poll estimated median revenue of 60.14 billion

* Income tax revenue up 20.0 pct, export taxes down 19.1 pct

BUENOS AIRES, July 2 (Reuters) - Argentina’s June tax revenue rose 20.6 percent from a year earlier to 58.68 billion pesos ($12.96 billion), boosted by consumer levies and record income tax collection, officials said on Monday.

The official tax-take data came in below expectations for revenue of 60.14 billion pesos, according to the median forecast in a Reuters poll, underscoring a slowdown in revenue growth in recent months.

Tax revenue rose at virtually the same rate in May, hitting a record of just over 61 billion pesos.

Inflation estimated at between 20 percent and 25 percent a year is driving tax revenue higher. The government’s discredited data puts inflation below 10 percent annually.

State spending growth cooled briefly after President Cristina Fernandez was re-elected in October, but it has picked up again, outstripping revenue growth and eating into the primary budget surplus.

Overall growth in Latin America’s No. 3 economy has slowed in recent months although government officials say it is still on track to meet the budget’s target of 5.1 percent.

Corporate and individual income tax revenue - the biggest contributor last month - rose 20.0 percent to a record 16.04 billion pesos.

Receipts from net value-added tax (VAT), which accounted for the second-biggest chunk of government revenue, increased 25.4 percent from June 2011 to 15.39 billion pesos.

Export levies - mainly on the country’s grains shipments - fell by 19.1 percent, the AFIP tax agency said, possibly reflecting a smaller harvest due to drought or reduced selling by farmers.

Despite strict controls on imports aimed at bolstering local industry, import duty income rose 7.6 percent last month.

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