UPDATE 1-Argentina May tax revenue rise 44 percent yr/yr

(Adds Treasury Secretary’s remarks, analysts’ survey,
background)

BUENOS AIRES, June 1 (BestGrowthStock) – Argentina tax revenue
soared a greater-than-expected 44 percent in May to a record
39.34 billion pesos ($9.9 billion), the government said on
Tuesday.

The sharp increase was due to strong economic growth and
growing trade, Treasury Secretary Juan Carlos Pezoa told
reporters at a news conference.

A Reuters survey of eight economic analysts gave a median
outlook for revenue of 35.50 billion pesos.

Analysts had expected a healthy tax take as is usually the
case in May due to annual corporate income taxes. Booming farm
exports and high inflation have also helped boost the
government’s tax income.

With government spending increasing at a rate of some 30
percent annually, as President Cristina Fernandez increases
welfare spending ahead of a presidential election year in 2011,
the healthy increase in taxes is especially welcome to her
administration.

Stock Basics
($1=3.9775 Argentine pesos)
(Reporting by Fiona Ortiz, editing by Leslie Gevirtz)

UPDATE 1-Argentina May tax revenue rise 44 percent yr/yr