Fiscal Bulletin

^1- Since August 2000 the minimum amounts and aliquots of this tax were modified on certain incomes. In addition, withholding on salaries during the first quarter showed a positive effect in collection due to the full effect of the tax reform current as of January 2000. It should be borne in mind that the first quarter of the previous year collection was only partial due to the easy terms granted by the tax office for the input of the increase on salary withholdings implemented by said reform.

^2- Net of changes in the above mentioned regimes.

^3- During the first quarter 2000 a significant input of revenue was registered from installments paid in 1999 by application of Decree 938/97, which had not been recorded up to that date.

^4- This was a result of the modification to the rate of the Additional Emergency Tax on Cigarrettes, which was 21% in the first quarter 2000, dropped to 12% in January and February 2001, and to 7% in March, as well as an increase in the price of cigarettes.

^5-The tax reform was current for accrued sales in January 2000, thus having an effect on collection in February.

⁶-Rates were reduced from 15% to 10% for borrowing transactions undertaken with financial institutions and through corporate bonds, and from 35% to 25% on loans of natural persons to companies.

^7- The aliquot was reduced from 21% in January 2000 to 12% in January and February 2001 and 7% in March.

^8- Currently employees in the pay-as-you-go system account for 15.1% of the total, while in the first quarter 2000 the ratio was 17.1%

⁹- The tax reform Law No. 25,239 modified the allocation of contributions to the Simplified Regime for Small Taxpayers, increasing the percentage allocated to the pay-as-you-go system.

^10- See current Transfers.

^11- For further details see Table 25 - Fiscal Bulletin – 4^th Quarter 2000.