Monthly Tax Revenue Reports
The Monthly Tax Revenue Report (IMRT) shows the level and monthly evolution of tax revenues managed by the Tax Agency on behalf of the State. and the Local Authorities (CC. LL). of the Common Tax Regime Territory.
IMRT tax revenues are presented on a cash and liquid basis, i.e. as the difference between gross revenues and refunds made.
TOTAL TAX REVENUE OCTOBER 2024
Total Tax Net Revenue added €49.9 billion in October, 10% above the same month last year. Gross revenues enlarged by 9% while refunds paid decreased by 0.6%.
October´s growth data is relevant as this is the month with the largest collection across the year. The main revenues included in October are those from monthly self-assessments, SMEs’ third quarter self-assessments and the Corporation Tax second instalment (referred to the period April-September).
Up to October, revenues grew by 8.3% (7.1% growth for gross revenues and 2% growth for paid refunds). Homogeneous tax revenues expanded by 7.7% in the year-to-date, four tenths above the accumulated rate recorded up to September.
October’s results reveal a very positive performance of both the quarterly returns of SMEs and the second payment of Corporation Tax. In SMEs, withholdings on earned income, gross VAT and personal businesses instalments increased at a faster rate than in previous periods. . In Corporation Tax, profits up to September increased by more than 13% and payments grew by close to that figure. In addition, in the usual monthly revenues, withholdings on earned income maintain the strong pace (with an improvement in the evolution of Large Corporations, which showed a certain trend towards moderation in the previous three months) as it was the case in withholdings on income from movable capital and on investment funds’ gains. Overall, revenue from direct taxes grew by 9.3% in the year to October, accounting for 5.3 points of the total revenue progress. On the expenditure side, the intensity of growth is lower, although both figures continue to contribute almost three points to the rise in revenue (half a point thanks to the recovery in the VAT rate on energy products and in the Electricity Excise Tax).
Next release: 23 December 2024 (November 2024 report)