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 FEBRUARY 2026
February is distinguished by the fact that it is one of the months with the highest collection of the year. In addition to the usual monthly self-assessments, collection in February includes income from SMEs’ fourth quarter VAT self-assessments, from personal businesses’ instalment payments PIT, from Alcohol and Beer Excise Duties and from the Tax on the Value of Electric Energy Production. As a novelty, in February this year it was also paid the instalment payment of the Tax on the Interest and Charges Margin of certain Financial Entities (IMIC by its acronym in Spanish), while last year, first year of enforcement of this figure, it was presented in June.
Total Tax Revenue reached €33.5 billion in February, 10.3% above the same month last year. The outcome was the result of an increase in gross revenues of 8.2% and a decrease in refunds paid of 12.2%.
In the first two months of the year, collection grew by 13.5% (with an increase of 8.6% in gross receipts and a decrease of 9.7% in refunds paid). In homogeneous terms, revenues in the two-month period increased by 9.9%, six tenths more than in January.
In February, the strong growth in revenues was maintained due to the same factors that were already present in previous months and, in particular, in January; that is, the increase in withholdings on earned income (double-digit in February thanks to the salary update that was still pending in some Public Administrations), the increase in gross VAT (still benefiting from the impact of rate hikes) and the lower volume of refunds paid in the Corporate Income Tax. These elements have been reinforced by the good performance of the quarterly self-assessments of SMEs and by the aforementioned income from the IMIC (€539 million), although there were also factors that played on a negative sense, such as the comparison with a month in 2025 that recorded the extraordinary payment of the second instalment of the positive annual return outcome of the personal income tax of the taxpayers in Valencia (about €300 million deferred due to the dana) and a displaced income of €75 million in the Tax on Lotteries that would normally have been collected in January.
TOTAL TAX REVENUE 2025
Total Tax Net Revenue reached the level of €325 billion in 2025, an increase of 10.4% compared to 2024. In homogeneous terms revenues increased by 11.7%. The difference between the two results is mainly due to the existence of a high volume of extraordinary returns (mutualists, judgment on negative tax bases ...). In 2024, revenues grew by 8.4%.
Revenue growth in 2025 is explained by the increase in tax bases (provisionally estimated at 7%) and the positive impact of regulatory and management measures (7.820 million).
The aggregate tax base of the main taxes grew by 7% in 2025. The rate is lower than that observed in 2024 (8.2%). The reason is linked to the evolution of the income-related bases that showed a slowing trend, stressed by the gathering in 2024 of large increases in income from movable capital and from economic activities, in addition to an upturn in the consolidated corporation tax base driven by regulatory changes. Together, these bases grew by 8%, down from 11.2% in 2024, although very close to the rise in 2023. On the other hand, expenditure-related bases rebounded, increasing by 5.4% compared to 4% the previous year. The improvement was mainly due to the recovery in the value of consumption subject to Excise Duties, although the growth of final spending subject to VAT also exceeded by a couple of tenths that achieved in 2024 (6.1% and 5.7%, respectively).
The positive impact of the regulatory and management changes amounts to 7.82 billion, which represented a 2.7 percentage point increase in revenue. The total effect includes a negative impact of 2,978 million from extraordinary income and refunds and net additional income of 10,798 million resulting mainly from the measures in Corporate Income Tax, from the return to full normality in the VAT (the recovery of rates on energy products and basic food) and on electricity taxes, the new taxes (on the Interest Margin and Commissions of Certain Financial Entities and on Liquids for Electronic Cigarettes) and the increase in the rate on the Tax on Tobacco Products.
Next release: 30 April (March 2026 report)