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 SEPTEMBER 2024

Total Tax Net Revenue added €15.7 billion in September, 13.9% above the same month last year. Gross revenues enlarged by 13.5% while refunds paid increased by 11.6%.

While August’s growth rate was influenced by the negative impact of the Temporary Taxation on Big Fortunes (that recorded a high collection in 2023 and tiny this year due to the regulatory changes of the Regional Governments, in September several elements have boosted the collection: there are around €570 million coming from the partial recovery of the Tax on the Value of Electric Energy Production and from extraordinary revenues. Nevertheless, even excluding these revenues, gross and net receipts growth would still be around 10%.

In addition to the receipts from the Tax on the Value of Electric Energy Production (referring to the second quarter, which still involves a discount of 25% compared to the standard situation), September records the usual monthly returns (August’s accruals, July’s VAT accrual and July and August for the Insurance Premium Tax).

In cumulative terms, year-on-year growth rate stands at 7.9% up to September (6.7% growth for gross revenues and 2.2% growth for paid refunds). Homogeneous tax revenues expanded by 7.3% (6.8% up to August).

The notable figure for the month, regardless of the additional revenues mentioned above, is mainly due to the upturn in VAT revenues (up by 8.4% compared to 2.4% in the previous month). Withholdings on both earned income and on interests and dividends continued to grow in September at the same high rate as in previous months. This confirms, for one more month, the pattern of growth observed in the rest of the year, with an increase in withholdings and instalment payments of more than 10% and the progressive increase in the contribution of revenues linked to expenditure (in particular, VAT and excise taxes), which already contribute almost 40% to the growth of tax collection.

Next release: 29 November 2024 (October 2024 report)