Tax Revenue monthly report
The Monthly Tax Collection Report (IMRT) shows the level and monthly evolution of tax revenues managed by the Tax Agency (AEAT) on behalf of the State, the Autonomous Regions and the Local Authorities of the Territory of Common Fiscal Regime.
TRMR tax revenue is presented as cash and net yield (gross receipts minus refunds).
Tax Revenue, November 2022
Collection in November came mainly from the usual monthly self-assessments, the second instalment of Personal Income Tax 2021 annual return positive outcomes and the third quarter self-assessments related to taxes on alcohol. It needs to be remarked that other significant revenue in this month used to come from the Tax on the Value of Electric Energy Production, which is currently suspended in order to hold off electricity prices.
Total Tax Revenue tacked on 4.1% in November, at €16.1 billion. The level achieved was the combined result of a 16.9% gross receipts boost and a 79.6% rocketing in the amount of refunds paid (refunds passed from growing by 9.8% until September to shooting the pace up to 20.1% in January-November). This time, the augment was not driven by extraordinary refunds but by the robust increase scored in both monthly VAT refunds requests and Corporation Tax refunds claims. Moreover, the payment speed in refunds is being higher this year. As to the gross collection, it kept on hovering near 20% in VAT and above 10% in payroll withholdings, to which the second instalment of PIT 2021 annual return positive outcome has to be added (it soared close to 30%).
Total Tax Revenue lifted by 15.9% up to November (16.7% the gross receipts, 20.1% the refunds paid). Homogeneous Tax Revenue surged 16.8%, two tenths below October’s.
Accumulated growth is down to the same factors pointed out in the previous report. Firstly, the 16.2% VAT rise outstood, rate that is slightly below the previous pace but much higher than prices soaring in the same period.Secondly, payroll withholdings advanced in the year by 12.5% due to the rise in hiring and to the upsurges in salaries, pensions and the effective tax rate. The third element was the good outcome in gross collection from annual returns in both PIT and CT, (30.6% together). The last one was the favourable performance of businesses’ profit that resulted in the increase of payments on account in both PIT (personal businesses) and CT. Regarding the former, they expanded by 21.5% to date, while in the latter they heightened by 18.7%. These four basics were partly counterbalanced by refunds increment linked to both requests increase and payment pace speeding up as well as by the negative impact triggered by law and management changes.
Next release on 31 March 2023 (December 2022)