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 Corporations. within 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 JULY 2026

July is a weighty month in the evolution of the collection in the year since, in addition to the usual monthly self-assessments, July records SMEs’ quarterly self-assessments (namely: payroll withholdings, VAT, and PIT instalments payments) and also accounts for the first instalment of the PIT annual return positive outcome (return matching the 2025 fiscal year).

Net tax revenues in July amounted to €51.9 billion, 9.2% above the same month last year. The growth was driven by an increase of 9.1% in gross revenues and 8.4% in refunds paid.

In the year-to-date, revenues grew by 10.1% (8.1% gross revenues and 0.3% in refunds paid). In the same period, homogeneous revenues increased by 8.8%, one tenth above the growth recorded in the first half of the year.

The momentum of revenue growth remains strong following the submission of the second term quarterly self-assessments, slightly lower than that observed at the beginning of the year, largely due to the impact of regulatory measures, positive in the early months of the year and negative once the rate cuts approved in the wake of the conflict in Iran began to have an effect on revenue. For the year as a whole, all measures with an impact on revenue subtracted one point from net revenue growth up to July. More than half of the sharp increase in revenue comes from personal income tax receipts, mainly from withholdings on earned income, the most relevant component that increased by almost 10% until July, but also due to the increase of nearly 16% in the annual return revenues. In addition to these elements, VAT also makes a significant contribution to growth, with an increase of 7.6% despite the rate cuts, as does the Corporate Income Tax, due to the good performance of profits and, consequently, of the instalment payments of the first quarter.

Next release: September 30, 2026 (August 2026)