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, June 2022
Collection in June came mainly from monthly self-assessments. The only additional remarkable feature, leaving aside the lower amount of receipts linked to the measures passed in order to hold off electricity prices hike, was the loss of collection from the Fee on Inlands Waters Use (affected by a High Court ruling), which was usually cashed in these months.
Total Tax Revenue summed up to €9.9 billion in June, 10.9% above the same month in 2021. Being high, this growth rate was the softest one scored since January 2022 (20.7% average in the first five months of the year), due chiefly to the strong increase in the amount of refunds paid to taxpayers (21.3%). Yet, gross receipts, more closely linked to economy evolution in the last months, kept on recording alike paces (15% in June, 15.8% average in January-May).
Total Tax Revenue jumped by 18.3% in the first half of the year (15.3% the gross receipts, 6.2% de refunds paid). Homogeneous tax revenue boosted by 16.9% up to June, adding seven tenths more to the pace accumulated in May.
The largest contributions to collection evolution in this semester came from Budget Chapters I & II, 9.2 percentage points each. Among the direct taxes, Personal Income Tax was the most dynamic item because of the enlargement in wage bill and pensions bill as well as of the average tax rate rise, though this is softer than in the preceding periods. On its side, Corporation Tax continues being one of the most weighty item in the period, due to the fall in the amount of 2020 annual return refunds paid. Concerning indirect taxes, both prices hike and spending brisk pace of growth kept VAT as the most forcefully increasing item to date, when referring to the main taxes, and therefore the one providing the highest support to aggregate growth.
