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 NOVEMBER 2025

November records, mainly, the usual monthly self-assessments, the second instalment payment of the positive outcome of the PIT annual return, the third quarter of the excise duties on alcohol and the Tax on the Value of Electric Energy Production matching the third quarter for large energy producers and the three first quarters of the year for the small ones.

Tax revenues in November amounted to €22.8 billion, 19.2% above the collection recorded in the same month last year. The outcome is a result of a growth in gross revenues of 13.3% and a decrease in refunds paid of 6.4%.

Up to November, accumulated receipts are up by 10% compared to those of the same period last year (9.9% and 9.5%, respectively, gross revenues and refunds paid). In homogeneous terms, revenues increased between January and November by 11%, two tenths above those estimated until October.

November retained the high growth of withholdings on earned income and gross VAT, particularly of the latter, which have marked the year. However, the strong rebound in revenues, especially compared to the previous two months, was mainly due to three reasons. Firstly, the accounting in November of the second instalment payment of the positive outcome of the PIT annual return. As already seen in July, this positive outcome increased considerably (above 22%). In November, it also did so around that rate, but, in addition, the figure is compared to the 2024 data, affected by the deferral of the second instalment payment of the PIT in Valencia due to the DANA. The growth of this year's positive outcome plus the almost €300 million that were deferred last year, result in an increase of the annual return outcome in November by around 30%. The second reason is the advance payment of this annual Corporate Income Tax campaign refunds. November usually concentrates the refunds to SMEs; this year these refunds started to be paid as early as July. Finally, the third reason is the presence of extraordinary receipts, amounting to more than €300 million, in the Non-Resident Income Tax, explaining the surge above 70% of this figure in November.

Next release: 31 March 2026 (December 2025, January and February 2026 reports)