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 FEBRUARY 2025

In addition to the usual monthly self-assessments, collection in February comes also from SMEs’ fourth quarter VAT self-assessments, from personal businesses’ payments on account, from Alcohol and Beer Excise Taxes and from the Tax on the Value of Electric Energy Production.

Total Tax Revenue reached €30.4 billion in February, 12.6% above the same month last year. The surge was due to the significant increase in gross revenues (13.1%) and despite the sharp increase in refunds paid (18%).

In February, collection benefited from revenues that were not available in 2024, although the increase rested mainly on the intense growths of withholdings (from earned income and movable capital), VAT and instalments of personal businesses, all recording rates above 10%. There were three exceptional elements: the revenue from the Tax on the Value of Electric Energy Production that was not collected last year as it was still suspended at the end of 2023; ; the revenue matching the second instalment of the positive outcome of the PIT return and the third instalment of the Corporation Tax deferred due to the dana; and the effect of some local holidays shifting revenue from January to February. These factors were partially offset by the impact of the hoarding episode in the Tobacco Excise Tax that raised January revenues in return for sinking those of February.

In the first two months of the year, net revenues grew by 9.3%, below gross revenues (10.1%) due to the largest increase in refunds paid (13.3%). In homogeneous terms, revenues in the two-month period increased by 9.2% (6.9% in January).

Total tax revenue year 2024

Total Tax Net Revenue reached the level of €295 billion in 2024, an increase of 8.4% compared to 2023. In homogeneous terms revenues increased by 8%.

The main driver of the collection increase was the expansion of the tax bases, which is provisionally estimated at 6.9%, although it is higher (7.7%) if only income and final expenditure subject to VAT are taken into account (the value of consumption subject to excise taxes decreases due to the fall in the prices of oil products that do not directly influence revenues). In 2024 incomes maintained the dynamism already shown in 2023 (this year incomes grew by 8.9% and in 2023 they did so by 8%), while VAT-related spending slowed down to around 6%.

Also in 2024, revenue growth was limited by the impact of regulatory and management changes that subtracted, in total, more than €2 billion (without them, revenue would have grown by 9.1%).

The evolution of bases and regulatory changes resulted in a revenue development based mainly on direct taxes, which increased by 9% (although the regulatory changes resulted in a decrease of around €4.8 billion), but, unlike 2023, with a significant contribution from indirect taxes (with an increase of 7.5%), benefitting from the progressive phasing out of the measures on energy and food products in force in previous years.

Next release: 30 April 2025 (March 2025 report)