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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 MAY 2025


In May, the main revenues come from the monthly self-assessments (withholdings, Excise Duties and Insurance Premiums for the month of April, and VAT for the month of March) and the first quarter of Alcohol, Beer and Intermediate Products and the Value Added Tax on the Production of Electricity, in this case already fully recovered.

Tax revenue in May stood at €14.9 billion, 22.8% above May last year. This comparison is affected by the shift of revenues between months that occurred both this year and in 2024 as a result of the celebration of some local holidays on the last day of submission of the self-assessments. This resulted in an additional income of €100 million this year and a decrease in revenue in May 2024 of €504 million. When the displacements are corrected, revenue in May grow by 17.1%.

Revenue until May grew by 11% (10.3% gross revenue and 7.6% refunds paid). Revenues in homogeneous terms increase by 10.9% up to May, six tenths above the rate accumulated until April.

The strong growth in revenue observed in May was the result of the dynamism of gross revenues (which grew by 13.2%) and the moderation of refunds paid (5.5%). Likewise, the increase in gross revenues is explained, in addition to the already acknowledged trend of earned income withholdings, by the high growth in gross VAT revenues (favoured by the celebration in April of Easter; May records mainly the revenues of March that last year showed the effect of Easter), by the revenue, complete, of the Tax on the Value of Electric Energy Production (while last year only half entered) and by the good result of the Non-Residents Income Tax.

Chart showing the evolution of accumulated revenue from January to May of the last four years

Next release: 31 July 2025 (June 2025 report)