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 Fiscal Regime Territory.
The tax revenues of IMRT are presented in cash and liquid terms, that is, as the difference between gross income and refunds made.
Total Tax Revenue May 2024
Total Tax Revenue added €12.1 billion in May, 15.3% above the same month in 2023. This outstanding revenue growth was mainly due to an extraordinary refund of more than 1 billion in May 2023 resulting from the enforcement of a Court judgement.
There are other elements that also distort May´s collection. Local holidays in several cities, Barcelona and Santander among them, on 20 May (deadline for the submission of most tax self-assessments), caused the shift of a part of the revenues to the month of June. Likewise, in a downward direction, the early Easter that took place in March reduced VAT revenues in this month, which is the one that is mainly recorded in May. On the contrary, it has had a positive impact on collection the recuperation, still partial, of the Tax on the Value of Electric Energy Production, on hold for the past exercises as part of the measures adopted to fight inflation in the energy sector.
In May, in addition to the recovery of this tax, the usual self-assessments were submitted: withholdings, Excise Taxes and Insurance Premium Tax, (most of them accrued in April, and VAT accrued in March) as well as the first quarter of Excise Taxes on Alcohol, Beer and Intermediate Products.
Year to date, considering May´s data, cumulative total Tax revenue grows by 8.2%, 8.7% when including shifted receipts (gross revenues are up by 5.7%, 6.1% when corrected, and refunds decrease by 3.4%). Homogeneous tax revenue increased by 7.6%, two tenths above the rate registered up to April.
May´s collection, even corrected, does not have a decisive weight in the year as a whole. Therefore, the features behind the tax revenue evolution seen until April remain the same: a remarkable dynamism of direct taxes (both in payroll and capital withholdings and in payments on account to which the recovery in May of the main environmental taxation item is added) and the increasing contribution of indirect taxes. The latter alone account for nearly one third of the growth in revenue collection (in 2023 they explained hardly one point out of the more than six points of the increase in tax revenues). Nevertheless, despite continuing the general pattern, May shows some novelties that will be relevant for the rest of the year, deriving mainly from regulatory and management changes.
Next release: 31 July 2024 (June 2024 report)