Summary

The collection reached 223,385 million euros in 2021, 15.1% more than in 2020.

The comparison with 2020, a year conditioned by the effects of the pandemic, does not allow the evolution of the 2021 collection to be clearly assessed. Therefore, it is better to do the comparative analysis with the 2019 income. The collection in 2021 exceeded 5% over the previous two years, with positive results in the main figures (Personal Income Tax, Corporation Tax, VAT) with the only exception of Special Taxes.

The positive evolution of the taxable bases, with an estimated growth of 12.7%, was the fundamental cause of the increase in income. As for 2019, the increase in the bases was higher than 4%. The trajectory of the bases throughout the year was logically determined by the comparison with what happened in 2020. The year began with moderate growth due to the continued limitations on mobility and activity, to recover with intensity in the second quarter in response to the sharp drop in activity in the previous year, and staying in the second half at rates slightly above 13%. Both the pre-tax and VAT income closed the year at levels higher than those achieved in 2019 (5.4% the first, 3% the second). Only in the case of consumption subject to excise duty, the progress achieved in 2021 was not sufficient to recover from pre-pandemic records.

The regulatory and management changes that affected income in 2021 were numerous, but their impact on net terms was not significant. It is estimated that the total of the measures represented a loss of 501 million compared to the previous year.

The economic context was characterised by the constant improvement of the activity and the rise in prices. After a problematic start marked by the effects of the third wave of infections and the impact of the Filomena storm, the evolution of the main activity indicators was continually progressing, especially in the second half of the year. Real GDP, which in the first quarter showed a decline of 0.5% compared to the last quarter of 2020, in the second half of the year increased by 2.4%. Even so, real GDP never exceeded the 2019 records. Furthermore, membership began to record growth with respect to figures for 2019 from June and December was already 2% higher than that of the same month of that year, although the comparison remained conditional on the validity of the ERTE. Something similar was observed in daily sales provided by the Immediate Supply of Information System of VAT, the indicator that is closest to the current one. Until the end of March, sales were even lower than in 2020, but after that month, sales were recovering and already since August, they have been firmly above those of 2019, to end the year with growth of more than 20% compared to 2020 and 4% compared to 2019. The improvement of daily sales involved both the real component and price increases, which were accentuated as the year progressed. Industrial prices (without energy) have started to recover the growth rates prior to the pandemic in the last few months of 2020 and since the first in 2021 showed a clear upward trend, although this was not reflected in the central core of consumer prices until the second half of the year. Energy prices were added to this process with very intense increases since March. The final result was that although the CPI only increased by 3.1% (0.8% the underlying) in the last few months, maximum increases have been recorded in many years.

Income increased in all major figures and, except in the II.EE, the amounts collected in 2019 were exceeded. Income from Personal Income Tax grew by 7.5%, after being one of the few figures that grew in 2020 due to the contribution of public income (wages, pensions, transfers linked to ERTE and to aid for self-employed workers). In Corporation Tax, income increased by 67.9%, 12.2% compared to 2019, thanks to the intense recovery of profits and, with them, split payments. In VAT, growth was 14.5% (+ 1.3% if compared with 2019), in line with the recovery of the subject expense. Special Taxes grew by 5%, but the recovery of consumption was not enough and the year ended with income of 7.7% less than in 2019.