Tax revenues and their comparison with the Budget

For the year 2023 as a whole, there was a positive deviation in tax revenues with respect to the Budget valued at 9,154 million ( Table 1.7 ), as a result of the positive deviation of 8,085 million more in gross revenues and the realization of 1,069 million less in refunds.

When properly assessing the positive deviation, it must be taken into account that at the time of presenting the Budget, neither the extension of the measures on electricity and gas nor the reduction of rates on food had been approved, which, as has been said, meant a loss of income of around 2.4 billion. In return, no income was included from the Temporary Solidarity Tax on Large Fortunes, which had not yet been approved at the time of the presentation of the Draft Budget.

In the IRPF , revenues were accumulated that were higher than expected, amounting to 7,158 million, 6.3% of the budgeted collection. The reason for such a positive deviation was the better performance of employment and average wages compared to what was expected in the macroeconomic scenario of the previous Budget (the forecasts were made with a growth in employee compensation for 2023 of 3.9% compared to the increase of 8.8% finally achieved).

Corporate tax revenue was 6.541 billion euros, almost 23% more than budgeted. Corporate profits were better than expected, both for 2023 (which led to higher-than-expected payments) and for 2022 (which exceeded expectations when preparing the accounts for income from the annual declaration).

Collection from VAT at the end of 2023 was 2,184 million less than budgeted, but if the impact of the extension of the measures on electricity and gas and the reduction of the rates on food, not included in the Budgets, the collection would have been slightly higher than expected.

The results of the Excise Taxes were worse than those projected in the 2023 Budget. The box office receipts were 1.987 billion below expectations. The two main causes of the deviation were the extension of the reduction in the rate of the Electricity Tax (1,177 million less than budgeted) and the low growth of the Hydrocarbon Tax (1,072 million less).

Three concepts stand out in the rest of the income: the negative deviation in environmental taxation (-1,164 million) as the suspension of the Tax on the Value of the Production of Electrical Energy will continue in 2023 within the set of measures on the electrical system; the positive deviation in other income in Chapter I, due to the impact of the new Temporary Solidarity Tax on Large Fortunes, which raised 623 million; and the positive deviation in the Non-Resident Income Tax (537 million), due to the positive evolution of withholdings and payments on account.