Introduction

Tax revenue rose to €294.734 billion, 8.4% higher than the revenue recorded in 2023.

In 2024, the two elements that characterized the evolution of income in 2023 were present again; That is, the increase in the bases and the negative impact of regulatory and management changes. As for the former, the bases grew by 6.9%. If only income and final expenditure subject to VAT (the value of consumption subject to excise duties decreased due to the drop in petroleum product prices, but this does not directly affect revenues), growth rose to 7.7%. Incomes grew strongly again (8.9%, compared to 8% in 2023), both household income (8.5%), profits (13.4%) and the corporate tax base (10.8%). In the case of the VAT, taxable spending moderated compared to 2023, mainly due to lower inflationary pressure, but still experienced an increase of 5.7%. 

Regarding the second element, regulatory and management changes reduced revenue by €2.008 billion, meaning that, without them, revenue would have grown by 9.1%. The effect of these measures was very different on direct and indirect taxes. In the first the impact was very negative, 4.828 million, adding the PIT, the Corporate Income Tax, the Tax on the Value of Electricity Production, the Temporary Solidarity Tax on Large Fortunes, and the extraordinary income and refunds from the Non-Resident Income Tax. On the contrary, in indirect taxes the measures increased the collection by 2.82 billion, basically due to the end of the rate reduction in the VAT of electricity and natural gas and the Electricity Tax; These last measures alone generated additional revenue of €2.12 billion.