Accrued taxes and tax revenues

The taxes accrued grew by 10.2% in 2025 (Table 1.4), a rate similar to the sum of the main taxes (10.1%, Table 1.3). The 10.2% increase represents a slowdown of more than three points compared to the 13.4% of 2024. The slowdown is a minor point for taxes accrued without the estimated differential quotas of PIT and Companies (10.8% in 2024 and 8.7% in 2025). The growth in accrued taxes was due to the 7% increase in the tax bases and the 2.9% increase in the average tax rate.

He increase in tax revenues It was slightly higher than the accrued taxes, at 10.4%. The revenue growth in 2025 is explained by the increase in tax bases and the positive impact of regulatory and management changes, which amounts to 7.82 billion (in the Table 1.5 (the details can be found), which represented a 2.7 percentage point increase in revenue. The total effect includes a negative impact of €2,978 million from extraordinary income and refunds, and a positive impact of €10,798 million, mainly due to measures in Corporate Income Tax and the recovery of rates in the VAT and in the taxes on electricity, the new taxes (on the Interest Margin and Commissions of Certain Financial Entities and on Liquids for Electronic Cigarettes) and the increase in the rate of the Tax on Tobacco Products.

Analyzing the evolution of bases and income by figures, in the PIT the gross household income They increased by 7.2% in 2025, losing almost two points compared to the 8.9% reached in 2024, but linking four years with an average increase of 7.9% (Table 2.1).

The loss of momentum affected all components of income subject to withholdings and payments on account, being especially pronounced in capital income (Graph 1.22), after the strong dynamism shown in 2024 by the boost received then from income from movable capital and investment funds. Conversely, non-taxable capital income is expected to continue growing strongly, above 22% (Chart 1.23), driven by the advance of non-taxable capital gains, thanks to the positive evolution of property sales and share prices. A slower growth rate is also expected for non-taxable rental income (9.5% in 2025, down from 10.6% previously), which is mainly linked to housing rentals.

He PIT accrued It showed another notable advance in 2025, at 10.9%, marking five years of high increases, exceeding the 11% average rate, a consequence of the good performance of incomes and the rise in the effective rate, which has increased by an average of 3.5% annually between 2021 and 2025. Its evolution is clearly conditioned by that of the effective rate on public wages and pensions (Graph 1.24), which has also grown significantly in recent years, driven by the increase in average incomes. Without the differential fee, the PIT accrued tax increased by 8.4% in 2025, resulting from the increase in the tax bases of 7.2% and the effective tax rate of 1.1% (Table 2.1).

The income from the PIT increased by 10.1% in 2025, a high rate despite being negatively affected by regulatory and management changes that reduced the revenue from this figure by 1,155 million (Table 1.5). The elements that made the greatest contribution to the growth of income were the withholdings on employment income and the gross result of the annual declaration corresponding to the 2024 financial year and paid in 2025.

As mentioned, regulatory changes reduced revenue from the PIT in 1.155 billion in 2025. The most relevant measure was, without a doubt, the one related to refunds to mutual members. These extraordinary refunds, following a ruling in their favor, were already being paid in previous years, especially in 2024, but in 2025 they received a new boost. A total of 2.717 billion was paid compared to 551 million the previous year, so in differential terms the negative impact was 2.166 billion. The rest of the measures that affected the PITIt therefore had a positive effect worth 1.011 billion. Nearly 600 million were a consequence of the measures implemented to mitigate the effects of the DANA storm at the end of October 2024, mainly the postponement of the payment of the second installment of the annual declaration (taxpayers in the province of Valencia were able to pay that second installment of around 300 million in February 2025 instead of on November 5, 2024 as would have been normal). Of the remaining 412 million, the most noteworthy measures, with a positive impact, are the adjustment in the tax liability due to changes in the general reduction for employment income and the modification of the reduction percentage for leases of primary residences (it went from 60% to 50%, although it remains at 60% for contracts in force, and was increased to 70% or 90% for certain types of contracts), and, with a negative impact, the increase in the deduction for donations (the amount of the first bracket of the deduction base was raised, the percentage of deduction applicable in general was increased, and the number of tax years in which the increased percentage is applied was reduced) and the changes introduced by the CC. AA. in the regional section (mostly due to changes in tariffs and minimums, partially offset by the disappearance of some temporary deductions).

In Corporate Income Tax, consolidated tax base grew by 11.6% (Table 3.1), also stringing together five years of strong increases. This positive evolution of the tax base has meant that since 2023 the previous historical high of 2006 has been exceeded, although this result has not been fully transferred to the accrued tax, which for the first time exceeded the level reached that year in 2025 (Graph 1.25). The evolution of the tax base is quite similar to that of corporate profits, excluding companies at rates of 0% and 1%. The 2021 change in double taxation regulations reduced the amount of these adjustments in consolidated groups, favoring a progressive convergence of the tax base to these profits (Chart 1.26 and Table 8.5). It is estimated that profits (excluding companies at rates of 0% and 1%) grew by 11.3% in 2025, above what was shown by the profits declared by Large Companies and groups in their installment payments (6.1%, Table 3.2).

For the Corporate Income Tax accrued An increase of 11.2% is expected in 2025, a rate slightly lower than that of the tax base, due to the minimal reduction in the effective rate. The positive performance of accrued tax is supported by the increase in installment payments and the result of the annual declaration, for which a positive net amount is expected for the first time since 2010.

The Corporate Income Tax revenue increased by 8.1% (Table 3.1), reaching 42.266 million. The increase is conditioned by regulatory and management changes, which added 3.641 billion to revenues. As in the PITThere is a negative part due to extraordinary income and refunds, 713 million, of which 463 million come from the judgment relating to the RDL 3/2016 which invalidated the limitations on the compensation of negative bases and, consequently, generated lower income and extraordinary refunds from previous non-prescribed years. Specifically, in this latter case, 1.432 billion was returned in 2025 and 879 million in 2024. Apart from this impact, the three measures that have had the greatest effect were those contained in Law 7/2024, applicable to the 2024 annual declaration and the 2025 installment payments. First, the 50% limit on the consolidation of losses in groups. The measure was in effect in 2023 with an impact on the installment payments of that year and, residually, on the annual declaration submitted in 2024. With the approval of the measure for the 2024 and 2025 fiscal years, there was a complete impact on the 2024 declaration, submitted from July 2025 onwards (in differential terms, 1,477 million), and on the installment payments of that same year (1,474 million). Secondly, the reinstatement of limits on offsetting negative tax bases from previous periods for companies with a turnover exceeding 20 million euros. In 2023, as a result of the ruling that nullified the RDL 3/2016, these limits were the general ones, which meant a loss of revenue. Law 7/2024 returns us to the previous situation. Due to the way the impact of the measures is estimated, this recovery is treated as a reversal of the loss of the previous year and the same amount is estimated with a different sign (1,696 million). And, thirdly, the increase in the applicable percentage (from 10% to 15%) in the reduction of the base for capitalization reserve and the decrease in the maintenance periods of the increase in the entity's own funds and the unavailability of the reserve. It is estimated that this measure had a negative impact on revenues of 324 million.

Regarding the VAT, he final expenditure subject to the tax grew by 6.1% (5.7% in 2024, Table 4.1), with a moderate acceleration of the real component and practical stability in the rate of advance of the deflator. Household spending, which has the greatest weight in aggregate spending, had less growth in 2025 (5.7% compared to 6% in 2024), with a slowdown less than that estimated for gross household income (Chart 1.28). The greater increase in total spending was due to the more positive performance of its other two components. Thus, current and capital expenditure of Public Administrations grew by 6.9% in 2025 (3.2% in 2024) and expenditure on home purchases by 9.7% (7.4% previously).

The increase in rates on energy and basic food products implied an increase in the average rate estimated at 3.7 points, thus recovering a level similar to that which existed prior to the successive reductions implemented since 2020 (Graph 1.29). He VATaccrued In the year it increased by 10%, driven by the increase in rates, and exceeding by almost three points the rate estimated for 2024 despite the moderate acceleration of subject spending (Chart 1.30). He VAT net accrued income experienced a similar increase.

The income from VATThey grew by 9.9% in 2025 (7.9% previously, Table 4.2), boosted by the increase in interest rates, as did the VAT accrued. In 2025 in the VAT The rates prior to the various measures that had been taken since mid-2021 were applied from January 1st; That is, the 21% rate on electricity and natural gas and the 4% rate on basic food products.

The return to these rates was made gradually during 2024, in the case of gas definitively from the first months, in the case of electricity irregularly depending on the prices in force in each month and in food from October with an intermediate step between that month and December (rates of 2% and 7.5%). Given, moreover, the time difference between the accrual of the tax and the receipt of the cash, the full impact of the recovery of the rates is distributed over three years, 2024, 2025 and 2026. The portion corresponding to 2025 amounts to 562 million in energy products (by comparison with the initial months of 2024 and those in which electricity prices were high and, therefore, the reduced rate was maintained) and 2,004 million in food (by comparing the normal rates of 2025 with the reduced rates of most of 2024 and the intermediate rates of October, paid in December). The total impact on the VATincluding extraordinary income and refunds and other minor measures, was 2.223 billion.

He value of consumption subject to Special Taxes increased by 1.4% after two years of declines (Table 1.3). This change in trend occurred due to the higher value of consumption of components with a large weight in the aggregate such as electricity (6.1%) and tobacco products (1.5%), driven by higher prices and only in the case of electricity by higher consumption. Conversely, the value of hydrocarbon consumption moved (-1.9%), dragged down by the fall in prices (Table 9.1), and the value of alcohol and beer, a consequence of lower consumption.

In 2025 the revenue from Special Taxes They grew by 4.3% to 23,083 million, driven by the impact of regulatory changes. The impact of the measures in 2025 was positive, amounting to 831 million. There were three measures to take into account. The first was the full recovery of the rate in the Electricity Tax. Similar to what happened in the VATThe return from the 0.5% in effect since September 2021 to 5.11% occurred gradually in 2024, culminating from July onwards. Comparing 2025 with the full year at the normal rate and the half year of 2024 in which the rate was approaching that level resulted in an impact of 436 million. The second measure was the increase in rates in the Tax on Tobacco Products with effect from January 1, 2025. In the case of the most consumed product, cigarettes, the increase meant going from a fixed rate of 0.47 euros per pack to 0.69 euros and from a proportional rate of 51% to 48.5%. The impact is estimated at 365 million during the first eleven months of the measure (the effect in December was seen in January 2026). And the third was the new Tax on Liquids for Electronic Cigarettes, which raised 30 million euros since the first revenues were collected in April. Without the revenue generated by these regulatory changes, the increase in revenue from Special Taxes would have been reduced to 0.6%.

The main figure in this tax group, the Hydrocarbon Tax (Table 5.5), grew by just 0.5% reaching 12,366 million, thanks to higher consumption (2%), particularly of gasoline and diesel at reduced rates and biofuels, given that automotive diesel remained almost stable and that of natural gas not used as fuel decreased.

Income in the Tax on Tobacco Products increased by 6% to 7.34 billion (Table 5.6) due to the rate hike that came into effect on January 1, and despite the fall in consumption (-4.5%) explained both by the increase in prices and by stockpiling prior to the rate hike at the end of 2024. For his part, the Tax on Liquids for Electronic Cigarettes It raised 30 million in its first year.

He Electricity Tax (Table 5.7) increased by 42.8% as the rate of 5.11% was in effect throughout the year, which was recovered in July 2024. The result was a revenue of 1.587 billion, surpassing the historical record revenue of 2012 (1.507 billion). In addition to the rate, the increased consumption (3.2%) and the increase in pre-tax prices also contributed to this increase in revenue.

Alcohol tax revenues fell by 3.4%, dragged down by the drop in consumption. In it Tax on Alcohol and Derived Beverages, which taxes beverages with a higher alcohol content, the decrease was greater, at 3.8% (Table 5.2), while in the Beer Tax the decrease was 2.8% (Table 5.3).

The income of Tax on Non-Reusable Plastic Packaging They amounted to 599 million, 4.8% more than in 2024.

As for the rest of the figures, in the Non-Resident Income Tax (Table 6.1) revenue grew by 33.8% in 2025, marking five consecutive years of growth and exceeding 5 billion in revenue. This strong progress was based both on the good performance of income from withholdings and payments on account, and on the higher collection associated with the annual declaration, driven by the receipt of a large amount and by the positive evolution of the annual settlements accrued in 2024 and paid in 2025.

The collection of the remaining taxes in Chapter I increased extraordinarily in 2025, as it was conditioned by two factors. On the one hand, the introduction for the first time in 2025 of Tax on the Margin of Interest and Commissions of Certain Financial Entities, which contributed an additional 1.423 billion to the revenue. This tax, which replaced the Special Levy (of a non-tax nature) in force in 2023 and 2024, is managed by the AEATbut given to the CC. AA., although the impact on revenue from this transfer will become apparent from 2026 onwards. On the other hand, the Tax on the Value of Electricity Production It also contributed significantly to the increase in revenue, contributing 924 million more than in 2024 (Table 6.2), most of which (807 million) are due to the full recovery of the tax, as 2025 is the first full year in which this tax is at its normal level after the progressive recovery in 2024 that followed its suspension in 2021.

In the remainder of Chapter II, it is worth mentioning the good performance of its two main components, the Insurance Premium Tax, which grew by 7.9% after the already strong increase of 9.1% in 2024, (Table 1.6 and Table 6.4), and the Taxes on Foreign Trade which increased by 13.3% after two years of declines (Table 6.3). The evolution of Financial Transactions Tax, which grew by 36.5%, contributing more than 90 million additional to the revenue. For his part, the Tax on Certain Digital Services It increased by 9.2%.

In it Chapter III of Fees and Other Income (Table 1.6 and Table 6.6) revenues grew by 7% (141 million more than in 2024). In terms of fees, the entire increase was concentrated in the Canon for the use of continental waters (182 million more than in 2024). This fact compensated for the loss of income from the Radioelectric Public Domain Tax (more than 100 million less) resulting from a legal conflict with the administration on the part of some operators.