Introduction

In 2025 tax revenues amounted to €325.36 billion, 10.4% above those recorded in 2024.

Revenue growth in 2025 is explained by the increase of the tax bases (provisionally estimated at 7%) and the positive impact of regulatory and management measures (€7.82 billion, representing 2.7 points of revenue growth).

The aggregate tax base of the main taxes grew by 7% in 2025. The rate is lower than that observed in 2024 (8.2%). The reason is linked to the evolution of the income-related bases that showed a slowing trend, stressed by the build-up in 2024 of large increases in income from movable capital and from economic activities, in addition to an upturn in the consolidated tax base of the Corporate Income Tax due to regulatory changes. Together, these bases grew by 8%, down from 11.2% in 2024, and slightly above the rise in 2023. In contrast, expenditure-related bases rebounded, increasing by 5.5% compared to 4% the previous year. The improvement was mainly due to the recovery in the value of consumption subject to Excise Duties, although the growth of final spending subject to VAT also exceeded that achieved in 2024 (6.1% and 5.7%, respectively).

The positive impact of regulatory and management changes is estimated at €7.82 billion. The overall effect includes a negative impact of €2.98 billion from extraordinary receipts and refunds paid (if added together, revenue would grow by 11.4%). The rest of the measures, which resulted in a net additional revenue of €10.8 billion, were mainly the result of the actions in the Corporate Income Tax, the complete return to normality in VAT (the recovery of rates on energy products and basic food staples) and in taxes on electricity, new taxes (on the Interest and Charges Margin of certain Financial Entities and on Liquids for Electronic Cigarettes) and the increase in the rate in the Tobacco Excise Duty.