Introduction

Tax revenues reached a total of 325,356 million euros in 2025, representing a growth of 10.4% compared to 2024.

The growth in revenue in 2025 is explained by the increase in tax bases (estimated at 7%) and the positive impact of regulatory and management measures (7,820 million, 2.7 points of the 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 has to do with the evolution of the bases linked to income, which showed a tendency to slow down, accentuated by the intense growth in 2024 of income from movable capital and income from economic activities, in addition to the rebound that occurred then in the consolidated base of Corporate Income Tax due to regulatory changes. Overall, these bases grew by 8%, below the 11.2% of 2024 and slightly above the increase that occurred in 2023. In contrast, the spending-related bases improved compared to the previous year, with an increase of 5.5% compared to 4% in 2024, mainly due to the recovery in the value of consumption subject to Special Taxes, although the growth in final spending subject to VAT It also exceeded the rate observed in 2024 (6.1% and 5.7%, respectively).

The positive impact of the regulatory and management changes amounts to 7.82 billion. The total effect includes a negative impact of 2.978 billion from extraordinary income and refunds (if added together, revenue would grow by 11.4%). The remaining measures, which generated net additional revenue of €10.798 billion, were primarily the result of measures related to Corporate Income Tax and the return to full normality in the VAT (the recovery of rates on energy products and basic food) and on electricity taxes, 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 on the Tax on Tobacco Products.