Summary

Total Tax Net Revenue reached the level of €325 billion in 2025, an increase of 10.4% compared to 2024.

The revenue growth in 2025 is explained by the increase in tax bases and by the positive impact of regulatory and management measures. The aggregate tax base of the main taxes grew by 7% in 2025, below the previous year (8.2%) due to the slowdown shown by the bases linked to income, accentuated by the concentration in 2024 of large increases in income from movable capital and income from economic activities, in addition to a strong increase in the consolidated base of Corporate Income Tax motivated by regulatory changes. Overall, these bases grew by 8%, below the 11.2% of 2024. On the other hand, expenditure-related bases rebounded, increasing by 5.4% compared to 4% the previous year. Meanwhile, the positive impact of the regulatory and management changes amounts to 7.82 billion, which represented a 2.7 percentage point increase in revenue. 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 taxes on electricity, on new taxes (on the Interest Margin and Commissions of Certain Financial Entities and on Liquids for Electronic Cigarettes) and on the increase in the rate on the Tax on Tobacco Products.

Economic activity showed the same moderating pattern observed in the baseline data. The GDP volume index, which measures real growth, increased by 2.8% in 2025, seven tenths less than in 2024. Year-on-year rates gradually slowed, from 3.7% in the last quarter of 2024 to 2.7% at the end of the year. Fiscal indicators (daily sales, monthly sales of Large Companies to the constant population and quarterly sales of Large Companies and SMEs corporate) also showed moderation in the middle part of the year, although in the last stretch an improvement was observed and overall the rates were higher than those recorded in 2024. In nominal terms, the slowdown was similar to that experienced by real activity. The result was a growth of GDP at current prices in 2025 of 5.8% (6.4% in 2024). Domestic demand, which is a variable more closely related to income than GDP nominal growth also slowed compared to 2024, although with less intensity than the GDP (6.1% in 2025 compared to the previous 6.4%).

The 10.4% growth in revenue in 2025 stemmed from an 11.4% increase in direct taxes and an 8.9% increase in indirect taxes, fees and other income. Revenue from thePIT They increased by 10.1%. It is estimated that family income grew by 7.2%, an increase which, together with the variation in the rate, explains the notable increase in the tax, even with the negative impact that the refunds to mutual members had in 2025 (2,717 million were refunded, almost 2,200 million more than in 2024). The elements that contributed most to the growth of income were the withholdings on employment income and the gross result of the annual declaration. Income in the Corporate tax They grew by 8.1%. The evolution of the tax is determined by the behavior of the installment payments, linked to the profits generated in the year, which grew by 8.1%, above the profits of Large Companies and groups which grew by 6.1%. The gross result of the annual declaration (corresponding to the 2024 financial year) also showed high growth, of 16.9%, although in this case part of it should be attributed to the positive impacts of regulatory measures, especially in groups. With regard to indirect taxes, the growth in revenue from theVAT It was 9.9%. It is estimated that final spending subject to tax grew by 6.1%. To this must be added the rise in the average rate (3.7%) resulting from the return to normal rates applied to energy and basic food products. Revenue from Special Taxes They grew by 4.3%. In this case too, there was a positive and significant impact from the regulatory measures; Without them, revenue would have only grown by 0.6%.