3.2.3. Evolution of income for Corporation Tax

The net collection for Corporation Tax decreased by 6.2% in 2014. The largest part of this decrease was caused by the different rhythm of execution of refunds in 2013 and 2014. Having corrected this problem, homogenous incomes were reduced by only 1.3%, compared with the 3.8% decrease in 2013.

There were basically three causes of the fall in net revenue: the strong increase in refunds in 2014, the temporary nature of the special levy for revaluation of assets (valid only in 2013) and the negative behaviour of income from capital. In the case of refunds, there are also three reasons. The first is the high volume of refunds requested in the 2012 campaign, refunds which were presented in 2013 and were returned mainly in 2014. In addition, in the 2013 campaign (which included refunds presented from the end of July 2014), up to the end of December a percentage of refunds higher than that of the previous year was carried out. Both factors signified a growth in refunds for net tax liability of almost 25% with respect to 2013. The third reason is the extraordinary increase in refunds linked to split payments of other periods (more than 200 million additional euros).

Despite the fact that the behaviour of the net revenue was highly conditioned by circumstances of previous years, in 2014 the growth of companies' profits accelerated, having already been observed in the last part of 2013.