3.2.3. Evolution of income for Value Added Tax

VAT collection in 2022 amounted to 82,595 million euros, 13.9% over the figure registered in 2021. Homogeneous revenues (which also correct the different rates of refunds in 2021 and 2022) increased by 17.3% and if, in addition, the additional revenues lost due to the reduction in rates on electricity and gas consumption are added, the growth rises to 19.4%.

The increase in VAT revenue was very intense, partly due to the inflationary process that has lasted since mid-2021, but not only for that reason. Consumer prices between November 2021 and October 2022, which are the months included in the 2022 collection, grew by 8.4%, less than half of what homogeneous income did and even less compared to homogeneous income. corrected VAT reduction on electricity and gas.

The year was characterised by high growth rates in both gross revenue (20.4%) and returns made (36.7%). Revenues maintained very strong growth throughout the year, slowing significantly in December. This was also the pattern observed in monthly revenues (Large Companies, groups, imports and other operators affiliated with the SII) which grew by 23.6% in the year. In SMEs, however, the increase was lower, 15.2%, and with a more pronounced slowdown in the second half (the increase was 11.6% compared to 19.3% in the first half). It should be noted that these companies, due to their profile, were also more affected by the limitations on activity at the end of 2020 and beginning of 2021, which is why the rates for the first part of 2022 were especially high.

As regards refunds, growth in 2022 was due to the sharp increase in monthly applications (around 36%), linked to the increase in exports (around 40%) and prices of intermediate consumption, and to the improvement in the percentage of refunds made within the year of application (which explains the difference between the growth in collection and homogeneous revenues).