Monthly Tax Revenue Reports

The Monthly Tax Revenue Report (IMRT) shows the level and monthly evolution of tax revenues managed by the Tax Agency on behalf of the State. and the Local Authorities (CC. LL). of the Common Tax Regime Territory.

IMRT tax revenues are presented on a cash and liquid basis, i.e. as the difference between gross revenues and refunds made.

TOTAL TAX REVENUE NOVEMBER 2024

November records, in addition to the figures mentioned (second payment of the PIT annual return and third quarter for large energy producers and period January to September for small ones in the TVEEP), the usual monthly self-assessments (October´s accruals, September’s VAT accrual and August’s alcohol accrual) and those of the third quarter of alcohol and Digital Services Tax.

Total Tax Net Revenue added €19.1 billion in November, 9% above the same month last year. Both, the high growth in revenues (10%) and in refunds (13.2%) are noteworthy.

This month, the impact of the tragedy caused by DANA began to be noticed in the collection. The first measure that was adopted was to cancel the direct debiting of the second payment of the 2023 PIT refund. This was due to enter on November 5, but was delayed for all taxpayers in the province of Valencia. This measure meant the loss of €307 million in revenues in November (that will enter in February next year). For the rest of the figures, there has been no further significant impact so far.

This loss has stopped, of course, revenue growth from being higher. However, November also recorded the collection of the Tax on the Value of Electric Energy Production (TVEEP) that was not available last year, in this quarter in addition without any reduction to the base. Revenues for this item were €484 million. Moreover, in November 2023 there were extraordinary revenues for very high tax assessments (€108 million). Thus, eliminating all these effects (DANA, TVEEP, tax assessments), the income growth rate would be practically the same as the one initially cited.

With only one month left to end the year, revenues increase by 8.3% (7.3% gross revenues and 2.9% refunds paid). Homogeneous tax collection up to November grow by 7.9%, two tenths more than the accumulated rate up to the previous month.

Next release: 31 March 2025 (December 2024, January and February 2025 reports)