5. Special Taxes

The Excise Taxes were the ones that, among the major figures, registered the lowest growth in 2022. Thus, revenues from these taxes increased by 2.5% to €20,224 million, still below (-5.4%) the 2019 levels at the aggregate level ( Table 5.1 ). However, the behavior was uneven among the different figures. In the Hydrocarbon Tax, revenues increased by 4.3%, but have not yet reached 2019 levels, given that, although consumption continues to recover, it has been weighed down by the sharp increase in prices. In the case of the Tobacco Tax, the downward trend in revenue was broken in 2022, registering an increase of 9.3%. This change is explained by two factors. On the one hand, consumption increased, both of cigarettes (7.2%) which exceeded the pre-pandemic level and of other jobs (2.9%) which consolidated their upward trend. On the other hand, the average pre-tax price of both categories increased. The Electricity Tax recorded a sharp drop in revenue (-79%) explained by the successive extensions throughout the year of the rate reduction, in force since mid-September 2021 and for which a revenue impact of 1,705 million is estimated in 2022. With this amount, revenues would have reached the highest level in the entire series, driven by the sharp rise in electricity prices and despite the fall in consumption. Revenue from all alcohol taxes increased in 2022, driven by higher consumption, all of them exceeding pre-pandemic levels, with the increase in the Tax on Alcohol and Derived Beverages being particularly intense (34.5%).

In 2022, the consumption of all products subject to II.EE. increased. ( Table 5.1 ), except for electricity. The most notable increases were in alcohol consumption (18.1%), cigarettes (7.2%) and beer (6.1%), all of which exceeded pre-pandemic levels. In the case of fuels, although gasoline and diesel consumption grew (1.5%), the increase was softer due to the sharp rise in prices and remained below 2019 levels. Electricity consumption, meanwhile, fell by 2%, driven by sharp price increases.

During 2022, the price increase that began the previous year continued, being especially strong in the case of energy products, and reaching, for all products subject to II.EE, the highest levels in the entire historical series. Thus, the average price of gasoline and diesel fuel grew by 44.7% (67.8% before taxes; Table 9.1 ) driven by the price of a barrel of oil in euros which increased by 63.7%. In electricity, the pre-tax increase was 52.9%, although the retail price was lower (39.2%) thanks to the rate reduction that was maintained throughout the year ( Table 5.7 ). Average prices of alcoholic beverages increased by 2.7% (4.1% before taxes, Table 5.2 ) and those of beer by 6.4% (6.8% before taxes, Table 5.3 ). In the case of tobacco products, the average retail price increased by 2.8% (4.6% before taxes, Table 9.2 ), with increases in the average prices of both packs (1.3% average retail price) and other products (7.9% average retail price). Consequently, the value of products subject to II.EE. (before VAT) increased by 39.5%, a consequence of higher consumption (except electricity) and the intense rise in prices ( Tables 1.3 and 5.1 ).

As regards effective rates, the only regulatory change in 2022 was the drastic reduction in the rate on the Electricity Tax, which has been successively extended since September 2021 (from 5.11% to 0.5%). The estimated impact of this reduction in 2022 reaches 1,705 million euros ( Table 1.5 ). But, as can be seen in Table 5.1 , there have been other variations in the rates. The increase in the effective rate of gasoline and diesel fuels over the last two years is noteworthy, due to changes in the composition of consumption of the different products, specifically, due to a greater use of products taxed at higher rates.

The Excise Taxes accrued grew by 1.5% in 2022 to 20,334 million euros, still below at an aggregate level (-5.7%) the 2019 levels ( Table 5.1 ). All taxes, except for taxes on Intermediate Products and Electricity, have increased in line with the recovery in consumption, and the Electricity Tax would have done so as well if the rate reduction had not been extended throughout 2022. In fact, of the 1,226 million lower amount accrued compared to 2019, 1,133 are concentrated in the Electricity Tax. The Hydrocarbon Tax also fell below 2019 levels (359 million less), given that the sharp rise in prices contained the increase in consumption.

The accrued Hydrocarbon Tax increased by 3.1%, reaching 12,007 million euros ( Table 5.5 ), but still below the 2019 level (-2.9%), except in the case of gasoline, for which it was 7.7% higher. Although consumption continues to recover, it has been slowed down by the sharp rise in prices which, as mentioned above, have reached historic highs. The increase in accrued tax revenue was double that of consumption (1.5%), due to the increase in the effective rate resulting from greater use of products taxed at higher rates. Indeed, gasoline and diesel consumption increased by 10% (already exceeding the pre-pandemic consumption level) and by 1.3% respectively, compared to a 6.4% drop in the consumption of subsidized diesel.

The accrued Tobacco Tax registered an increase of 8.2% to 6,692 million euros ( Table 5.6 ), already exceeding the figure for 2019. The increase was greater in cigarettes (8.3%), reversing the downward trend that began in 2019, than in other products (7.7%). This increase in the tax accrued is explained by an increase in both consumption (6% total, 7.2% for packs and 2.9% for other products) and the average price before taxes (4.6% total, 2.7% for packs and 11.7% for other products).

The Electricity Tax was reduced by 76.4% ( Table 5.7 ), as a result of the drastic reduction in the rate (from 5.11% to 0.5%) that came into force in mid-September 2021 and was successively extended throughout 2022. Electricity consumption recorded a decline (-2%), driven by strong price growth (52.9% before tax).

The Tax on Alcohol and Derived Beverages increased by 17.8% in 2022 ( Table 5.2 ), in line with the increase in consumption, not only exceeding the levels of 2019, but also recording the highest revenue collected since 2007. Something similar occurred with the Beer Tax, which increased by 6.3% ( Table 5.3 ), reaching a historical maximum in revenue.

The Coal Tax broke with the trend of previous years and increased by 65.8% to 52 million, although it still plays a residual role within the system, once its use in electricity generation was gradually abandoned by the largest producers.

Special Tax collection reached 20,224 million, registering a growth of 2.5% compared to the 2021 figures, but still 1,156 million (5.4%) below the 2019 collection ( Table 5.1 ). Its growth has been one point higher than the tax accrued, with two reasons justifying this. On the one hand, the tax collection mechanism, which has affected the last two years in different ways. The 2021 cash flow included the last accruals of the 2020 financial year, which were more affected by the crisis, while the 2022 cash flow has benefited from the annual accrual. On the other hand, the higher revenues collected in 2022 linked to the requested deferrals, highlighting the cases of Taxes on Hydrocarbons and on Alcohol and Derived Beverages. In fact, in this last case the difference between cash and accrual was especially relevant, with the former growing by 34.5%, almost double that of accrual, 17.8%.