Tax collection reached 252,927 million euros until November, which is close to the historical maximum of the whole of last year, when public coffers received 255,463 million. In the absence of knowing the data for December, the Tax Agency confirmed yesterday in its latest collection report that it will record record revenue figures in 2023 despite the negative impact of some tax measures in force, such as the reduction of VAT on food or electricity, which have meant a decrease of 3,503 million in the first eleven months of the year.
The main fiscal figures show notable improvements this year, except for VAT. The tax that contributes the most to the growth of collection is personal income tax, which has increased by 9.6% in homogeneous terms until November, exceeding 112,000 million. Improvements in retention of work and economic activities explain the increase.
The income exceeds the value added tax, which falls by 0.4% in the absence of the December income, up to 81,925 million, due to the comparison with a 2022 with very high prices and the reduction of the rates in the basic basket of purchase and gas.
Corporation tax, on the other hand, increases by 10.2%, to exceed 41,000 million due to the positive evolution of business profits. Excise taxes, finally, record a rise of 2.5% thanks to the new rate on non-reusable plastics, which contributes almost 550 million to the collection.
The Treasury confirms that it has room to expand during 2024 measures to fight inflation, despite the cost they entail. The reduction of the VAT on food (a measure that will be extended until June) has involved a decrease in the collection of 1,573 million until November, and reducing the VAT on electricity and gas (in this case the extension is not confirmed ) has subtracted another 728 million.
Looking ahead to 2024, the fourth vice-president, María Jesús Montero, said that the Tax Agency’s forecast is that tax revenues will grow even more than this year, up to 9%, which will bring the public coffers to beat again a new record for the third consecutive year. The collection will be around 270,000 million this 2023.
The collection has allowed the deficit of all public administrations, excluding local corporations, between January and October to be reduced to 19,178 million, a figure 3.2% lower than that of the same period in 2022 The amount is equivalent to 1.31% of GDP, compared to 1.47% a year earlier.
