The new taxes on banks, energy companies and non-reusable plastic containers raised 1,537 million euros in the first quarter of the year and boosted tax revenue as a whole by 3.2%, which ended up rising by a total of 6 .2% thanks also to greater economic activity.
Tax revenue stood at 50,536 million euros in the quarter, compared to 47,426 million in the first quarter of 2021, according to data released today by the Ministry of Finance. The increase is 2,941 million, of which 1,537 million come from new taxes and 1,404 million, from the improvement in the economy.
The Government’s forecast included in the General State Budget is to collect some 3,000 million euros with taxes on banks and electricity companies, apart from just over 450 million with the new tax on plastics.
Apart from these new taxes, VAT collected 3.3% more up to March and personal income tax, 7.6% more. Corporate tax revenues have been 820 million, while capital taxes raised 32% more.
The increase in income contributed to the fact that until March the State deficit stood at 0.04%, compared to 0.44% a year earlier. The new imbalance is 510 million euros, 91.4% lower than in the same period of 2021, of 5,900 million. Income, including tax and other, increased by 9.7%, while expenses did less, by 0.2%.
The most recent data for the public deficit as a whole – includes Social Security and the accounts of the autonomous communities, but not local corporations – is from February and stands at 0.62% of GDP, or 8,544 million euros. euros, after falling by 31.2%. Financial aid from the EU is excluded from this calculation.
In February, as indicated today by the Ministry of Finance, the deficit of the autonomous communities was 183 million euros, compared to 1,180 million a year earlier. It is 85% less than a year earlier, after Catalonia registered a surplus of 0.03%, compared to a deficit of 0.38% in the Balearic Islands, 0.31% in Murcia, 0.18% in Navarra or 0.08% of Madrid.
Social Security funds until February registered a deficit of 577 million, compared to the 859 million also in deficit in the same period of 2022, which represents a decrease of 32.8%. In terms of GDP, the Social Security deficit stands at 0.04%, while a year ago it marked a mismatch of 0.06% of GDP.
