Tax collection continues to break records in 2024. The Tax Agency received more than 60,000 million between January and March, 7.5% more than in the same period last year. The reasons for these historical data are the positive evolution of withholdings on labor income and movable capital. The latter have skyrocketed in the first quarter to maximum levels since before the previous crisis.
The good progress of employment, with more and better salaries, continues to cause collection to increase month by month in relation to 2023. In fact, income from personal income tax is the one that grows the most in the first quarter of the year. The Tax Agency recorded income in this period of 32,198 million, 8.8% than in the same period of the previous year. The causes are “the robustness of job creation and the increases in salaries, pensions and effective rates,” says the agency dependent on the Ministry of Finance.
VAT income, for its part, grew again in the first quarter by 5.6%, up to 26,628 million. And this despite the fact that the Government continues to apply bonuses to this tax on some foods (this year the Tax Agency has stopped receiving 402 million for this aid) or, partially, to electricity, although some aid has been reduced.
The good progress of collection is also explained by the increase in withholdings on capital assets. Specifically, “interest on bank accounts and the significant increase in dividends” have caused the Tax Agency to enter 1,452 million in the first quarter. It is 38% more than a year before. A similar figure has not been recorded since 2009.
In the corporate tax, the Treasury does not offer an economic interpretation, since during the first three months of the year only refunds have been made. The presentation of the first payment on account begins in April and, therefore, an assessment can be made in that sense. It must be remembered that the Tax Agency has already recorded a loss of 300 million due to the ruling of the Constitutional Court that annulled the Montoro reform of 2016.
Income from the so-called special taxes has also grown, 6.4%, up to 4,880 million