Tax collection shoots up another 8.1% despite the drop in consumption
The reduction of the Government’s electricity taxes to mitigate the effect of inflation subtracted a total of 5,725 million euros from the State coffers during the first nine months of the year, according to the September collection report of the Tax Agency collected by Efe . The biggest loss of collection was due to the abolition of the tax on the value of energy electricity, estimated by the Tax Agency at 3,093 million, followed by the reduction of the tax on electricity (1,534 million) and the VAT reduction (1,098 million).
Despite the significant impact of these tax cuts, tax collection continued to rise in September, with a rebound of 8.2% in that month and 18.1% in accumulated terms in the first nine months of the year.
Tax collection skyrockets
This increase in collection is due, according to the Agency, to the good performance of employment, the rise in salaries and pensions, the increase in consumption and prices, which impact on VAT, although it points out that the income from this tax slowed down in September.
Besides, the collection also benefited from 1,255 million derived from tax measures included in the 2021 Budgets, especially the modification of the limits on discounted contributions to pension plans (352 million), the increase in the personal income tax rate for high incomes (339 million) and the limitation of tax exemptions of companies (333 million).
In those nine months, the tax on certain digital services collected 73 million and that of financial transactions, 26 million, far from both the initial objective (968 and 850 million) and the forecast included in the 2022 Budgets (225 and 372 million).
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