State collects more than 52 billion in taxes in 2022, an increase of 14.1%

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The State will collect 52,024.7 million euros in taxes in 2022, 14.1% more than in 2021, disclosed this Friday the General Budget Office (DGO), surpassing for the first time the barrier of 50 billion euros.

According to the budget execution summary, direct taxes increased 11.8% to 23,377.3 million euros, mainly due to the performance of personal income tax revenue (which rose 8.6% compared to December 2021) and corporate income tax, which recorded a year-on-year increase of 43.9%.

Indirect tax revenue reached 28,647.4 million euros in December, reflecting the year-on-year increase in VAT, which rose 18.8%.

In total, tax revenue collected by the State over the past year was 52,024.7 million euros, the first time it has ever surpassed the 50 billion euro barrier.

Among direct taxes, corporate income tax revenue reached 7,098.3 million euros in December, 2,164.8 million euros more than the amount recorded in December 2021. In the personal income tax (IRS), whose revenue amounted to 15,783.7 million euros, the year-on-year increase is 1,249.6 million euros.

In terms of indirect taxes, VAT (+18.8%) and Alcoholic Beverage Tax (+22.5%) recorded the most significant year-on-year changes, in a year marked by high inflation that ended up influencing consumption tax revenue.

Of all indirect taxes, only the ISV ended the year with a year-on-year drop in revenue, falling €617.5 million (-18.4%) to a total of €2,746.6 million.
The data released today indicate, however, that the growth of tax revenue slowed at the end of the year.

The comparison of the execution of revenue with the forecast in the State Budget for 2022 points to a variation of 6.9%.

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