In September 2025, the cumulative tax revenue from the State subsector reached 48.014,8 million euros, according to a document released by the Budget Entity.
The figure represents a year-on-year increase of 2.618,7 million euros, or 5.8%.
Direct taxes saw an increase of 588,1 million euros (+2.7%), driven by the net revenue from IRS—Imposto sobre o Rendimento de pessoas Singulares, which rose 7.1% due to a 21.9% reduction in refunds.
There was also a slowdown in the growth of net IRS revenue, which decreased from 16.5% in August to 7.1%, following the application of reduced withholding tax rates in August.
Conversely, the net revenue from IRC—Imposto sobre o Rendimento de pessoas Coletivas decreased by 4.3%, attributed to the reduction in self-assessment payments.
Indirect taxes increased by 8.5% compared to the same period the previous year, largely due to the performance of VAT—Imposto sobre o Valor Acrescentado (+8.7%).
Additionally, there was a notable increase in net revenue from ISP—Imposto sobre os produtos petrolíferos by 12.3% and from the Tobacco Tax by 10%.
Excluding the effect of the VAT payment extension, VAT revenue saw a 9% increase.
Therefore, without the effect of deferred IRC payments, the tax revenue experienced a year-on-year growth of 5.6% (+2.594,1 million euros), as specified in the report.
