State tax revenue totaled 12,013.5 million euros up to March, falling 0.9% compared to the same period last year, according to the budget execution summary released this Tuesday.
The year-on-year decline is less pronounced than that recorded in February (when the drop was 3.7%) and is explained, according to the General Directorate of Rolling (DGO), by the effects of payments relating to the tax assets regime deferred IRC in February 2024 and the extension of VAT payment.
“In accumulated terms, tax revenue showed a drop of 0.9% (-108 million euros) influenced by the effects of payments relating to the IRC deferred tax asset regime (117 million euros) in February 2024 and by extension of VAT payment (28.7 million euros in March 2023 and 367 million euros in March 2024)”, says the DGO.
Without these effects, tax revenue grew 2.9% (+347.2 million euros), mainly reflecting the evolution of IRC (43.7%, +135.8 million euros), IRS (3.1% , +132.9 million euros) and ISP (13.2%, +93.1 million euros).
On the side of indirect taxes, VAT, Vehicle Taxes (ISV) and Tobacco Tax (IT), the negative homologous behavior that had already been recorded in February continued.
In the case of VAT, revenue fell by 6.2% (-347.6 million euros) to 5,294.7 million euros, while that of ISV and IT recorded year-on-year decreases of, respectively, 5.5% and 12. 8% (minus 6.7 million and 35.6 million euros, in the same order).
It should be noted that in the case of the IRS, as the annual declaration submission campaign started on April 1st, the revenue from this tax does not yet reflect the payment of refunds.
