State revenue exceeds 300 billion euros for the first time
The increase in revenue stems from the dynamism of all taxes thanks to the pace of economic growth.
BarcelonaThere is one driving force preventing the Spanish government's ability to manage from grinding to a halt: tax revenue. Through November, tax collections have exceeded €300 billion for the first time. This unprecedented level, achieved just one month before the end of the fiscal year, suggests that 2025 will be another record-breaking year for revenue.
Tax revenues continue to rise, in line with economic growth, and this dynamism is reflected in a general improvement in the performance of all taxes. According to data from the Spanish State Tax Agency, revenues collected in the first 11 months of the year reached €301.355 billion. This amount, equivalent to the gross domestic product (GDP) of Catalonia, represents a 10% increase compared to the same period last year and surpasses the total revenue collected in 2024, which stood at around €294 billion.
Personal income tax (IRPF) revenues, totaling €133.282 billion through November, experienced a 10.1% increase. Withholding taxes on salaries and business activities, amounting to €114.018 billion, grew by 8.5% in the first 11 months of the year, thanks to factors such as increased employment. However, IRPF was not an exception, as VAT, a tax closely linked to consumption, contributed €94.416 billion during the same period, also a 10.1% increase. Furthermore, the State collected €35.942 billion in corporate income tax, 9.3% more than in the first 11 months of the previous year. Tax revenues for November reached €22.785 billion, 19.2% higher than those collected during the same month last year. This result stems from a 13.3% increase in gross revenue and a 6.4% decrease in refunds, according to data from the State Tax Agency. Following the decline in tax collection in 2020 due to the Covid-19 health crisis, tax revenues have set record after record.
