State revenue exceeds 300 billion euros for the first time

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.