The increase is mainly due to the 7.1% growth in net IRS revenue, due to the reduction in refunds, and the positive performance of VAT (+8.7%). Indirect taxes increased by 8.5%, highlighting the growth of the ISP (+12.3%) and the Tobacco Tax (+10%).
State tax revenue stood at 48,014.8 million euros until September, an increase of 5.8% compared to the same period in 2024, according to the budget execution summary released this Friday.
“In September 2025, the accumulated tax revenue of the State subsector totaled 48,014.8 million euros”, reads the document released by the Budgetary Entity.
At issue is a year-on-year increase of 2,618.7 million euros, or 5.8%.
On the direct taxes side, there was a growth of 588.1 million euros (+2.7%), justified by the evolution of net revenue from IRS – Personal Income Tax, which grew 7.1% due to the reduction (21.9%) in refunds.
There was also a slowdown in the growth of net IRS revenue, which fell from 16.5% in August to 7.1%, with the application of reduced withholding tax rates in August.
Conversely, net revenue from IRC – Corporate Income Tax totaled 4.3% less, an evolution justified by the reduction in self-assessment payments.
In indirect taxes, there was an increase of 8.5%, compared to the same period of the previous year, due to the performance of VAT revenue – Value Added Tax (+8.7%).
During this period, there was also an increase in net revenue from the ISP – Tax on petroleum products by 12.3% and the Tax on Tobacco by 10%.
Without the effect of the extension of VAT payment, revenue from this tax totals an additional 9%.
Thus, without this same effect and the payment of deferred taxes under IRC, “tax revenue showed a year-on-year growth of 5.6% (+2,594.1 million euros)”, he explained.
