The increase in personal income tax for high incomes and the limitation of subsidized contributions to individual pension plans in force since 2021 reported 691 million euros to the Public Treasury in the first seven months of this year.
According to the tax collection report for the month of July, the set of tax measures incorporated into the 2021 Budgets have added a total of 974 million euros to the collection of the first seven months of the year.
The measures that have contributed the most resources have been the and the limitation of deductions in contributions to pension plans, the impact of which is clearly seen for the first time in the July report, which already includes the first payment of the liquidation of the 2021 income campaign (first year in force).
In the absence of incorporating the data of the second payment, the rise in personal income tax -by two points for income from work over 300,000 euros and by three points for income from capital over 200,000 euros- has contributed 339 million euros this year, with which it almost reaches the impact foreseen by the Government for the entire financial year (346 million).
In the case of the limitation of subsidized contributions to pension plans -it went from 8,000 to 2,000 euros for individuals but rose from 8,000 to 10,000 euros in the case of groups-, it has contributed 352 million, still far from the target (580 millions).
The 2021 Budgets also incorporated two new taxes, one on financial transactions and the other on certain digital services, which up to July had collected 26 and 140 million, respectively, far from both the initial objective (850 and 968 million) and the forecast included. in the 2022 Budgets (372 and 225 million).
Added to this is the increase in the insurance premium tax rate, which has allowed an additional 46 million to be collected up to July (the target for all of 2022 is 52 million), and VAT on sugary and sweetened beverages, which has allowed the collection of 75 million (the goal was 60 million).
Collection shoots up 18% until July
The impact data of the 2021 Budgets is part of a context of skyrocketing collection, which in the first seven months of the year amounted to 146,235 million euros, 18% more than in the same period of 2021 and well above the rebound forecast by the Government, of 10.8% for the whole year.
According to the Tax Agency itself, there are several factors behind this progress, among which the higher collection of VAT stands out (up 17.8%) derived from both the improvement in consumption and the .
This progress occurs despite the fact that the VAT reduction on electricity has subtracted 930 million, savings for consumers to which are added those derived from the suppression of the tax on the value of electricity (2,175 million) and the reduction of the special electricity tax (1,163 million), up to a total impact of 4,268 million.
In terms of income tax, in the first seven months of the year there was a strong increase in their income, of 17.4%, encouraged by the good progress of employment, higher salaries and the positive share of the 2021 income campaign , precisely because of the effect of the changes introduced in the 2021 Budgets.
The lower returns made at the beginning of the year in corporate tax also contributed to total income, which together with a positive first installment payment raised the collection of this tax by 65.7%.
Among the excise taxes, the strong increases in income in taxes on alcohol stand out, of 39.7% -since it compares with a 2021 still affected by restrictions-; hydrocarbons, 11.2% -due to higher sales, since this tax is levied on volume and not price- and tobacco, 8.7%.
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