The Treasury Wants More Revenue In 2023, Despite The Slowdown

spain tax collection

Despite the economic slowdown, the Spanish Treasury wants to achieve another record collection in 2023. This follows the one that will certainly be achieved in the current year, in which the collection is 27 billion euros more than expected due to inflation.

The Treasury wants to achieve this after leaving a large part of middle-income earners (above 21,000 euros a year) out of its tax cut, which does not include deflating the income tax rate, something it still refuses to do.

The Finance Minister expects to clock up a total of 244.072 billion euros in tax revenue, which represents an increase of 7%. Montero expects strong increases in the main taxes: 7% in income tax, to slightly exceed 113 billion euros. He also expects a 7% increase in corporate tax (28 billion euros) and 5.9% in VAT revenue, up to 86 billion.

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The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.