TAX REVENUE MONTHLY REPORT

Transcription

1 TAX REVENUE MONTHLY REPORT JUNE 218

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3 TABLE OF CONTENTS Page I. TAX REVENUE PERFORMANCE Headlines... 1 Chart R1. Homogeneous Tax Revenue: annual rate and 12M CMA... 1 Chart R2. Tax Revenue and Domestic Demand Main items evolution... 3 Table R1. Tax Revenue (total/homogeneous) and Refunds Evolution by items Table A7. PIT 217 Annual Return... 4 II. STATS TABLES Revenue by taxes and its allocation by Administrations... 2 Table 1.1. Abstract. Current month and year to date... 2 Table 1.2. Evolution. Current month and year to date Refunds, Local Administrations Share and other reductions. Gross Receipts... 4 Table 2.1. Refunds, Local Administrations Share and other reductions. Month and year to date... 4 Table 2.2. Refunds. Evolution... 5 Table 2.3. Local Administrations Share and other reductions. Evolution... 6 Table 2.4. Gross receipts. Current month and year to date Homogeneous Tax Revenue... 8 Table 3.1. Abstract. Month and year to date... 8 Table 3.2. Evolution... 9 Table 3.3. Gross homogeneous tax receipts. Month and year to date... 1

4 Pág. III. CHARTS... 1 Monthly 1. Tax Revenue. Annual rate and homogeneous annual rate 12M CMA. billion PIT & Corporation Tax. Annual rate and homogeneous annual rate 12M CMA. billion VAT & Excise taxes. Annual rate and homogeneous annual rate 12M CMA. billion... 4 Quarterly 1T. Tax Revenue. Annual and smoothed rates T. PIT & Corporation Tax. Annual and smoothed rates T. VAT & Excise taxes. Annual and smoothed rates IV. METHODOLOGICAL NOTES AND SOURCES Cash method to measure revenue Budget non-financial receipts scope Territorial funding system Homogeneous Tax Revenue Quarterly series of tax bases and accrued taxes yield Graphical Analysis Monthly Receipts Other regular information and monthly tax calendar... 4

5 I. TAX REVENUE PERFORMANCE 1. Headlines. Net Total Tax Revenue summed up to 8.3 billion in June, 3.3% higher (.3 billion) than in the same month of 217, as the final result of a 2.7% increment of gross receipts and a 1.8% rise of the amount of refunds paid. June performance was biased by SII, since accrued revenue of April 218 is compared to that of May 217. It needs to be reminded that April revenue is usually lower than May revenue even in those years, as the present one, in which Easter Holidays take place in March. Amending this effect, Total Tax Revenue would have scaled by 5%. Accumulated Net Total Tax Revenue enlarged by 3.8% in the first half of the year. Without SII impact, the growth would have been 4.5%, the same pace achieved by Homogeneous Revenue, which is close to the rates scored in the first months of the year (4.9% average until May). June yield includes the usual monthly self-assessments (accrued collection of May for withholdings, Excise Taxes -except Alcohol-, Lottery Tax and Insurance Premiums Tax; April accrued VAT and March accrued Alcohol Excise Tax) as well as the Tax on Nuclear Fuel and Waste produced from January to May. The main force for revenue growth in the first half of 218 came from PIT and, chiefly, from payroll witholdings. This month, the increase was particularly strong because of the impact of some local holidays in May that caused a displacement of some receipts to June. This effect aside, the improving evolution has to do with jobs creation and with the increase in average wage and in average effective rate. On the other hand, VAT is growing about 4% in the first six months of 218. R1. Homogeneous Tax Revenue: annual rate and 12-month centered moving average PAGE I-1

6 The impact on revenue of current laws changes subtracted.5 billion estimate until June. Table shows the results, breaking them down by items and figures. As it can be seen in Table, the main impact is related to SII. The SII effect began in July 217 but it is still biasing revenue evolution, since different months with different weighs in annual revenue are being compared. The impact measure will be lasting until August as far as receipts are considered (July self-assessments were submitted in September instead of August) but it will be included until September if refunds are taken into account (the advance in refunds payments due to the new system began in that month). The rest of items do not represent substantial effects. In June it is remarkable the impact of 217 rate rise in the Fee on Inland Waters Use (from 22% to 25.5%, RDL 1/217 in force since 217 mid-june). Table IMPACT OF DISCRETIONARY TAX MEASURES Million 218 PIT CT VAT Excise Taxes OTHER TOTAL TOTAL Withholdings on sales of preferential subscription rights 1 1 Inmediate Supply of Information on VAT (SII) Higher receipts Higher refunds VAT rates lowering (live shows and other) Changes in refunds of fuel for farming 8 8 Alcohol rates rise 6 6 Tax on flourinated greenhouse gases Fee on inland waters use 5 5 PAGE I-2

7 2. Main items evolution. Table R1 TAX REVENUE (total & homogeneous) and REFUNDS EVOLUTION by items Annual Rates * I.17 II.17 III.17 IV.17 I.18 II.18 Total Tax Revenue 2,3 4,1 3,8 5,5 12,8 -,2 1,6 3,5 4,2 Personal Income Tax,1 6,4 7,5 2,3 5, 9,4 7,9 6,4 9,3 Corporation Tax 5, 6,8-21,9 2,9 68,5 4,8-9,8-1,5-2,3 Value Added Tax 4,2 1,3 3,4 8,4 8,1-17,2 5,9 2,8 4,1 Excise Taxes 3,8 2,2,1,8 5, 2,2,8 -,4,6 Other revenue -1,3 3,9 3,5 4,8 3,7 5,4 1,8 3,5 3,5 Refunds -1,2 3,9 4,2 5,4 1,2 6,6 4, 7,5 1,9 Personal Income Tax 3,6-5, -1,5 34,5-1,4-27, -5, -15,7,4 Corporation Tax 7,4 2,1 13,7 1,3-37,4 14,8 11,2 11,2 53,3 Value Added Tax -4,6 9,5 3,4 6,5 9,2 18,9 2,6 9,5,1 Excise Taxes -45,3-1,4 28,5-44,9-42,8 3,6 31,9-4,7 46,4 Other revenue -1,9 5,9-1,6 15,8-2,9 32,9 13,2-12,1 8,5 Homogeneous Tax Revenue 1,6 6,2 4,5 5,2 13,9 7,3,8 4,9 4, Personal Income Tax, 7, 7,2 3,5 8,2 8,8 7,9 6,2 8,7 Corporation Tax 3,9 2,2, ,5 4,2-18, ,3 Value Added Tax 3,2 8,6 4, 9,2 9,5 8,3 7,3 3,8 4,3 Excise Taxes 1, 1,4 -,1 -,8 3,6 2,2,5 -,5,3 Other revenue -,9 4, 3,6 3,9 3,6 6,6 1,9 3,9 3,3 *Rates worked out for the quarterly or annual period in which there are available data Personal Income Tax revenue increased by 7.5% in the first half of the year. Homogeneous revenue rose by 7.2% (after amending the effect of the different refunds schedules in 217/218). In June, once adjusted the effect of displacement of some local receipts, the same features shown by revenue along the last months remained. The main part of the growth is linked to payroll withholdings evolution (8.4%), though if the effect of some local holidays was amended the increase would be lesser, by 5.4%, below the average rate of the first five months of the year (6.5%). Large Companies payroll withholdings continued to be boosted by jobs creation. Besides, they were reinforced again by the increase in average wage (1%) and in average effective rate (.9%). Amended monthly rate increased by 6.7%, 7.4% the year-to-date rate. Public Administrations receipts grew by 4.4% until June (4.6% in the month, with a tiny displacement effect). Breaking them down by items, payroll withholdings went up by 3.1% and pension s withholdings rose by 6.7%. Payroll increase was mainly driven by the higher number of workers (1.9%), while the average salary and the effective rate provided each a.3% and a.9% to the total growth. As in preceding months, pensions result was due to the upturn in the average rate (3.6%) together with the increase in the average pension (2%) and in the number of pensioners (1.1%). PAGE I-3

8 Concerning other components of the tax, it was remarkable the sharp fall of capital withholdings in June (-12.3%), partially balancing the extraordinary performance in May linked to the change of the dividend pay-out dates made by some large corporations. Accumulated growth keeps the 6.7% rate. About 217 PIT annual return, June data reflect a steady refunds payment pace, compared to the previous campaign. Table 7 shows the campaign results from its beginning in April until June. At the end of the month the value of refunds paid was 6.5 billion, which means a 66.4% of the total refunds expected, proportion alike to the one reached in 217, referred to the same period. TABLE A7 PIT 217 ANUAL RETURN (data up to June) ( million) P e rc e nta ge on e xpe c te d a mounts PIT 217 PIT 216 % PIT 217 PIT 216 Difference RECEIPTS ,7% 2,3% 2,7% -,4% REFUNDS ,5% 69,4% 69,3%,2% Campaign ,3% 66,4% 66,3%,1% Family Refunds ,3% 1,% 1,%,% ANNUAL RETURN ,9% Homogeneous Corporation Tax rose by.5% year-to-date. Net revenue evolution is yet conditioned by the amount of refunds paid (mainly refunds from 216 annual return, submitted in 217, but also a significant amount of refunds linked to assessments worked out by the AEAT) and the slight drop of instalments (only April instalment collection was important enough and was linked to Economy evolution so far). Both factors made the yield fall by 21.9% before making the proper amendments to obtain a homogeneous figure. VAT grew by 3.4% in the first half of 218. Amending the different refunds schedules in 217/218 and SII effect, homogeneous VAT increased by 4%. As in preceding months, VAT revenue follows about a 4.5% growth path. The oscillations in VAT evolution are caused, as explained before, by the new VAT management system (SII). Amending these distortions in the series, gross VAT increases by 4.3% and net VAT revenue by 5%. It has to be remarked that the drop of some receipts coming from closed fiscal years continued (2.2% up to June) and it is linked to the changes in 217 of deferments management. According the VAT only included in self-assessments, the growth is about 5%. PAGE I-4

9 Excise Taxes remained stable in the year-to-year comparison. The main feature In June was Tobacco Excise Tax recovery, though it was not strong enough. As reported previously, after the erratic performance of the first months, the monthly yield was yet under the average of May-December in 217 (.6 billion), which had been considered a reference for this year. Finally, June collection reached that level, even though it is still under the same month of 217 (-.9%). Fuel Excise Tax net revenue fell by.8% due to the higher refunds to Basque Country and Navarra linked to taxation clearings. Nonetheless, year-to-date revenue grew by 2.1%, according to fuel consumptions evolution. After the odd rate scored in May, Electricity Excise Tax returned to the performance showed in the previous months: it went up by 2.3% in June, 2.1% accumulated. PAGE I-5

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11 II. STATS TABLES PAGE II-1

12 1. REVENUE BY TAXES AND ITS ALLOCATION BY ADMINISTRATIONS Table 1.1 ABSTRACT. CURRENT MONTH AND YEAR TO DATE ( Million) % 18/17 CURRENT MONTH Central Gov. Local Adm. Total Central Gov. Local Adm. Total Central Gov. Total Personal Income Tax ,1 15,9 Corporation Tax ,9-28,9 Non-residents tax ,3 8,3 Environmental Taxes ,4-1,4 Other ,9-33,9 DIRECT TAXES , 9, Value Added Tax ,9 2, + Import VAT ,8-8,8 + Domestic transactions ,9 13,7 VAT WITHOUT SII EFFECT ,8 6,8 Excise Taxes ,4,3 + Alcohol , 1,2 + Beer ,3 -,7 + Fuels ,8 -,8 + Tobacco , -,9 + Electricity ,4 2,3 + Coal Others ,1 3,1 Insurance Premiums Tax , 1, Custom Duties ,8-2,8 Other INDIRECT TAXES ,5 1,3 FEES AND OTHER REVENUE ,2-25,2 TOTAL AMOUNT ,6 3,3 TOTAL WITHOUT SII EFFECT ,2 5, YEAR TO DATE % 18/17 Central Gov. Local Adm. Total Central Gov. Local Adm. Total Central Gov. Total Personal Income Tax ,5 7,5 Corporation Tax ,9-21,9 Non-residents tax ,3 18,3 Environmental Taxes , -5, Other ,6 7,6 DIRECT TAXES ,7 5,5 Value Added Tax ,3 3,4 + Import VAT ,8 1,8 + Domestic transactions ,9 3,8 VAT WITHOUT SII EFFECT ,7 5, Excise Taxes ,2,1 + Alcohol ,5-4,8 + Beer ,6 3,5 + Fuels ,4 2,1 + Tobacco ,5-2,8 + Electricity ,8 2,1 + Coal ,9-1,9 + Others ,,7 Insurance Premiums Tax ,8 3,8 Custom Duties ,, Other , -8, INDIRECT TAXES ,5 2,6 FEES AND OTHER REVENUE ,4,4 TOTAL AMOUNT ,4 3,8 TOTAL WITHOUT SII EFFECT ,7 4,5 Page II-2

13 Table 1.2: EVOLUTION. MONTHLY AND YEAR TO DATE ( Million) 217 PIT CT VAT Excise Taxes Other TOTAL PIT CT VAT Excise Taxes Other TOTAL Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec MONTHLY YEAR TO DATE Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec PIT CT VAT Excise Taxes Other TOTAL PIT CT VAT Excise Taxes Other TOTAL 213 -,9-7, 2,9 4,7 1,4,2 -,9-7, 2,9 4,7 1,4, ,9-6,2 8,2,2 4,9 3,6 3,9-6,2 8,2,2 4,9 3, ,4 1,3 7,4,2 14,7 4, -,4 1,3 7,4,2 14,7 4, 216,1 5, 4,2 3,8-1,3 2,3,1 5, 4,2 3,8-1,3 2, ,4 6,8 1,3 2,2 3,9 4,1 6,4 6,8 1,3 2,2 3,9 4,1 217 Jan 6,2-1,8 8,3 8, -2,3 8, 6,2-1,8 8,3 8, -2,3 8, Feb -,5 77,7 7,7-5,7-4,6 5,8 4, 5,5 7,8 1,6-3,6 6,5 Mar -3,7-1,8 -,8 28,4 2,5 2,3 2,9 8,4,8 4,8 5,5 Apr 4,7 1,8 7,8 7,7-44,7 17,3 2,9-8,2 2,7-9,8 9,6 May 9,3-66,6 7,8 -,4 6,5 7,2 3,4-8,2 2,1 5,2 9,3 Jun 2,6 1,3 9,5 7,5 -,1 5,6 3,3-8,3 3, 4,2 9, Jul 11,8 5, 6,6 5,7 15,2 9,5 6, - 7,9 3,4 5,6 9,1 Aug 8, 7,6-89,7,1-6,2-18,5 6,2 59,6 -,9 3, 4,4 5,5 Sep 1,8-31,8 9,7,8 6,1 3,1 5,9 53,6 -,3 2,7 4,6 5,3 Oct 4,4-15, 1,7 1, -8,6-2,2 5,7 5,4 1,5 2,5 3,5 3,7 Nov 14,1-6,4 3,6 4,5 1, 9,5 6,4 5,3 1,6 2,7 4,2 4,1 Dec 6, 15,1-5,2-3,,2 4,1 6,4 6,8 1,3 2,2 3,9 4,1 218 MONTHLY GROWTH RATES (%) YEAR TO DATE Jan 4,9-23,6 - -1,8 33,2 33,4 4,9-23,6 - -1,8 33,2 33,4 Feb 6, ,5 11,2 3, -1,5 5,5-2,5 3,4-1,2 15,5 2,5 Mar 9,9 -,2 1,3-21,4 6,6 6,4-1,5 2,8 -,4 3,5 3,5 Apr 6,4 -,9 8,2-1,1 98,1 6,6 6,4-22,9 4,5 -,6 2,7 4,6 May 13, 2, -5,4 3,1-25,8-2,5 6,9-2,8 3,5,1 5,5 3,9 Jun 15,9-28,9 2,,3-6,5 3,3 7,5-21,9 3,4,1 3,5 3,8 Jul Aug Sep Oct Nov Dec Page II-3

14 2. REFUNDS, LOCAL ADMINISTRATIONS SHARE AND OTHER REDUCTIONS. GROSS RECEIPTS Table 2.1 REFUNDS, LOCAL ADMINISTRATIONS SHARES AND OTHER REDUCTIONS. CURRENT MONTH AND YEAR TO DATE ( Million) JUNE YEAR TO DATE Comparison 18/17 Comparison 18/ Difference % Difference % Personal Income tax , ,5 + Annual Return Result , ,1 + AEAT Assessements , ,2 + Other refunds , ,1 + Spanish Goverment Treasury Corporation Tax , ,7 + Annual Return Result , , + AEAT Assessements , ,2 + Other refunds , ,4 Non-Residents Tax , ,4 Value Added Tax , ,4 + Yearly and other , ,6 + Monthly , ,8 + Basque Country Taxation Clearings , + Navarra Taxation Clearings , ,3 Excise Taxes ,5 Other Refunds , ,6 TOTAL REFUNDS , ,2 Personal Income tax , ,1 + Catholic Church share 15 15, , + Local Administrations PIT share , ,2 Local Administrations VAT share , ,7 Local Administrations Excise Taxes share , ,4 TOTAL REDUCTIONS , ,2 Personal Income tax , ,1 Corporation Tax , ,7 Non-Residents Tax , ,4 Value Added Tax , ,9 Excise Taxes , , Other Refunds , ,6 TOTAL REFUNDS AND REDUCTIONS , ,2 Page II-4

15 Table 2.2 REFUNDS. EVOLUTION ( Million) MONTHLY YEAR TO DATE 217 PIT CT VAT Excise Taxes Other TOTAL PIT CT VAT Excise Taxes Other TOTAL Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec PIT CT VAT Excise Taxes Other TOTAL PIT CT VAT Excise Taxes Other TOTAL 213 3,6 63,7 1,2-6,6 12,9 15,1 3,6 63,7 1,2-6,6 12,9 15, , -13,3-3,1 97,6-62,2-8,3-4, -13,3-3,1 97,6-62,2-8, ,3 2,2-7,3 48,9 1,1-2,6 1,3 2,2-7,3 48,9 1,1-2, ,6 7,4-4,6-45,3-1,9-1,2 3,6 7,4-4,6-45,3-1,9-1, , 2,1 9,5-1,4 5,9 3,9-5, 2,1 9,5-1,4 5,9 3,9 217 Jan 13, 5, 12,1-57,9 21,6 6,9 13, 5, 12,1-57,9 21,6 6,9 Feb 8,4-32,7 15,2-45,2 35,8-1,2 1,9 -,5 13,6-5,3 28,1 4,7 Mar 91, 44, -7,7-33,8-4,4 8,9 34,5 1,3 6,5-44,9 15,8 5,4 Apr 14,3-47,8 22,6-16,1 27,9 15, 2,4 -,8 12,5-31,1 19,6 8,3 May -7,9 14,8-7,7-71,8-44,4-8,8 5,2 -,4 7,2-38,6 2,5 3,8 Jun -4,3-57,9 11,7-72,1-39,5 -,4 1,8-2,2 8,2-43,6-6,2 2,9 Jul -28,9-3,5 21, -9,9 54,5 2,4-2,9-2,9 1,6-39, -,3 2,8 Aug -39,2 143,4 2,6 8,2 63,4-1,9-4,4-2,2 9,8-35,9 4, 2,5 Sep -13,8 66,4 29, 23,3-6,9 19,3-5, -1,6 12, -32, 3, 3,8 Oct 7,1 192,3-7, -54,3-3,5 -,6-4,2,4 9,9-35,4 2,2 3,5 Nov -23,9 11,4-7,2-37,9 9,1-4,2-5,4 2,2 8,5-35,5 2,7 2,8 Dec 4,3 1,8 19,7 14,5 32,2 14,7-5, 2,1 9,5-1,4 5,9 3,9 218 MONTHLY GROWTH RATES (%) YEAR TO DATE Jan 17, 17,8 6,2-2, -18,1 14,4 17, 17,8 6,2-2, -18,1 14,4 Feb -25,7-32,2-6,2 18,6-8,3-13,8-2,2 12,9,3 5,4-13,4 7,1 Mar -34,4-17, 32,1-2,3-9,2 9,1-15,7 11,2 9,5-4,7-12,1 7,5 Apr 4,5 86,2-24,2,9,8-9,7-2,2 12,9-4,2-1,4-7,8 2, May -2,2 12,9 34,2 186, 6,6 14,3-2,2 12,9 4,5 14,4-5,7 4,9 Jun, 72,8, - 24,6 1,8-1,5 13,7 3,4 28,5-1,6 4,2 Jul Aug Sep Oct Nov Dec Page II-5

16 Table 2.3 LOCAL ADMINISTRATIONS SHARES AND OTHER REDUCTIONS. EVOLUTION ( Million) 217 CAT.CH.S. REDUCTIONS CAT.CH.S. REDUCTIONS PIT CT VAT Excise Taxes Other TOTAL PIT CT VAT Excise Taxes Other TOTAL Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec MONTHLY LOCAL ADMINISTRATIONS SHARES YEAR TO DATE LOCAL ADMINISTRATIONS SHARES Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec GROWTH RATES (%) LOCAL ADMINISTRATIONS SHARES CAT.CH.S. REDUCTIONS LOCAL ADMINISTRATIONS SHARES CAT.CH.S. REDUCTIONS PIT CT VAT Excise Taxes Other TOTAL PIT CT VAT Excise Taxes Other TOTAL ,4-22,4-17,3-24, 55,7-23,9-27,4-22,4-17,3-24, 55,7-23, ,8 4,9 1,2 2,7,5 2,7-1,8 4,9 1,2 2,7,5 2, ,9, -7, 1,8-1,1 1,8 6,9, -7, 1,8-1,1 1, ,9 12,9 2,7 9,4 8,3 9,4 8,9 12,9 2,7 9,4 8,3 9, , 9,9 6,9 1,4 -,8 1,4 12, 9,9 6,9 1,4 -,8 1,4 217 Jan 7,3 4,3,4 5,,2 4,9 7,3 4,3,4 5,,2 4,9 Feb 7,3 4,3,4 5, -,4 5, 7,3 4,3,4 5,,1 4,9 Mar 7,3 4,3,4 5, -,4 5, 7,3 4,3,4 5,,1 5, Apr 7,3 4,3,4 5, -,4 5, 7,3 4,3,4 5,, 5, May 7,3 4,3,4 5, -,4 5, 7,3 4,3,4 5,, 5, Jun 7,3 4,3,4 5, 2,7 5, 7,3 4,3,4 5,,2 5, Jul 2,4-2,1 12,4 16,8 -,4 16,8 1,3 3, 9,3 7,3,2 7,3 Aug 14,2 19,4 5,2 14,8-12,6 14,7 1,8 5, 8,8 8,2 -,9 8,2 Sep 13,2 2,3 3,2 14,3 -,4 14,3 11, 6,6 8,1 8,9 -,8 8,8 Oct -7,5 2,4 3,3 5,2 -,4 5,2 9,3 7,9 7,6 8,5 -,8 8,5 Nov 13, 17, -15,9 9,8 -,4 9,8 9,6 8,7 5,4 8,6 -,8 8,6 Dec 39,9 23,6 22,3 3,6 -,4 3,6 12, 9,9 6,9 1,4 -,8 1,4 218 MONTHLY YEAR TO DATE Ene -4,8 7,7 1,4 1, -8,6,9-4,8 7,7 1,4 1, -8,6,9 Feb 9,2 7,7 1,4 7,4,2 7,4 2,2 7,7 1,4 4,2-7,5 4,1 Mar 2,2 7,7 1,4 4,2,2 4,2 2,2 7,7 1,4 4,2-6,7 4,1 Abr -1,6 7,7 1,4 2,5,2 2,5 1,2 7,7 1,4 3,8-6, 3,7 May 1, 7,7 1,4 3,7,2 3,7 1,2 7,7 1,4 3,7-5,5 3,7 Jun 7,2 7,7 1,4 6,5,2 6,4 2,2 7,7 1,4 4,2-5, 4,2 Jul Ago Sep Oct Nov Dic Page II-6

17 Table 2.4 GROSS RECEIPTS. MONTH AND YEAR TO DATE ( Million) JUNE YEAR TO DATE % % Personal Income Tax , ,7 - Payroll Withholdings , ,5 - Public Administrations , ,4 - Large Corporations , ,4 - Small Businesses , ,5 - Other , ,2 - Annual Return Result , , - AEAT Assessements , ,5 Corporation Tax , ,6 - Annual Return Result , ,9 - AEAT Assessements , ,9 Value Added Tax , ,4 - Import , ,9 - Large Corporations , ,3 - Small Businesses , ,5 - Other , ,2 VAT WITHOUT SII EFFECT , ,3 Excise Taxes , ,6 - Alcohol , ,8 - Beer , ,6 - Fuels , ,9 - Tobacco , ,2 - Electricity , ,1 - Coal ,9 - Other , , Other gross receipts , ,9 TOTAL GROSS RECEIPTS , ,9 TOTAL WITHOUT SII EFFECT , ,3 Page II-7

18 3. HOMOGENEOUS TAX REVENUE Table 3.1 ABSTRACT. MONTH AND YEAR TO DATE ( Million) JUNE YEAR TO DATE % % PIT, Total Revenue , ,5 Total adjustments , ,1 + Different refunds schedules in 216/ , ,4 + Public Administrations payroll withholdings Other , PIT, Homogeneous , ,2 CT, Total Revenue , ,9 Total adjustments , ,9 + Different refunds schedules in 216/ , ,7 + Other -16, ,7 CT, Homogeneous , ,5 VAT, Total Revenue , ,4 Total adjustments , ,7 + Different refunds schedules in 216/ , ,5 + Other VAT, Homogeneous , ,1 Excise Taxes, Total Revenue , ,1 Total adjustments , ,8 + Tobacco yield in Basque Country and Navarra , , + Other 6-92, ,1 Excise Taxes, Homogeneous , ,1 Other Revenue , ,5 Total adjustments , ,1 + Levy on radio and electric spectrum use , ,2 + Other ,6 Other Homogeneous revenue , ,6 HOMOGENEOUS TOTAL REVENUE , ,5 Page II-8

19 Table 3.2 HOMOGENEOUS TAX REVENUE. EVOLUTION ( Million) MONTHLY YEAR TO DATE 217 PIT CT VAT Excise Taxes Other TOTAL PIT CT VAT Excise Taxes Other TOTAL Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec PIT CT VAT Excise Taxes Other TOTAL PIT CT VAT Excise Taxes Other TOTAL 213 -,2-3,8 9,5 4,7 18,7 3,6 -,2-3,8 9,5 4,7 18,7 3, ,3-1,9 6,5 1,7 4,9 3,6 3,3-1,9 6,5 1,7 4,9 3, ,9 15,7 6,6 1,9 14,9 4,3 -,9 15,7 6,6 1,9 14,9 4,3 216, 3,9 3,2 1, -,9 1,6, 3,9 3,2 1, -,9 1, , 2,2 8,6 1,4 4, 6,2 7, 2,2 8,6 1,4 4, 6,2 217 Jan 5,5 132,2 11,5 6,5-2,1 6,8 5,5 132,2 11,5 6,5-2,1 6,8 Feb 2,2-9,7-7,7-4,3 5,4 4,4 13, 9,9 -,2-3,4 6, Mar,4-118,5 5,5-2, 25,3 2,2 3,5-9,2 -,8 3,9 5,2 Apr 6,8 99,5 12, 6,3-4,2 21, 4,5 96,9 1,1 1,2 2,2 1,3 May 9,7-7,5 -,2-1,9 16,8 -,5 4,8 72,4 8,9,6 5,6 9,1 Jun 14,2 -,6 14,3 6,1-3,9 9,4 5,3 66,5 9,4 1,5 3,7 9,1 Jul 11,2-3,3 9,4 5,3 2,9 1,1 7,1 56,2 9,4 2,1 6, 9,4 Aug 5,8 7,7 6,,1-8,1 5,2 7, 3,8 9,1 1,8 4,5 8,8 Sep 2,7-57,9 8,2 1,1 6, 3,1 6,7 29, 9, 1,7 4,7 8,4 Oct 6,5-15,8 9,4,8-6,9-2, 6,7 3,3 9,1 1,6 3,6 6,4 Nov 11,6-26,4,5 4,2 9, 6,8 7,1 3, 8,6 1,9 4,2 6,4 Dec 5,5-1,2-3,3 1,7 3, 7, 2,2 8,6 1,4 4, 6,2 218 MONTHLY GROWTH RATES (%) YEAR TO DATE Jan 6,7-25,5 1,7-11, 31,7 4,6 6,7-25,5 1,7-11, 31,7 4,6 Feb 5,9-1, 3,4 11,8 3, 4,5 6,4-77, 3,2-1,1 14,9 4,5 Mar 5,5-7,2,7-21, 6,5 6,2-3,8 -,5 3,9 4,9 Apr 6,4-1,1 2,6-1,4 28,9 3,4 6,3 3,1 3,4 -,8 8,8 4,4 May 15,2-28,9 9,6 2,7-2,5 7,6 6,9 2,3 4,1 -,1 5,9 4,7 Jun 12,3-34,3 3,5,2-6,7 2,1 7,2,5 4, -,1 3,6 4,5 Jul Aug Sep Oct Nov Dec Page II-9

20 Table 3.3 HOMOGENEOUS GROSS RECEIPTS. MONTH AND YEAR TO DATE ( Million) JUNE YEAR TO DATE % % Personal Income Tax , , - Payroll Withholdings , ,5 - Public Administrations , ,4 - Large Corporations , ,4 - Small Businesses , ,5 - Other , ,2 - Annual Return Result , , - AEAT Assessements , ,5 Corporation Tax , ,6 - Annual Return Result , ,9 - AEAT Assessements , ,9 Value Added Tax , ,3 - Import , ,9 - Large Corporations , , - Small Businesses , ,2 - Other , ,2 Excise Taxes , ,6 - Alcohol , ,8 - Beer , ,6 - Fuels , ,9 - Tobacco , , - Electricity , ,1 - Coal ,9 - Other , , Other gross receipts , ,3 TOTAL GROSS RECEIPTS , ,5 Page II-1

21 III. CHARTS PAGE III-1

22 MONTHLY TAX REVENUE CHART 1.1 billion and 12 M CMA Levels. billion CHART 1.2 Annual and 12 M CMA rate Rates (%) Rates(%) 8 CHART 1.3 HOMOGENEOUS: Annual and 12 M CMA PAGE III-2

23 PIT CORPORATION TAX CHART 2.1 billion and 12 M CMA CHART 3.1 billion and 12 M CMA Levels. billion Levels. billion CHART 2.2 Annual and 12 M CMA rate CHART 3.2 Annual and 12 M CMA rate Rates (%) 8 6 Rates (%) Rates(%) 8 6 CHART 2.3 HOMOGENEOUS: Annual and 12 M CMA Rates(%) 4 32 CHART 3.3 HOMOGENEOUS: Annual and 12 M CMA PAGE III-3

24 VAT EXCISE TAXES CHART 4.1 billion and 12 M CMA CHART 5.1 million and 12 M CMA Levels. billion Levels. million CHART 4.2 Annual and 12 M CMA rate CHART 5.2 Annual and 12 M CMA rate Rates (%) 15 1 Rates (%) Rates(%) 15 1 CHART 4.3 HOMOGENEOUS: Annual and 12 M CMA Rates (%) 8 6 CHART 5.3 HOMOGENEOUS: Annual and 12 M CMA PAGE III-4

25 QUARTERLY TAX REVENUE (quaterly) CHART 1T.1 TOTAL: annual and smoothed rate Rates (%) Rates (%) 9 CHART 1T.2 HOMOGENEOUS: annual and smoothed rate PAGE III-5

26 PIT (quaterly) CORPORATION TAX (quaterly) CHART 2T.1 TOTAL: annual and smoothed rate CHART 3T.1 TOTAL: annual and smoothed rate Rates (%) 9 6 Rates (%) Rates (%) 9 6 CHART 2T.2 HOMOGENEOUS: annual and smoothed rate Rates (%) 75 6 CHART 3T.2 HOMOGENEOUS: annual and smoothed rate PAGE III-6

27 VAT (quaterly) EXCISE TAXES (quaterly) CHART 4T.1 TOTAL: annual and smoothed rate CHART 5T.1 TOTAL: annual and smoothed rate Rates (%) 15 1 Rates (%) Rates (%) 15 1 CHART 4T.2 HOMOGENEOUS: annual and smoothed rate Rates (%) 8 6 CHART 5T.2 HOMOGENEOUS: annual and smoothed rate PAGE III-7

28

29 IV. METHODOLOGICAL NOTES AND SOURCES PAGE IV-1

30 Tax Revenue Monthly Report (TRMR) reflects the monthly level and evolution of taxes yield managed by Spanish Tax Agency (A.E.A.T.) on behalf of the Central Government and the Local Authorities (Regional Governments called Autonomous Communities and Town Councils or Municipalities inside the common fiscal territory). 1. Cash method to measure revenue. TRMR tax revenue is presented as cash and net yield (gross receipts minus refunds). The net measure explains the emergence of negative figures in some months. For a more accurate reading, the rates of TRMR tables are subject to some limits. Thus, the sign of PIT annual return or net VAT rates is inverted in order to show their improvement or worsening more clearly. Besides, the rate is omitted if it is the result of an undefined or undetermined expression, or if the increase/fall is extravagant because one of the figures compared is too small. 2. Budget Non-financial receipts scope. Budget field of tax revenue managed by A.E.A.T. includes: Personal Income Tax, Corporation Tax and Non-Residents Income Tax, as well as other direct taxes belonging to Chapter I of the Budget. Insurance and pensions fund contributions from public officials are excluded; Value Added Tax, Excise Taxes and other indirect taxes contained in Chapter II of the Budget; Fees, Levies and other Chapter III receipts, comprising surcharges, interests and penalties. Monthly and yearly non-financial revenue evolution (Chapters I to VII of State Revenue Budget) can be consulted on line in General Intervention Board of State Administration (I.G.A.E.) web. Revenue managed by A.E.A.T. means more than eighty seven per cent of State total non-financial revenue, before subtracting Local Authorities share. 3. Territorial funding system. Autonomous Communities and Municipalities share on total tax revenue is about 4% in the last years and it is carried out through: Twelve equal payments on account of final year yield of assigned taxes. The final settlement of year T-2 paid in year T (July). PAGE IV-2

31 4. Homogeneous Tax Revenue. Homogeneous Tax Revenue is obtained amending the distorting factors that make difficult the comparison of current year revenue figures with those of the same period in the previous year. The effects usually amended are: a) Large public withholders payment delays; b) Changes in taxes self-assessments procedures; c) Endorsement of new taxes affecting one single year; d) Taxes removal; e) Different refunds schedules in each of the compared years. 5. Quarterly series of tax bases and accrued taxes yield. Quarterly series of tax bases and accrued taxes yield are published together with TRMR in February, April, July and October. The target is to make easier the analysis of tax revenue evolution through the information about the bases on which taxes are worked out and through the measure of yield following the accrual period (accrued revenue, instead of cash revenue). Tax bases and accrued revenue allows a more accurate taxes effective rates estimate, since they are not distorted by the gap between the period in which the tax is calculated and the period in which the tax is actually paid. Tax bases and accrued revenue are estimated from the data contained in self-assessments and informative forms submitted by tax payers. Bases are estimated for the four main tax items: PIT (gross households income), CT (consolidated corporation tax base), VAT (spending subject to VAT) and Excise taxes (monetary value of consumptions, instead of physical units, in order to obtain an aggregate total base). To work out the accrued revenue, for each form are added together the following keys: receipts (including tax current account receipts), deferments, requests for compensation of fiscal debts, inability to pay, and finally public outlays that, at the same time, are fiscal receipts. Then, from this gross accrued receipts are subtracted the keys of refunds claims (including tax current account refunds) to obtain accrued net taxes figure. The exceptions are, on one hand, PIT and CT annual returns because they are collected one year later. So, the current accrued taxes series published together with TRMR include an estimate of annual returns worked out from bases and withholdings. On the other hand, there is another exception in Period VAT, which is the accrued VAT reference variable: it is a measure that approaches output and input VAT and, therefore, it does not depend on how the tax is assessed and it is closer to spending subject to VAT. Yet, gross accrued VAT, refunds claims and net accrued VAT are calculated too following the most widely used criteria. PAGE IV-3

32 6. Monthly Receipts. June. Personal Income Tax: Monthly PIT withholdings (large companies and public sector). 217 Annual return campaign. VAT: Monthly self-assessments (April). Manufacturing Excise Taxes: Alcohol, Beer and Intermediate Products: March payments for large companies. Fuels and Tobacco: May payments. Electricity: May payments for large companies. 7. Other regular information and monthly tax calendar. Besides the usual content, TRMR includes a more detailed analysis of main receipts in some months: (1) Large corporations and small businesses receipts evolution (February, April, July and October). (2) Bases of the main taxes and accrued tax revenue (February, April, July and October). (3) CT instalments (April, October and December). (4) PIT annual return (May, June, July, August, September, October and November). (5) CT annual return (August). More information at the AEAT s web, Statistics: - Recaudación tributaria (Tax revenue reports, with English translations) - Estadísticas por impuesto (Tax statistics: PIT, Property Tax, CT, VAT, tax data on Labour and Pensions, motor vehicle tax, excise taxes) - Ventas, Empleo y Salarios en las Grandes Empresas (Large Companies Sales, Employment, and Wages monthly reports) - Comercio exterior (Foreign trade statistics). PAGE IV-4

33 In 218, the expected dates for TRMR publication in A.E.A.T. web are: March, March, March, December 217 report January 218 report February 218 report April, March 218 report May, June, July, September, September, October, 3... November, December, April 218 report May 218 report June 218 report July 218 report August 218 report September 218 report October 218 report November 218 report PAGE IV-5