Tax revenues in Spain have increased by 50% in four years

Tax revenues in Spain have increased by 50% in four years

Among the larger OECD members, Spain is the country where revenues from taxes on income and property grew the most between the end of 2019 and the third quarter of 2023, specifically by 50%.

A comparison between the six countries, with quarterly data on real household income per inhabitant published this Thursday, shows that the United Kingdom had the second-highest tax increase after Spain, at 40%.

Canada came in second place with just over 30%; The United States with 20% – although this increased to almost 45% during 2022, with the increase slowing later – France and Germany with more than 10% in both cases.

Read Also:  How much will I earn if I deposit $150,000?

According to historical series from the Organization for Economic Co-operation and Development (OECD), the tax burden for income and wealth tax in Spain was 26,678 million euros in the fourth quarter of 2019 and increased to 42,480 million in the third quarter of 2023. Latest data available.

The strong increase in taxation in the third quarter of 2023 (it increased from 34,029 million euros to 42,480 million) explains why Spain was the country of the 21 in the OECD for which there is data in which taxes have decreased the most. Income per inhabitant in those three months, specifically 2.1%.

Read Also:  Coppell offers this set of 3 plastic boxes at half price, ideal for organizing

Across the organization as a whole, real income of households per resident declined by 0.2% between July and September, the first decline after four consecutive quarters of progress.

The OECD actually develops this indicator to account for disposable income. It is calculated based on gross domestic product (GDP) per capita, from which taxes and contributions are deducted and social assistance is added.


Please enter your comment!
Please enter your name here