Corporate tax revenues of 13.5 billion euros already exceed transport for the whole of last year

The government continues to levy a premium on corporate taxes, with income taxes already exceeding the total levies from this single tax source for all of 2020, according to the latest statements from the chessboard.

The Treasury has so far collected € 13.5 billion in corporate tax revenue in the first 11 months of this year, compared to nearly € 12 billion in income taxes for the whole last year, according to figures from the Ministry of Finance.

Overall, the Treasury collected € 11.3 billion from all types of taxes in November, around € 1.5 billion more than expected for the month. In total, the Treasury collected 62.3 billion euros for the first 11 months, or 5.3 billion euros more than the amounts provided for in the budget.

The November figures mean corporate tax revenues continue to provide inordinate contributions to help the government pay the bills since the start of the Covid crisis last year.

November and December are key months for companies that pay their taxes. Last year, corporate taxes accounted for 21% of all government tax revenue. This has heightened concerns that the state is becoming increasingly dependent on taxes collected from a handful of multinationals.

The other three main sources of taxes – income, VAT and excise duties – also performed well in November.

Boosted by corporate tax revenues and helped by lower than expected spending, the cash deficit has so far narrowed to € 4.9 billion this year. At 74.7 billion euros, gross spending for the 11 months was lower than expected and barely higher than last year.