June 22th, 2024 | 5:00

Bizkaia

Bizkaia leads the rise in tax collection in the Basque Country: An increase of 9.6% up to May

Jesus Carames

June 16, 2023 | 5:00 pm

Financial Prosperity in Bizkaia

Year after year, Bizkaia has become a vibrant financial epicenter that welcomes economic progress. 2023 has not been an exception. The historical territory has seen an increase in tax collection that has exceeded expectations, a considerable increase of 9.6% until May, which is equivalent to an incredible sum of 334.5 million euros more than in the same period of the previous year.

Tax Collection Details

The Bizkaia Treasury has set a milestone, collecting 3.811,6 million euros between January and May. Growth has been driven by a combination of key factors that contribute to Bizkaia's economic prosperity.

The Impressive Direct Imposition

The numbers speak for themselves. Direct taxation, which consists of taxes such as Personal Income Tax and Corporate Tax, has seen significant growth, demonstrating a strong local economy. With an increase of 19.1%, adding up to a total of 1.754,8 million euros, direct taxation has played a crucial role in this growth. Among his main tributes, Personal income tax rose 11.9% to 1.408,9 million euros, and Companies 35.2% to 222.4 million euros. Non-Resident Income Tax also experienced a massive growth of 191.7% to 85.8 million euros.

The Evolution of Indirect Taxation

Indirect taxation has also shown signs of growth, albeit at a slower pace, increasing by 1.2% and contributing €22.2 million more than in the first five months of 2022. However, it is important to note that despite this increase, VAT fell 0.4% to 1.516,2 million euros. There was also a decrease in income from hydrocarbons (-5.2%) and tobacco (-4.4%).

Looking to the future

These numbers are more than figures on a tax report; they represent the continuous economic and financial development of Bizkaia. This sustained fiscal growth is a testament to the effectiveness of the economic policies implemented and the resilience of the business ecosystem of Bizkaia.

This increase in tax collection reflects the strength and vitality of the economy of Bizkaia, demonstrating that Bizkaia is not only prospering, but also leading the way in economic growth in the Basque Country. The future is certainly bright and we look forward to seeing more achievements in the coming months.

These financial achievements are a strong indicator of continued sustained growth. Bizkaia is prospering, proving to be an economic engine not only for Euskadi but for all of Spain. In a time of global uncertainty, these numbers are a reminder of our economy's ability to adapt, evolve and continue to grow.

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