June 25th, 2024 | 7:27

Bizkaia

Euskadi boosts its economy with record tax collection

Euskadi tax collection

Mairenis Gomez

January 29, 2024 | 9:21 a.m.

Tax collection reaches historic figures

El notable increase in tax collection in Euskadi during the last year has marked a historic milestone, exceeding the expectations of the tax authorities. This growth reflects a robust economy and an efficient tax system that contributes to the development of the region. Let's break down these numbers to better understand their impact on the community and the Basque economy.

The context of collection: an encouraging outlook

El 2023 closed with tax collection in the three Basque estates that reached 18.212 million euros, exceeding the forecast of the Basque Finance Council (CVF) by 100 million. This increase of 6,3% compared to 2022 is a clear indication of economic growth in Euskadi. The projection for 2024 anticipates even more income, estimating close to 19.000 million euros distributed between Araba, Bizkaia and Gipuzkoa.

Breakdown by territory: differentiated growth

En Bizkaia, an increase of 6,9% in collection was recorded, reaching a record figure of 9.411 million euros. This territory experienced notable growth in direct taxes, with an increase of 11,4%. On the other hand, Gipuzkoa also showed a significant increase in its collection, with 6,5% more than the previous year, thanks largely to direct taxes. In Araba, although growth was more moderate, at 4,1%, it reflects a positive trend in tax collection.

Impact on the economy and labor market

Furthermore, this increase in tax collection is not just a number on a balance sheet. Reflects a vibrant economy and booming job market. The increase in withholdings from work income, for example, is a clear indicator of the good moment that the labor market is experiencing in Euskadi. This type of economic growth translates into more opportunities for citizens and a greater ability to finance public projects that benefit the entire community.

Direct taxes: the engine of growth

Direct taxes, especially personal income tax, have played a crucial role in this increase in revenue. In Bizkaia, for example, personal income tax grew by 8,1%, adding 3.640 million euros to the collection. This growth is an indicator of higher income for citizens and, therefore, a stronger and more stable economy.

Euskadi tax collection
2023 closed with tax collection in the three Basque estates that reached 18.212 million euros,

Future perspectives: towards sustainable development

Looking towards the future, these results are an encouraging sign for Euskadi. A solid and efficient tax system is essential for the sustainable development of any society. The revenue collected allows investment in infrastructure, education, health and other essential services, thus improving the quality of life of all citizens. Furthermore, these numbers are a reflection of taxpayers' confidence in the tax system and the institutions that manage it.

Undoubtedly, The significant increase in tax collection in Euskadi is positive news that reflects the good economic moment of the region. This growth not only benefits public coffers, but is an indicator of a prosperous and developing society.

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