June 22th, 2024 | 5:55

Bizkaia

Bizkaia Treasury: Fiscal power with a 16,6% growth in collection in the first four-month period

Miguel Castillo

May 17, 2023 | 9:30 p.m.

The tax landscape of Bizkaia shines with a special brilliance in the economy of the Basque Country. The Provincial Treasury has experienced a spectacular growth in its collection during the first quarter of this year, marking an increase of 16,6% compared to the same period of the previous year. This increase, which represents income of 3.618,7 millones de euros, places Bizkaia in a prominent position within the Basque tax field.

Impressive Increase in Direct Taxation

The Bizkaia Treasury has managed to collect a sum of 1.751,6 millones de euros through direct taxation. This achievement represents a notable increase in the 23,4%. Among the main sources of this increase, the IRPF stands out, which experienced a growth of 15,7%, and Corporate Tax, which skyrocketed with an increase of 51,4%.

Corporate Tax, a Rising Star

The most gratifying surprise has been provided by the Corporate Tax, which recorded astonishing growth in 51,4%. This spectacular increase underlines the growing contribution of companies to the economy of Bizkaia, which reinforces their crucial role in the economic development of the region.

Moderate Increase in Indirect Taxes

Regarding indirect taxes, Bizkaia has collected 1.661,5 millones de euros, which represents a moderate increase in the 2,5% compared to the first quarter of the previous year. VAT and Excise Tax on manufacturing were the main contributors to this increase, with growth of 7,6% and the 1,5%respectively.

VAT, a solid numbers

VAT continues to be a strong pillar in the collection of indirect taxes, with growth of 7,6%. This increase reflects a recovering economy, with rising consumption that contributes to Bizkaia's fiscal coffers.

In summary, Bizkaia is consolidating itself as a fiscal engine in the economy of the Basque Country. With these results, the region demonstrates its strength and resilience, despite the economic and fiscal challenges it has faced in recent years.

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