“Tax and contribution revenues in the first ten months of 2023 show overall growth of 28.041 million euros (+4,4 percent) compared to the same period of the previous year. The observed dynamic is the result of the positive change in tax revenues (+23.596 million euros, +5,6 percent) and the growth, in cash terms, of contribution revenues (+4.445 million euros, +2,1 percent hundred)".
This is what we read in the latest monthly report on the trend of tax and social security revenues, drawn up by the Department of Finance and the Department of General Accounting of the State.
“Tax revenues (1) in the period January-October increased by 23.596 million euros (+5,6 percent) compared to the same period in 2022. The revenue from taxes accounted for in the state budget grew by 23.798 million euros (+ 5,8 percent). Collections from assessment and control activities decreased slightly (-11 million euros, -0,1 percent). The growth is also significant for the revenues of local authorities (+2.236 million euros, +5,0 percent). Corrective items – which reduce state budget revenues – are increasing by 2.427 million euros compared to the same period in 2022 (6,0 percent)”, adds the report.
“In the first ten months of 2023, state tax revenues, ascertained on the basis of the legal competence criterion, amount to 434.655 million euros (+23.798 million euros, +5,8 percent). Revenues relating to direct taxes amounted to 244.852 million euros (+17.870 million euros, +7,9 percent); those relating to indirect taxes amounted to 189.803 million euros (+5.928 million euros, +3,2 percent). Among the revenues deriving from direct taxes, IRPEF revenue stood at 179.904 million euros (+13.626 million euros, +8,2 percent) mainly due to the increase in employee withholdings (+12.457 million euros , +8,4 percent) and the self-liquidation component (+1.336 million euros, +9,3 percent). IRES amounted to 31.661 million euros (+4.294 million euros, +15,7 percent). Positive are the trends in withholdings on profits distributed by legal entities (+1.597 million euros, +49,8 percent), in the substitute tax on the revaluation of severance pay and on the returns of pension funds (+597 million euros) and of the substitute tax on income and on withholdings on interest and other capital income (+723 million euros, +9,1 percent). The revenue from the substitute tax on capital income and capital gains is decreasing due to the result recorded in February on managed savings resulting from the heavy market declines, concentrated above all in the first half of 2022 (-2.287 million euros, -77,7 per hundred). The revenue from the substitute tax on the active value of pension funds is also decreasing due to the sharp contraction in returns recorded in 2022 (-1.931 million euros, -93,7 percent). Among indirect taxes, VAT revenues amount to 131.845 million euros (+2.242 million euros, +1,7 percent): 116.091 million euros (+5.532 million euros, +5,0 percent) derive from the component relating to internal trade; 15.754 million euros (-3.290 million euros, -17,3 percent) from the levy on imports. Stamp duty revenue is decreasing (-779 million euros, -12,3 percent). In
increase in the revenue from the excise duty on energy products, their derivatives and similar products (mineral oils) (+5.261 million euros, +36,0 percent) which compares with a 2022 revenue level which incorporated the effects of the reduction of excise duty rates set to contain energy costs. Revenue from lotteries and other gaming activities amounted to €5.703 million, an increase of €256 million (+4,7 per cent)“, the report further highlights.
(1) Nota bene: from 2023 some changes have been introduced to the classification criteria between tax revenue and non-tax revenue. In particular the chapter relating to the game of lotto which until 2022 had been classified among tax revenues, in 2023 is brought back to non-tax revenues. On the contrary, the income relating to the withholding tax on game winnings lotto which, until 2022 were classified as non-tax, from 2023 are attributed to tax revenue. The data presented in this Report has been adjusted for comparisons between 2022 and 2023.
