Increase in tax revenue thanks to VAT registration fees: the tax authorities collect an extra 23 billion
Tax revenues continue to grow, reaching EUR 380.3 billion (up EUR 23.3 billion from January-August 2023), thanks in part to the boost from self-assessment
by Marco Mobili
2' min read
2' min read
The race of tax revenues continues, reaching EUR 380.3 billion (with EUR 23.3 billion more than in the January-August 2023 period), thanks also to the boost of self-assessment, i.e. taxes paid by VAT holders. In the first eight months of the year, it was the queen of taxes that flew the most: Irpef (personal income tax) rose by EUR 10.786 billion (+7.4%), thanks mainly to the steady increase in all types of withholding taxes. Those levied on the incomes of private sector employees grew by more than 9% (+5.8 billion), just below that was the increase in withholdings on the incomes of public sector employees (+4.7 billion +8.0%), and the Irpef levies for the self-employed also grew by 9% compared to the same period last year (+805 million, +9.0%). As the Department of Finance explains in the monthly tax revenue bulletin published on Monday, 7 April on its website, the increase, above all in withholding tax for employees, was driven "by the combined effect of the increase in the number of employed persons and the increase in average wages". The Istat publication 'Employment and Unemployment' shows that the number of employed persons in Italy in August 2024 is 2.1 per cent higher than in the corresponding month of 2023.
The same upward trend emerges from the other ISTAT publication 'Collective Agreements and Contractual Remuneration', which shows that in June 2024, the latest available data, remuneration per private employee grew by 4.2 per cent per year, while that per public administration employee grew by 1.6 per cent.
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VAT payments
.Self-assessment payments, only apparently, showed a decrease of EUR 840 million (-6.8%), mainly due to the payment deadlines with surcharge and those without surcharge handled differently between 2023 and 2024 and therefore not suitable for a homogeneous comparison of data. In fact, if we look at the statistical bulletin, the self-assessment has pushed up tax revenues, confirming what has emerged in recent months, i.e. higher receipts even compared to the same forecasts made in the April Defence. And in any case, the very slight drop in Irpef was abundantly offset by the payment of the IRES advance and balance. Overall, in fact, the balance for the eight months came to 41.8 billion, an increase of 1.8 billion, or 4.6%, over the same period in 2023.
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Collections from the tax-collection scheme
There was also a good trend in the fight against tax evasion and in collections from tax rolls, also influenced by the payment of instalments under the 'rottamazione' (tax amnesty) scheme. In the first eight months of this year, tax revenues from assessment and control activities increased by EUR 2.29 billion (+31.4%), thanks mainly to controls on VAT and other indirect taxes, which secured the State almost EUR 1.5 billion (+40.5%), while the remaining EUR 848 million (+22.7%) came from the correction of unpaid direct taxes.
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