The Ministry of Economy and Finance announces that in the period January-November 2022, tax revenues ascertained on the basis of the juridical competence criterion amounted to 486.016 million euros, with an increase of 44.539 million euros compared to the same period of 2021 ( +10,1%). The significant increase in revenue recorded in the period in question is mainly influenced by three factors: by the carry-over of the positive effects on revenue that were determined starting from 2021, by the effects of Decree Law no. 34/2020 (the so-called "relaunch decree") and Legislative Decree no. 104/2020 (so-called "August decree"), which in the two-year period 2020-2021 had ordered extensions, suspensions and resumption of tax payments and, finally, by the effects of the increase in consumer prices which influenced, in particular, the growth of VAT revenue.
In November, tax revenues amounted to 69.737 million euros (+6.074 million euros, +9,5% compared to the same month of 2021). In particular, direct taxes recorded an increase in revenue of 5.485 million euros (+15,0%) and indirect taxes an increase of 589 million euros (+2,2%).
DIRECT TAXES
In the first eleven months of 2022, direct taxes showed an increase of 23.938 million euros (+9,8%).
IRPEF revenue recorded an increase of 6.576 million euros (+3,6%). In particular, withholding taxes on the income of private sector employees increased by 1.132 million euros (+1,5%) and withholding taxes for self-employed workers by 737 million euros (+6,8%) while withholding taxes on incomes of public sector employees recorded a decrease of 400 million euros (-0,6%). Payments in self-liquidation marked an increase of 4.090 million euros (+22,8%).
Significant increases in revenue were recorded for the substitute tax on investment income and capital gains (+1.340 million euros, +81,5%) due to the favorable trend of the asset management market for 2021 and the high profitability of investments. The substitute tax on the value of pension fund assets also recorded an increase (+1.047 million euros, +103,2%) attributable to the positive trend of existing positions in supplementary pension schemes at the end of 2021, compared to 2020, and to returns.
Note the increase in IRES revenue of €13.714m (+44,0%). Finally, the substitute tax on income as well as withholding taxes on interest and other capital income showed a decrease of 1.365 million euros (-14,2%) while there was an increase for withholding taxes on profits distributed by legal entities of 795 million euros (+31,3%).
INDIRECT TAXES
Indirect taxes recorded an increase in revenue of 20.601 million euros (+10,5%). VAT contributed to the positive trend, with an increase in revenue of 20.924 million euros (+16,5%), in particular the component relating to internal exchanges showed an increase of 13.757 million euros (+12,2 %), while the VAT on imports recorded an increase of 7.167 million euros (+52,1%). The latter result is linked, in large part, to the trend in the price of oil, which has increased.
Among other indirect taxes, revenues from stamp duty (+626 million euros, +9,6%) and registration taxes (+290 million euros, +6,3%) recorded positive trends, while for the tax on insurance, a negative change was reported (-9 million euros, -0,2%).
ENTER FROM GAMES
Gaming revenues showed an increase of 2.265 million euros (+20,8%).
REVENUE FROM ASSESSMENT AND CONTROL
The revenue from tax revenues deriving from assessment and control activities showed an increase of 3.697 million euros (+52,4%) of which: 2.356 million euros (+68,6%) came from direct taxes and 1.341 million euros (+37,1%) from indirect taxes. The comparison with the same period of 2021 is not homogeneous as in that year the collection activities were suspended until 31 August (Decree Law No. 73/2021, so-called "support decree-bis").
On the site of Department of Finance, the Bulletin of tax revenues is available for the period January-November 2022, accompanied by the statistical appendices, and the related Technical Note which summarizes the main contents of the document.
Tax revenue: Mef, up by 44,5 billion in the first eleven months of 2022