According to government forecasts included in OE2024, government tax revenues are expected to increase by 4.8% in 2024 to a record €60.13 billion, with growth coming mainly from indirect taxes.
This value represents an increase of €2.748 billion over this year’s revenue forecast, given that, with the exception of the IRS, all taxes (direct and indirect) contribute to tax revenue growth next year.
According to information in the report accompanying the draft state budget 2024 (OE2024), the contribution to the increase in state tax revenues, which will exceed the threshold of 60 billion euros for the first time, will be provided by indirect taxes, revenues from which are estimated to increase by 8. 9% compared to 2023, and also (though less significantly) from direct taxes (IRS and IRC), which are expected to increase by 0.1%.
The increase in tax revenues by 4.9% “is due to both an increase in direct taxes +14.6 million euros and indirect taxes +2734.3 million euros, of which value added tax contributed 1906.9 million euros to the growth of state tax revenues , which is about 69% of the total volume,” the document emphasizes.
In total for the year, the IRS is expected to bring in 18.07 billion euros (lower than 18.15 billion euros expected this year), with such dynamics being driven by measures to reduce the tax burden on family incomes by updating levels, reducing rates. , strengthening IRS Jovem and extending the minimum existence.
In total, these changes will remove about 1.3 billion euros from IRS revenues in 2024 (more than double the projected 525 million euros).
In exchange for the decline in earnings, the IRS’s momentum will be aided by “a positive evolution in the labor market, with expected employment growth of 0.3% and wages of 4.9%.
In terms of indirect taxes, the 8.9% year-on-year increase in revenue is justified by positive performance across all taxes, with forecasts indicating double-digit increases in revenue from some of these taxes, such as the tobacco tax (Tax). ), Alcohol and Spirits Tax (IABA), Petroleum Products Tax (ISP) or IUC, in addition to the increase in car tax until 2007.
Author: Lusa
Source: CM Jornal
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