In this technical document, the Independent Authority for Fiscal Responsibility (AIReF) updates its analysis of the main factors that have affected tax revenue variations in recent years. This update incorporates the most recent data available and the methodological improvements implemented in its estimation procedures with respect to those of the previous document, published in June 2023.
Since the pandemic, tax revenues have presented a singular evolution, affected by high uncertainty associated with the reactivation of economic activity, inflation and the multiplicity of fiscal measures adopted to counteract its effects. After the fall in 2020, the common feature has been their extraordinary dynamism, with double-digit revenue growth rates in 2021 and 2022 and 6.4% in 2023.
