The Basque Haciendas closed 2018 with a record, reaching 15,000 million


Economy

2018 data

AGENCIES | DRAFTING

Bizkaia raised a total of 7,740 million euros, Gipuzkoa 4,837.4 million and Álava 2,404.

Basque haciendas closed 2018 with a new collection record upon entering 14,982 euros, 3.5% more than last year -when there was already a historical maximum- and also above the money calculated by the Basque Council of Finance just three months ago

The Provincial Treasury of Bizkaia raised in 2018 a total of 7,740 million euros, what supposes an increase of 3.2% compared to the previous year.

As reported by regional sources, the final collection for 2018 also exceeds the budget forecast by 314.7 million euros (7,425.3 million) and the closing estimate made at the last Basque Council of Finances of October 11 (7,591.0 million).

The same sources have indicated that, among others, income taxes (3.2%) and corporate taxes (40.1%) registered notable growth “as a reflection of the improvement in employment, consumption and economic activity in the territory”.

Specifically, direct taxation, which includes, among others, income and corporate taxes, amounted to 3,860.7 million euros, with a growth of 9.9% compared to 2017.

Indirect taxation, including VAT and Special Taxes, accumulated 3,071.4 million euros, which represents an increase of 6%.

Gipuzkoa achieves another “record” of collection of 4,837.4 million

The Gipuzkoa Treasury collected in 2018 a total of 4,837.4 million euros, what supposes an increase of 3.6% compared to the previous year and a “record” figure for the second consecutive year in this territory.

The provincial deputy for Finance and Finance, Jabier Larrañaga, has described the exercise as “exceptional”, in which the rise is reflected in practically all taxes, with special incidence on direct taxes managed by the Provincial Council.

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Larrañaga recalled this Monday in a statement that 2017 was an “atypical” year due to the extraordinary resources obtained as a result of the resolution of the conflict around the Quota and has congratulated that in 2018 it was even possible to improve the collection figure .

For taxes, in income tax, the Gipuzkoa Treasury collected an additional 83.7 million euros (+ 5.5%) from work income. Withholdings on capital gains grew by 10.9 million (+27.4%), while those on movable and real estate capital increased by 4.6 million (+4.9%) and 1 million (+3.8% ), respectively.

Álava reached 2,404 million

The collection of the Provincial Treasury of Álava has managed to reach in 2018 the 2,404 million euros, which represents an increase of 4.4% (101 million) compared to the previous year. Figures that even exceed the forecasts made a year ago by 4.7 points.

If we look at each tax, the 12.6% growth in direct taxes is noteworthy. Specifically, collection from direct taxes has reached 1,158 million euros, 130 million more than in 2017. Of this figure, 74 million correspond to the increase in collection in personal income tax and 44 to that of Corporation Tax.

Not surprisingly, the improvement in economic activity and employment has led to an increase in the collection of withholdings on account of 5.5% and of payments on account made by the self-employed by 6.3%.




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George Holan

George Holan is chief editor at Plainsmen Post and has articles published in many notable publications in the last decade.

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