DREM releases Tax Revenue Statistics for the first time

The Regional Directorate of Statistics of Madeira (DREM) releases today, for the first time, a time series on Tax Revenue Statistics for the 2006-2016 period. The data for 2015 are provisory and for 2016 preliminary.

This series was produced by Statistics Portugal (INE) during the compilation of the national Tax Revenue Statistics and it is consistent with the base year 2011 of the Portuguese National Accounts. The terminology adopted, assumes the conceptual framework of the European System of National and Regional Accounts (ESA2010).

Most of the information was provided by the Regional Directorate for Budget and Treasury to DREM in the scope of the Quarterly and Annual Public Administration Statistics (and also of the Excessive Deficit Procedure), complemented with other data gathered by Statistics Portugal from the Central Government.

These data refer to taxes that constitute a revenue of the Regional Administration of Madeira. These values are presented in an accrual basis, and consequently differ from the data released in the Annual Account of the Autonomous Region of Madeira.

However, it must be stressed that this information does not allow the determination of the “tax burden”. There are taxes and social contributions which are a revenue of other Government Sectors, namely of the Local and Central Administrations. Besides, the Value Added Tax (VAT) that constitutes a revenue of the Regional Administration of Madeira derives from the application of a formula (order 77-A/2014 of March 31st) and not from the effective collection of the VAT.

In 2016, the tax and social contributions revenue of the Region increased by 2.3%

According to the preliminary data of 2016, the tax and social contributions revenue of the Region, in an accrual basis, ascended to 920.1 million euros, up by 2.3% from the preceding year.

The individual income tax (IRS) stood at 221.8 million euros, dropping by 6.7% from 2015. This tax represents 55.8% of the total direct taxes revenue of the Regional Administration of Madeira (RAM).

In 2016, the corporate income tax (IRC) was 171.0 million euros, a 4.7% increase from 2015. This tax has had an irregular behaviour throughout the 2006-2016 period.

The value added tax (VAT) was the one that generated more revenue to the RAM - 383.1 million euros (a 8.7% growth from 2015) - representing 73.3% of the indirect tax revenue of 2016.

Regarding other taxes, the revenue from the tax on oil and energetic products (ISP) stood at 61.5 million euros (+5.5% that in the previous year); the revenue from excise duties on tobacco (IT) was 37.7 million euros, 3.3% above 2015; the stamp taxes revenue (IS) of 2016 stood at 16.1 million euros, 12.3% below the previous year; the excise duties on ethyl alcohol and alcoholic beverages (IABA) was 6.9 million euros, up by 5.2% from the previous year, while the tax on motor vehicle sales (ISV) topped 9.3 million euros (+49.3% over 2015).

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