DREM releases Tax Revenue Statistics for 2006-2019

The Regional Directorate of Statistics of Madeira (DREM) releases today a time series on Tax Revenue Statistics for the 2006-2019 period. The data for 2018 and 2019 are provisory and preliminary, respectively.

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 2016 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 revenue of the Regional Administration of Madeira. These values are presented on 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) revenue derives from the application of a formula (order 77-A/2014 of March 31st) and not from the effective collection of this tax. This case is also common to other taxes of lesser importance.

In 2019, the tax revenue of the Region increased by 1.6%

According to the preliminary data of 2019, the tax and social contributions revenue of the Region, on an accrual basis, topped 945.6 million euros, up by 1.6% from the preceding year. That value is a maximum for the 2006-2019 period.

The individual income tax (IRS) stood at 225.8 million euros, decreasing by 0.8% from 2018. This tax represents 63.8% of the total direct taxes revenue of the Regional Administration of Madeira.

In 2019, the corporate income tax (IRC) was 126.9 million euros, which represents a 1.8% increase from 2018. IRC has had an irregular behavior throughout the 2006-2019 periods.

The Value Added Tax (VAT) was the tax that generated more revenue to the Autonomous Region of Madeira - 430.3 million euros (up by 3.7% from 2018) - representing 72.7% of the indirect tax revenue of 2019.

Regarding other taxes, the revenue from the tax on oil and energetic products (ISP) stood at 58.3 million euros (down by 7.4% from the previous year); the revenue from excise duties on tobacco (IT) was 36.2 million euros, 3.7% above 2018; the stamp taxes revenue (IS) of 2019 stood at 22.8 million euros, a 5.0% growth compared to the previous year; the tax on motor vehicle sales (ISV) dropped by 11.8% to 8.9 million euros, while the excise duties on ethyl alcohol and alcoholic beverages (IABA) was 8.4 million euros, down by 0.2% from the previous year.

For more information, please click on: