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DREM releases Tax Revenue Statistics for 2006-2017

The Regional Directorate of Statistics of Madeira (DREM) releases today, a time series on Tax Revenue Statistics for the 2006-2017 period. The data for 2016 are provisory and for 2017 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 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) 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 2017, the tax and social contributions revenue of the Region decreased by 10.4%

According to the preliminary data of 2017, the tax and social contributions revenue of the Region, on an accrual basis, ascended to 824.0 million euros, down by 10.4% from the preceding year.

The individual income tax (IRS) stood at 219.4 million euros, dropping by 1.0% from 2016. This tax represents 72.9% of the total direct taxes revenue of the Regional Administration of Madeira (RAM).

In 2017, the corporate income tax (IRC) was 77.0 million euros, a 54.9% decrease from 2016, due to the exit of important enterprises that contributed to the revenue of this tax. IRC has had an irregular behaviour throughout the 2006-2017 period.

The Value Added Tax (VAT) was the tax that generated more revenue to the Autonomous Region of Madeira - 374.2 million euros (2.3% below 2016) - representing 71.5% of the indirect tax revenue of 2017.

Regarding other taxes, the revenue from the tax on oil and energetic products (ISP) stood at 63.1 million euros (up by 2.6% from the previous year); the revenue from excise duties on tobacco (IT) was 40.3 million euros, 7.0% above 2016; the stamp taxes revenue (IS) of 2017 stood at 17.8 million euros, a 10.6% growth compared to the previous year; the excise duties on ethyl alcohol and alcoholic beverages (IABA) was 8.1 million euros, up by 18.7% from the previous year, while the tax on motor vehicle sales (ISV) topped 10.3 million euros (+11.5% over 2016).

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