Lisbon, Aug. 29, 2025 (Lusa) - State tax revenue totalled €35.55 billion up to July, an increase of €2.126 billion (6.4%) compared to the same period last year, the Budget Authority said on Friday.

"In July 2025, the accumulated tax revenue of the State sub-sector totalled €35.55 billion," revealed the budget execution summary released today.

This figure represents an increase of €2.126 billion or 6.4% compared to the same period last year.

On the direct tax side, there was an increase of €501.4 million (+3.2%), primarily due to the growth in net revenue from Personal Income Tax (IRS), which rose by 14.4%.

In turn, net revenue from Corporate Income Tax (IRC) fell by €670.1 million or 9.6 per cent compared to the same period last year.

This evolution takes into account the increase in refunds of €172.9 million (38.4%) and the reduction in self-assessment payments.

In indirect taxes, there was an increase of €1.625 billion (9.1%) compared to the same period last year, primarily due to the performance of net revenue from VAT (Value Added Tax), which was €1.206 billion.

Also noteworthy was the 11.6% increase in net revenue from the Petroleum Products Tax (ISP) and the 18% increase in Tobacco Tax compared to the same period in the previous year.

Without the effect of the VAT payment extension, revenue from these taxes is up 9.4% compared to 2024.

"Thus, excluding this effect and the payment of deferred CIT taxes in February 2024 (€117 million), tax revenue grew by 6.1% year-on-year (€2.044 billion)," he said.

PE/ADB // ADB.

Lusa