After calculated the numbers of tax revenue for the first six months of the year, taxpayers will be able to access the Portal of Finance the evolution of VAT and IRS revenue, and make a simulation of possible IRS surcharge repayment in 2016, if revenue growth of those two taxes will remain at the current rate until December.
The simulator was launched on Friday in the Tax and Customs Authority website (AT). If a taxpayer authenticate to the Portal of Finance, can compare the growth target of VAT receipts and the IRS (3.7%) with the accumulated variation by June (which is to be better than projected, staying in 4, 2%).
The objective is to calculate what the actual surcharge “on the assumption [of] the total amount of the withholding tax surcharge of 2015 at national level remains the same as in 2014″. If so, it calculates the AT, in 2016 there will be a return of 19% of personal income tax surcharge of value that is to be paid this year. This would correspond to an effective surcharge of 2.8%, instead of the current 3.5%, equivalent to a refund in excess of 100 million.
In the State Budget for 2015, the Government included a standard predicting that there surcharge return if revenues added from VAT and IRS remain above the target, and the refund calculated according to the value that exceed the target. Therefore, it is necessary that the revenue from these two taxes reach the 27,658,800,000 euros. In the first six months of the year were collected 12,779,400,000 euros, missing more than 14,879,800,000 to be refund.
VAT offsets drop in IRS
I must, however, look carefully at the numbers. The final figures will only be determined when in January next year the final values of budget execution are known.
There is another variable to consider, but that is not visible in the revenue figures published in Portal of Finance. In the first half of the year, there was a significant fall in VAT refunds enterprises, 10.9% compared to last year, implying an increase in revenue in net terms than the values recorded in gross terms.
The Technical Unit of Budget Support (UTAO) has warned about this impact, noting that the new repayments of validation rules may be delaying the issue of repayments. And when they are “the difficulties overcome, it is assumed that VAT refunds could accelerate in the coming months, approaching the values recorded in previous years, such as has already occurred in the months of April and May,” the UTAO the analysis the data of budget execution May.
It is the amount collected to the VAT which is to allow the accumulated revenue that account for the surcharge is higher than expected. The amount achieved by the tax value added – 7306200000 before June, an increase of 8%, up from 4.9% projected – is to offset the IRS performance, which is in slight decline, unlike the trend planned by the Government for the whole year. To state coffers entered by June 5.4732 billion euros, 0.4% less than in the same period, when the annual forecast is that the IRS revenue grow 2.4%.
The Secretary of State for Fiscal Affairs, Paul Nuncio, leaves a caveat. “It is important to be clear on this matter: the surcharge of the tax credit can only be determined accurately the December 31, 2015, so until then, we are always talking about estimates that, of course, will vary throughout the year” .
Custom Simulation
Each taxpayer will be able to test two types of custom simulations. At first simulator, one can make a calculation taking into account the tax return in 2014 and assuming the person’s income and the taxation system in 2015 are equal to 2014. Here, AT indicates how much the taxpayer pays surcharge currently calculates the tax credit and indicates the actual amount of the surcharge, after subtracting that amount.
The Finance developed a second simulator for situations where 2015 earnings are different from the values and the fiscal situation last year. This simulator serves those who have income from employment, pensions or business and professional income. The taxpayer has to indicate marital status, number of dependents and the gross monthly income.
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