In the first half of 2026, Spain – among the countries considered by the Ministry of Economy and Finance’s International Tax Revenue Bulletin – recorded the sharpest increase in tax revenue compared to the same period last year, with a growth of 10.4 percent. The performances of the other European countries involved in the study, based on data published monthly on the websites of the competent administrations, were also positive. Following Spain is the United Kingdom, which recorded an 8.4 percent increase in revenue. In third place, significantly behind the first two positions, is France (+3.2%), followed by Italy (+2.1%), Portugal (+1.9%), and Ireland (+1.2%). At the bottom of the ranking is Germany, which achieved an increase of 0.8 percent. The report also shows a generalized growth in VAT revenue for all the countries analyzed.
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Italy and the energy cost crisis
Italy therefore ranks fourth in the ranking. According to the report, the gap from the results achieved by Madrid, London, and Paris is mainly due to the measures adopted by the government to curb the effects of the energy cost crisis. Among indirect taxes, in fact, while VAT revenues (+3.7%), registration tax (+1.8%), and stamp duty (+5.2%) increase, those from the excise on electricity (-14.9%) and excise on mineral oils (-9.5%) decrease. This dynamic – the study reads – is attributable to the “regulatory interventions adopted to counter the increase in energy costs.”
Among direct taxes, on the other hand, both revenues from personal income tax (+2.1%) and corporate income tax (+4.1%) increase. The overall year-on-year growth of 2.1% recorded in Italy is indeed the result of the combination of the trend in direct taxes (+1.4%) and indirect taxes (+3.0%).
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The top of the ranking
In Spain, the improvement in year-on-year variation rates compared to 2025 is driven by the double-digit growth of revenue from direct taxes (+14.8%). Revenues from indirect taxes also grow, albeit more moderately (+5.8%). The 80.2% increase in corporate tax revenue is partly offset by the sharp decline in electricity tax (-30%). The VAT result is positive (+8.4%). In the United Kingdom, direct taxes also lead growth, recording +12.8%, against a 2.9% increase in revenue from indirect taxes. And here too, revenues from value-added tax rise (+3.9%).
In France, among direct taxes, both income tax revenue (+2.6%) and corporate tax revenue (+0.2%) increase. According to the report, the positive performance of French tax revenues is partly attributed to the benefits contained in the latest tax reforms, especially in the 2025 and 2026 Budget Laws, “inspired by redistribution and taxes on large companies and wealth.”
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