## Spain: Selected Issues

_IMF Staff Country Reports, June 6, 2024_

## Source details

**Canonical URL:** [Spain: Selected Issues](https://www.imf.org/en/publications/cr/issues/2024/06/06/spain-selected-issues-549924)

## Other formats

- [Markdown version](/en/publications/cr/issues/2024/06/06/spain-selected-issues-549924/index.md)
- [Structured JSON version](/en/publications/cr/issues/2024/06/06/spain-selected-issues-549924/index.json)
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## Bibliographic details
- Published: June 6, 2024
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400277870.002

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### Summary of scope and approach
- Focus: dissecting Spain’s soaring tax revenues and their implications for projections.
- Methodology: combines an econometric approach based on historical time series with a more detailed analysis of relevant developments for each tax over the post-Coronavirus disease period.

### Main empirical findings
- Several factors contributed to the 2020–2023 revenue boom, including large employment gains and the so-called fiscal drag, among others.
- The revenue boom closed almost half of Spain’s revenues-to-gross domestic product gap relative to peer countries—from 7.1 percentage points in 2019 to 4 in 2023.

### Policy implications and recommendations
- Given the need for sizeable and sustained fiscal consolidation to rebuild fiscal buffers and set debt on a downward trajectory, continued efforts to boost revenues will be needed.
- Reforms of the tax system in areas not considered in this paper, such as environmental taxation, could raise additional resources while addressing externalities and supporting the green transition.

### Thematic tags and covered topics
- Employment; Export performance; International organization; International trade; Labor; Monetary policy; Personal income tax; Service exports; Taxes; Value-added tax (VAT)
- Keywords highlighted in the paper include: Employment, Europe, Export performance, Global, labor productivity growth factor, Non-tourism services productivity growth, Personal income tax, PIT revenue boom, product market regulation, Service exports, Value-added tax, VAT revenue

*Source: Spain: Selected Issues, IMF Staff Country Reports 2024, 153 (June 6, 2024).*

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## Content in this bundle

- **Spain: Selected Issues; IMF Country Report No. 24/153; May 15, 2024**
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  - [Spain: Selected Issues; IMF Country Report No. 24/153; May 15, 2024 (PDF)](/-/media/files/publications/cr/2024/english/1espea2024002.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/cr/issues/2024/06/06/spain-selected-issues-549924_