In a news release published on 12 November 2024, the Verohallinto reported on the development of tax revenues collected in January–October 2024. During the first ten months of 2024, the Tax Administration collected a total of EUR 68.252 billion in taxes. The figures exclude taxes collected by other authorities, such as vehicle tax collected by Traficom, as well as tax-like charges including unemployment and pension insurance contributions.
Tax revenues collected by the Tax Administration are distributed to the state, municipalities, parishes and the Social Insurance Institution (Kela). From a VAT perspective, value added tax revenue amounted to EUR 17.755 billion, representing an increase of EUR 77 million (+0.4%) compared with the corresponding period in 2023. VAT revenue growth during the period was therefore relatively modest. By comparison, personal income tax revenue totalled EUR 31.348 billion, an increase of EUR 709 million (+2.3%) year on year.
The most significant component of income tax revenue, payroll withholding on wages, pensions and taxable benefits, amounted to EUR 29.945 billion, up EUR 1.328 billion (+4.6%). Corporate income tax revenue for January–October 2024 amounted to EUR 6.216 billion, which was EUR 79 million (-1.3%) lower than in the same period of the previous year.
The figures indicate that VAT revenue growth lagged behind personal income tax growth in 2024. While the Tax Administration did not attribute the development to specific causes, VAT revenue trends are generally influenced by consumption patterns, price developments and compliance.
