By the end of this period it had raised 2'083 million euros due to the economic growth, the growth in the population and greater efficiency in fraud detection, according to figures released by the Spanish Ministry for Economy and Taxation. The largest part of tax income is generated by direct taxes, which is the Spanish Ministry for Taxation's Chapter 1.
Income in this category is especially generated by income tax and business tax, together with income tax and inheritance tax for non-residents.
During 2004 these taxes brought in 1'503 million euros in the Balearics, in comparison with 730.18 million euros in 1996.
The Ministry's Chapter 2 deals with indirect taxes, especially IVA (the Spanish version of VAT).
However, it also includes the special taxes levied on alcohol, beer, fuel, tobacco, vehicle registrations and electricity.
The Tax Office in the Balearics collected 565'902 million euros for this category of tax in 2004, as opposed to the 312.51 million euros it collected in 1996. This amount, mainly generated by IVA, is only for businesses registered in the Balearics and does not include nationwide businesses who pay their taxes to Madrid. In the last category, Chapter 3, brings in less income. The Tax office collected 46'158 million euros in the category in 2004. In 1996 it was 22.76 million.
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