People at the Tax Agency office in Palma. | PERE BOTA

The Tax Agency reports that by the end of July it had received 7,702 million euros tax revenue in respect of 2018 declarations, an increase of 15.6%. In the Balearics there was a rise of 15.2%, the third highest in the country and tied with Valencia. In Madrid there was a 17% rise and in Catalonia 16%.

All regions of the country recorded increases in tax revenue, albeit that these were significantly lower in certain instances, e.g. Murcia (4.3%) and Extremadura with 5.5%.

The agency points to "exceptional growth" in asset earnings and the impact of advisory campaigns directed at taxpayers as reasons for the higher revenues. For some years, the agency has been urging taxpayers to declare earnings that it believed were not being declared.

For 2018 declarations, the agency notified 60,000 taxpayers in the Balearics that they should declare all sources of income, advising them of the new information available to it through the Common Reporting Standard. There has been an increase from 51 to 120 in the number of countries from which data are available; Andorra and Switzerland are among them.

As a consequence there has been a significant rise in information related to, for example, bonds ad shares as well as to bank accounts.