The companies of the Ibex 35 increased in 2025 the taxes borne by 12% compared to the previous year, according to the total tax contribution reports that PwC has prepared for both years.
This increase consolidates the path of rising direct tax burden of the large listed Spanish companies, in a scenario of improved results and regulatory changes that intensify taxation on corporate profits and employment.
The most relevant item within the borne taxes continued to be the corresponding to taxes on profits, which in 2025 reached 7.877 billion euros and accounted for 35% of the total, compared to the 29% they represented in 2024.
According to PwC, for every 100 euros of profit before taxes, the companies of the index now pay 45 euros in borne taxes, compared to 39 euros for every 100 euros recorded in 2024, which highlights a notable increase in the effective tax pressure on the large listed companies.
PwC emphasizes that the growth of this category responds to the positive evolution of profits and to the incorporation of the tax on interest margin and commissions (IMIC), classified as a tax on profits, which replaces temporary levies applied in 2023 and 2024.
The net payment for Corporate Tax made in Spain by the companies of the Ibex 35 last year amounts to 16% of the profit obtained in the country in that year, a percentage higher than that of 2024.
In parallel, employment-related taxes increased by around 12% in 2025, in line with the increase in the average cost per employee and with the generation of new jobs linked to the Ibex 35.
In 2024, social security contributions were already among the most significant items within the borne taxes and in 2025 they reinforce that role, in line with the rise in salaries and contribution bases.
The third major category consists of taxes on products and services, which in 2024 had already recorded an advance of 11.2% compared to 2023 and maintained their growth trajectory in 2025, driven by the evolution of net VAT and certain excise taxes.
At the same time, environmental taxes regain prominence in 2025 after the regulatory and jurisprudential changes that affected the tax on the value of electricity production and other green taxes in previous years.
In total, the total tax contribution of the Ibex 35 -which includes taxes borne and collected- increased by 7%, rising from 59.562 million euros in 2024 to 63.843 million euros in 2025, reaching the highest level in the last seven years.