Ibex 35 companies paid 12% more in taxes in 2025, according to a report by PwC. The increase is due to the growth in profits and the introduction of the new tax on interest margins and commissions.
Last year, Ibex 35 companies paid €7.877 billion in corporate taxes, representing 35% of their total direct tax bill. In 2024, that proportion was 29%, according to tax contribution reports prepared by PwC.
For every €100 of profit before tax, large Spanish listed companies now pay €45 in taxes, compared to €39 in the previous year. This increase reflects a greater effective tax burden across the index.
The consultancy notes that the increase is explained by the strong performance of corporate results and the entry into force of the Tax on Interest Margins and Commissions (IMIC), which has replaced the temporary levies applied in 2023 and 2024.
The net payment for Corporate Tax in Spain amounts to 16% of the profit earned in the country, a percentage higher than that recorded in the previous year.
Employment-related taxes also grew by around 12%, driven by the rise in average costs per worker and job creation in Ibex companies. Social Security contributions have become one of the most significant items within the taxes paid, bolstered by the increase in salaries and contribution bases.
The third major category, taxes on products and services, continued its growth trajectory, supported by the performance of net VAT and certain excise taxes. In 2024, they had already risen by 11.2% and continued to increase in 2025.
Environmental taxes regained significance following regulatory and jurisprudential changes affecting the tax on the value of electricity production and other green taxes in previous years.
Overall, the total tax contribution of the Ibex 35 — which includes both taxes paid and collected — grew by 7%, reaching €63.843 billion, the highest level in the last seven years. In 2024, it was €59.562 billion.
For investors, this data indicates that the profitability of large listed companies is increasingly conditioned by the tax burden. The increase in the effective rate reduces the net profit available for dividends or reinvestment, and this trend could intensify if profits continue to rise and tax regulations remain unchanged.
The PwC report covers all companies that were part of the Ibex 35 during 2025 and employs the total tax contribution methodology, which measures both the taxes that companies bear and those they collect from third parties.
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