Un total de 101,839 taxpayers from Balears saved 32.33 million euros thanks to regional tax deductions in the latest income tax return. This figure represents a 90.3% increase compared to the previous year, when the deductions amounted to 17 million euros. The Minister of Economy, Finance, and Innovation, Antoni Costa, celebrated that, for the first time, more than 100,000 people have been able to benefit from these deductions. The number of beneficiaries has increased by 58.1%, with 37,426 more individuals compared to the previous year. Additionally, the average savings per taxpayer has risen by 20.1%, from 264 euros to 317 euros.

Minister of Economy, Finance, and Innovation, Antoni Costa (left), along with the tax administrator of the Tax Agency of the Balearic Islands (ATIB), Alberto Roibal. Photo: CAIB.

Costa explained that the last income tax campaign for the year 2023 has been the one with “more deductions, more savings, and more beneficiaries” in history. The minister emphasised that these results demonstrate the Government of the Balearic Islands’ commitment to its citizens, as they have managed to improve the deductions and increase the positive impact on families.

Impact of the main regional tax deductions created or improved in 2023:

  • New deduction for childbirth:
    • 5,517 taxpayers applied this deduction.
    • Total savings: 2.8 million euros (507 euros on average per taxpayer).
  • Deduction for adoption:
    • 18 taxpayers benefited from this deduction.
    • Total savings: 11,100 euros (617 euros on average per taxpayer).
  • Deduction for the purchase of textbooks:
    • 34.1% increase, rising from 4.4 million to 5.9 million euros.
    • Average savings per taxpayer: 157 euros (+2.61%).
    • 37,689 beneficiaries, a 30.3% increase from the previous year.
  • Deduction for expenses related to the care of children under 6 years old:
    • 30.76% increase, rising from 2.6 million to 3.4 million euros.
    • Average savings per taxpayer: 315 euros (+3.61%).
    • 10,919 beneficiaries, an increase of 28.61%.
  • Deduction for higher education studies outside the island of residence:
    • Total savings: 3.2 million euros (39.13% increase compared to the previous year).
    • Average savings: 776 euros (+25 euros).
    • 4,188 beneficiaries, an increase of 34.7%.
  • Deduction for rental of the primary residence:
    • 210% increase, reaching 9.3 million euros.
    • Average savings: 553 euros (+32.61%).
    • 16,803 beneficiaries, a growth of 127.74%.
  • Deduction for increased interest rates on variable mortgages:
    • Total savings: 1.8 million euros (+414.28%).
    • Average savings per taxpayer: nearly 400 euros (+111.76%).
    • 4,562 beneficiaries, an increase of 142.78%.