Emergency and temporary taxes for banking and energy companies in Spain will focus on interest and commission income in the case of banks and on sales in the energy sector, according to a proposal submitted to the Spanish Parliament this Thursday.
The Spanish government wants to apply a tax of 4.8% to banks on the profits they have with the interest and fees they charge customers in 2022 and 2023, in line with a legislative initiative, a joint proposal by the parties that make up the coalition of the left in executive branch (Socialist Party and Unidas Podemos).
The tax will apply, if the proposal is approved at the time of its submission to Parliament, to banks with interest and commission income of at least €800 million in 2019, the fiscal year chosen as it is the last without disruption due to the covid-19.19 pandemic.
Only profits derived from activities in Spain will be taxed, so interest and commission income from affiliates abroad are excluded.
This profit is the result of the difference between the interest and fees that banks charge customers and those they pay.
In the case of energy companies (oil, electricity and gas), the Spanish government proposes a tax of 1.2% on turnover in 2022 and 2023.
The tax will apply to companies whose main activity is energy and whose turnover in 2019 exceeded one billion euros.
Sales outside of Spain are also excluded.
The proposal now known explicitly states that none of the companies that are subject to these taxes will be able to pass on the cost of new fees to consumers, providing for mechanisms of control and sanctions in case of violation.
Spanish Prime Minister Pedro Sanchez has already announced in recent weeks that he intends to impose these taxes on banks and companies in the energy sector, as the government believes that extraordinary benefits from inflation and rising interest rates are at stake. rates, arguing that there must be social justice in sharing the costs of the crisis caused by the pandemic and the war in Ukraine.
The Spanish government expects €3,500 million in annual revenue from these taxes, with banks contributing €1,500 million and energy companies €2 billion.
According to the Spanish press, about 20 companies from both sectors will have to pay these emergency taxes.
The chief executive said the proceeds will be used to fund the measures he has taken since the outbreak of the war in Ukraine on Feb. 24 to try to reduce the impact of inflation on the economy and household incomes.
Among these measures are discounts on the purchase of fuel and passes for public transport, checks for 200 euros for those with lower incomes, higher pensions or a reduction in VAT on electricity.
The proposal must be approved in the Spanish parliament, where the socialists and the left-wing platform Unidas Podemos do not have an absolute majority, but where they enjoy the support of deputies associated, in particular, with Basque and Catalan nationalists. make proposals viable.
The government will meet on Friday with representatives of banks and energy companies, which have already criticized the announced new taxes.
Author: Lusa
Source: CM Jornal
