The sources said details are still being finalized and could change at the last moment.
On Monday, the Minister of Economic Affairs, Nadia Calviño, said that the government would start discussing the details of the tax with the banks on Friday. So far, the banks have not been informed of any details, according to banking sources.
According to the sources consulted, the tax would be “inspired” by a proposal made by the International Monetary Fund after the financial crisis of 2008, which called for a Tax on Financial Activity that could be applied to all the activities of a financial institution.
A second held that he said the tax would be designed in such a way that banks would be penalized if they pass on the increased costs to the end customer.
In the past week, Calviño said the reason for taxing banks was to avoid windfall profits from expected interest rate hikes.
Taking into account the 1.2 billion euros of taxes paid by Spanish national banks on the profits of the 12 months prior to March 2022, the new tax would represent around 10.3% of the net profits of the national banking system, according to the rating agency DBRS.
Deutsche Bank analysts have pointed out that, whatever the final impact on profits, these types of measures would increase regulatory uncertainty.
Source: Ambito
David William is a talented author who has made a name for himself in the world of writing. He is a professional author who writes on a wide range of topics, from general interest to opinion news. David is currently working as a writer at 24 hours worlds where he brings his unique perspective and in-depth research to his articles, making them both informative and engaging.
