The government wants the new taxes to affect more banks and more energy companies.

The first bill, presented by both groups at the Congress of Representatives on 30 August, introduced a new 4.8% tax on commissions and net interest collected by the largest financial institutions with revenue from both concepts exceeding 800 million. A 1.2 percent tax was imposed on the sales of energy companies with a turnover of more than 1,000 million euros.

Now, some of the changes that PSOE and United We jointly recorded in the Congress of Deputies may conclude that: The new tax applied to both banking and energy companies will reach more numbers to see the number of contributors decrease. Another good number of amendments are aimed at determining the income each of them receives by law. one in three new taxes should be allocated in favor of vulnerable groupswas particularly affected by the consequences of the war in Ukraine (inflation, energy crisis and interest rate hikes). The changes included three new taxes—banking, energy, and wealth. they will be temporary and if the law is promulgated before 31 December it will affect 2022 and 2023 (with tax impact in 2023 and 2024). According to treasury accounts, banking and energy taxes will provide an additional income of 7 thousand million in two years. According to the Treasury’s calculations, the new Patriot tax should contribute 1,500 million every year.

bank tax

As for the ‘tax’ in banking, according to the PSOE and United We Can changes, it is not only organizations that earned over 800 million euros in interest and commission income in 2019, but also directly supervised by the European Central Bank (ECB)., “including branches of foreign credit institutions established in Spain”, regardless of their income for that year. This is a claim made by the big Spanish banks, arguing that they would otherwise be harmed by organizations like the Dutch ING. The European Central Bank (ECB) also warned about this.

In addition, the Government’s parliamentary groups have proposed to indicate that the proceeds from the bank will be “used to finance measures to deal with the temporary increase in expenses resulting from policies aimed at mitigating the impact of the Ukrainian occupation on prices”. For Russia”. With this, they are trying to respond to the request that the ECB not be used for “general budget consolidation purposes”. And finally, they suggested: Basque Country and Navarra could join ‘tax’ collection.

Except for the first of these two changes, the changes affecting the banking tax include minor changes. The ban on banks transferring the tax cost to their customers, questioned by both the ECB and the financial sector itself, has not been changed. The warning that recording the final result would make more sense than income was also ignored. The 800 million threshold that large corporations want smaller ones to lower so that they have to pay ‘taxes’ has also not been changed.

energy tax

Regarding the new tax on large energy companies, the PSOE and United We Can changes, in addition to the “main operators” of the sector according to the classification of the National Markets and Competition Commission (CNMC), with a turnover of 1.3 million TL, more than 1,000 million new tax reaches an additional group: To develop activities for the production of crude oil in Spain or natural gascoal mining or oil refining and derive at least 75% of their turnover from economic activities in the field of extraction, mining, oil refining or the manufacture of coke products in the year preceding the payment obligation.

According to CNMC, the five main operators in the electricity sector are Endesa, Iberdrola, Naturgy, TotalEnergies and EDP. The main operators in the natural gas sector are Naturgy, Endesa, Repsol, Iberdrola and Cepsa. In the fuel sector, there are Repsol, Cepsa, BP, Peninsula Petroleum and Petronieves. The main operators in the liquefied gas sector are Repsol, Cepsa, BP, Naturgy and Disa.

According to the PSOE and UP amendments, in addition to these operators who invoice more than 1,000 million, “industries that derive at least 75% of their turnover from economic activities in the field of extraction, mining, oil refining or mineral coke production. Product: %s”.

In addition, if the changes of the two government groups continue, the new law will make it clear that the collection of the energy tax “must be used for financial support measures for final energy customers, particularly vulnerable households, particularly high energy prices”. Income is also Financing measures that contribute to “reducing energy consumption”, for example through auctions or tender systems Reducing the cost of purchasing energy for certain consumption volumes of final energy customers and promoting renewable energy investments of final energy customers, structural investments in energy efficiency or Other decarbonization technologies, for what purposes the collection of this new tax figure should be aimed.

other groups

The government’s parliamentary partners also registered their changes. EH Bildu proposes expanding the tax to cover more banking and energy utilities and toughening new tax rates. In the confusion of banks, he proposes an increase from 4.8% to 7.5%, and to electricity and oil companies from 1.2% to 2.1%. PNV, for its part, recommends taxing only 33% of extraordinary profits in the previous year, not billing, in the case of energy companies; this is a change that the PP has also noted and is in line with the European Union. Union offer. Conservatives want to abolish the banking tax based on the latest ECB report criticizing this measure.