Government’s decision to leave out of the new tax from 1.2% energetic revenue from regulated tariffs light and gas and all other regulated prices halved its revenue capacityAccording to the calculations of the Bank of Spain. The body, led by Pablo Hernández de Cos, estimates that the Congressional amendment to the bill regulating the new tax will reduce the collection capacity of the new tax to 1,000 million in the next two years. force.force (2023 and 2024), instead of allowing the entry of the 2,000 million per year (4,000 in total) envisioned before the change.
The calculation of the reduction in collections due to a parliamentary amendment by the Bank of Spain (1,000 million less each year) is five times the estimate made by the Ministry of Finance. Minister María Jesús Montero announced last week that, according to the Treasury’s calculations, the exclusion of 1.2% tax on income from regulated energy activities will reduce 10% from tax collection capacity: this 200 million less every year and 400 million minus two years of tax validity, until they leave their income in 2023 and 2024 totaling 3,600 million.
The Governor of the Bank of Spain, Pablo Hernández de Cos, in a speech to the Senate Budget Committee this Tuesday, limited the annual revenue-raising capacity of the funds to 2,500 million euros. two new taxes banking and on energy companies in parliamentary proceedingsThis amount of 2,500 million is less than the annual collection of 3,500 million originally estimated by the Government in July, when it was announced that two new taxes (7,000 million over two years) were being created. Following the governor’s appearance in the Senate, the Bank of Spain itself explained the reason for this difference: “This figure (2,500 million) is lower than the Government originally estimated (3,500 million) as a result of the merger, a tax that excludes regulated market activities on companies in the Energy sector. We estimate that this could cut the collection of this tax in half (from 2,000 to 1,000 million euros per year)”. This is explained in a footnote added to the text of the governor’s appearance in the Senate on November 29.
The bill, which is being processed by parliament, reveals that the revenue from the new energy tax will be used to finance aid to families and companies that are vulnerable in the face of rising prices and the construction of new infrastructure in the sector.