Overview of the new extraordinary taxes on energy and financial institutions
Under the newly established extraordinary levies, the government has set a deadline until February 20 to remit 50% of the relevant tax obligation. To date, a total of 1,454 million euros has already been collected by the Tax Office. According to data released by the Minister of Finance, this amount reflects payments from energy sector entities affected by the new income tax. The financial sector has also contributed, with the first installment totaling 637.1 million euros.
The minister, María Jesús Montero, noted at a press conference following the Council of Ministers meeting that the year’s total collection is projected to exceed 2,900 million euros. Legislative changes negotiated in parliament had originally forecast higher totals, with initial estimates suggesting 3,500 million euros in overall revenue: 2,000 million from the energy tax and 1,500 million from the banking levy. The figures reported up to February 20 are expected to validate those forecasts, according to the finance minister.
The second payment of these taxes, which applies to income from 2022, is due in September. The regulation requires these taxes to be declared in 2023 and 2024, corresponding to the fiscal year in the country of origin, regardless of when the payments are submitted.
Both extraordinary taxes have faced judicial review. Banking associations AEB and CECA have appealed to the National Court against the ministerial order that regulates the filing models and the prepayment of a new 4.8% tax on corporate income from commissions and fiscal margins for 2022 and 2023. Individually, Kutxabank was the first institution to challenge the ministry’s decision and pursue suspension.
Aeléc, the association representing major electricity companies, also challenged the 1.2% tax on income for energy firms in the same two years. It includes companies such as Aeléc, Iberdrola, Endesa, and EDP. For now, other major industry groups like the Spanish Association of Petroleum Products Operators (AOP), the Spanish Gas Association (Sedigas), and participants such as Naturgy, Repsol, Cepsa, and BP have not pursued the same path.
On the individual level, several entities objected to the ministerial order issued on February 2, 2023, which approved the income statements and provisional tax models for energy and credit companies. In response to Repsol’s objection, the National Audience rejected a stay on the charges, arguing that even if the appeal is successful, any refunds would be fully reversible through refunds and mandatory interest as required by the ruling, given that the tax does not cause irreparable damage, according to the Contentious-Administrative Chamber.
Regarding reconciliations, the first period must be submitted before February 20, and appeals can be filed only by the organizations affected on an individual basis.
A separate matter concerns a temporary wealth tax of 3 million euros, which has also faced objections. Autonomous administrations in regions such as Andalusia and Madrid have filed appeals against taxation before the Constitutional Court.