Euskadi could receive about 400 million in two years for fees to energy companies and banks

Euskaraz irakurri: Euskadik 400 milioi jaso ditzake bi urteren buruan, energia konpainiei eta bankuei ezarritako zergen trucke

Euskadi could receive some 400 million euros in two years for its participation in temporary taxes on energy companies and financial institutions. This has been advanced by the Minister of Economy and Finance, Pedro Azpiazuafter the telematic meeting of the Mixed Commission of the Economic Agreement (CMCE).

The Commission has met to approve the conclusion of the Temporary Tax of Solidarity of Great Fortunesas well as the Euskadi’s participation in the temporary energy tax and in the temporary tax on credit institutions and financial credit establishments.

Thus, after the agreement regarding the Temporary Solidarity Tax for Great Fortunes, complementary to the Wealth Tax, it will be included in the Basque Economic Agreement as concerted tribute of autonomous regulation with the same validity as the State Law that creates it.

For its part, with regard to participation in temporary energy charges and credit institutions and financial credit establishments, the General State Administration will provide financing to Euskadi to deal with the exceptional economic and social consequences caused by the war in Ukraine and by the supply and supply problems caused by the pandemic caused by COVID-19.

This funding will be 6.24% of the volume of income generated by these figures in 2023 and 2024 and will be compensated in quota payment terms. In return, the Basque Country will fully assume the definition and management of those State aids that are financed exclusively with the collection of both taxes.

The forecasts of the Spanish Government is that through temporary taxes on energy companies and banks, the State will collect some 6,500 million euros, as explained by the Minister of Finance and Public Function, Maria Jesus Monteroto the Basque delegation participating in the meeting.

This amount will be used to deal with the “exceptional economic and social consequences” caused by the War in Ukraine and by the supply and supply problems derived from the pandemic.

Azpiazu recalled that the final destination of the money obtained through the energy tax is “appraised” and is “more specific in accordance with European regulations”.

“Basque institutions will adjust to European requirements; they are basically measures aimed at reducing energy consumption, promoting the consumption of renewable energy and supporting companies and sectors with intensive consumption” he recalled.

The second tax, on credit institutions and financial establishments, does not have such assessed measures and the Basque institutions will assess “those that are necessary in Euskadi”.

The tax on large fortunes will be levied for two years on assets of more than 3 million euros, with a minimum exemption of 700,000 euros.