Government Spanish plans to collect some 6,000 million euros (6,390 million dollars) with the extraordinary tax on large energy companies and banks, said the Minister of Finance, María Jesús Montero.
Spain approved a temporary levy on big energy companies and banks that was initially intended to raise 7 billion euros through 2024 to finance measures to ease cost-of-living pressures, but after amendments in congress the amount was reduced.
“The collection forecast is 1,700 million from the energy tax and 1,300 million from the bank tax: 3,000 million annually,” Montero said.
Recently, the oil Repsol filed an appeal with the Spanish National Court against the tax and joined with banking and energy associations in opposing the temporary levy.
“The collection of both figures represents a quite assumable amount given the volume of benefit that, under no circumstances, once the income statement is known, can be considered confiscatory, but rather proportionate to these benefits”said Montero, at a time when companies and banks are posting record profits.
In November, the Bank of Spain estimated that the Government would collect a total of 5,000 million euros (5,330 million dollars) until 2024 with taxes, after Congress exempted from the tax nationally regulated activities and operations in abroad.
The Senate gave the final go-ahead to an extraordinary tax on banks, although it largely excluded smaller local banks and units of foreign banks in Spain.
The companies had until February 20 to pay the first half of the tax payment and now they can also legally claim it before the Treasury.
Montero said energy companies had so far paid 817 million euros in taxes, while banks had paid 637 million euros.
Source: Reuters
Source: Gestion
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