The tax on banking and energy will be released before the month of December


The congress has added the tax on large fortunes in the bill on taxes on energy companies and financial institutions that will be approved this Thursday in the Committee on Economic Affairs and next week in a plenary session of the Congress that is pending to summon.

The commission’s presentation, as confirmed by parliamentary sources, has analyzed the amendments presented by the different groups to the bill and has only incorporated those presented jointly by PSOE and Unidas Podemos, leaving those of the opposition for the following discussions.

Among the amendments included are the proposals by the two government groups to introduce a “temporary” tax on large fortunes and expand to foreign banking with branches in Spain the application of the finance tax.

The fiscal autonomy of the CCAAs

The original initiative referred only to taxes for energetic Y banking. However, the Executive added via amendment a tax for large fortunes that will complement that of assets, with the idea that those assets that exceed three million euros cannot be exempted from the bonuses of the regional governments.

This tax will be 1.7% for assets between 3 and 5.3 million euros; 2.1% for assets between 5.3 and 10.6 million, and 3.5% for assets greater than 10.6 million euros. Furthermore, for the determination of the tax base Of this tax, the rules contained in the wealth tax law will be applicable, so that a reduction is included for the minimum exemption of 700,000 euros.

The tax on energy and banking, for its part, consists of a tax on the income of this type of company. The minimum billing required to apply this tax will be €1 billion in the case of energy companies and 800 million in the case of credit institutions. Specifically, it will apply a rate of 1.2% for energy companies and 4.8% for banks.

With regard to those affected by the energy tax, these will be the persons or entities that carry out activities in Spain for the production of crude oil or natural gas, coal mining or oil refining and that generate, in the year prior to the birth of the obligation to pay the benefit, at least the 75% of your turnover from economic activities in the field of extraction, mining, oil refining or the manufacture of coking products. However, they will be exempted those operators whose net turnover for 2019 is less than 1,000 million euros.

foreign banks

As for the bank lienan amendment has been included so that the tax is required from entities that, regardless of the threshold, are subject to direct supervision by the European Central Bank, including branches established in Spain of foreign credit institutions.

Once the presentation phase is over, the idea is that the new law and the amendments that are still ‘alive’ will be debated this Thursday at the Committee on Economic Affairsalready in public session, and that, a week later, in a new plenary session to be held on the 24th, it will leave Congress to finish its process in the Senate.


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