The future minimum tax of 15% to multinationals augurs the end of taxes on banking and energy

MADRID, 12 Mar. (EUROPA PRESS) -

The Ministry of Finance released this week for public consultation the draft of the global minimum tax of 15% for groups of multinational companies and large-scale national groups in the EU, a tribute that may mean the end of the temporary rate for energy companies and bench approved at the end of 2022.

This 15% tax, agreed within the Organization for Economic Cooperation and Development (OECD), is included in a draft law for the transposition of a European Directive and it is estimated that it will be sent to Congress in the coming weeks to start its parliamentary process.

As announced in Congress by the Secretary of State for Finance, Jesús Gascón, as soon as this new minimum Corporate Tax of 15% comes into force, the Government would reconsider the continuity of the taxes on energy companies and the financial sector.

During his appearance before the Finance and Public Function Commission in Congress, the Secretary of State pointed out that the future Corporation Tax, even without official dates, could enter into force in 2024, the date when it would be time to determine the compatibility of this tax with the recently approved energy and financial sector.

In 2024 it is also the deadline for banking and energy taxes. However, in November of last year and in the midst of processing the General State Budget (PGE), the coalition government reached an agreement with EH Bildu to assess the possibility of making these taxes permanent.

The OECD closed an agreement with 136 countries to apply a minimum taxation for multinational companies. However, said agreement now needs implementation and changes at the jurisdictional level in the signatory countries.

The global agreement focuses on two pillars of action. The first pillar includes multinationals with global revenues of more than 20,000 million euros and a profitability of more than 10%, excluding extractive companies (oil or mining) and regulated financial services.

The second pillar covers companies that have a global turnover of 750 million euros or more and includes that the minimum rate of Corporate Tax is 15% in all jurisdictions adhering to the agreement.