Sánchez announces two temporary taxes on banks and large energy companies to raise 7,000 million

100% of Renfe Cercanías, Rodalies and medium-distance passes will be discounted

MADRID, 12 Jul. (EUROPA PRESS) -

The President of the Government, Pedro Sánchez, announced this Tuesday in the plenary session of Congress the forthcoming approval of two new temporary taxes on financial institutions and large energy companies to raise approximately 7,000 million euros in two years. In addition, he has announced that 100% of Renfe commuter, Rodalies and mid-distance season tickets will be discounted.

During his speech at the Debate on the State of the Nation, Sánchez reported that the tax on "the dominant groups" in the electricity, gas and oil sectors will be in force during 2023 and 2024 and will seek to collect 2,000 million euros a year from the extraordinary profits of these companies in 2022 and 2023.

"There is often talk of profits from heaven, but in reality they are not such. Surpluses do not fall from heaven, they come out of the pockets of consumers who pay the bills," said the president.

Likewise, it has announced a new "exceptional and temporary" tax aimed at "large financial entities that have already begun to benefit from the rise in interest rates." This tax, he has explained, will have a duration of two years --on the years 2022 and 2023-- and will seek to collect 1,500 million each year.

"This government is not going to tolerate that there are companies or individuals that take advantage of the crisis to amass greater wealth at the expense of the majority, because the difficulties of a majority cannot be the joys of a minority," Sánchez defended. Executive sources have subsequently specified that these taxes will be processed through bills.

The new taxes announced by the head of the Executive are added to the minimum rate of 18% in the Corporation Tax that applies from this year to the banking and hydrocarbon companies. Likewise, financial entities are also subject to the Tax on Financial Transactions, known as the 'Tobin tax', which came into force last year.

FREE ON COMMUTER TRAINS AND CONSTRUCTION OF PUBLIC HOUSING

Among the battery of economic measures announced this Tuesday, the president has also advanced that the Government will discount 100% of the passes for various trips for Cercanías, Rodalies and medium-distance trains operated by Renfe, so they will become free from the September 1 this year until December 31.

This initiative is added to the 30% reduction for subscriptions for the rest of urban and metropolitan transport, which the autonomous communities can complete up to 50% or 60%, as provided in the royal decree-law of measures to alleviate the consequences of the war in Ukraine that will be put to a vote this week in Congress.

In addition, the head of the Executive has also announced that the 'Operation Camp' will be unblocked "immediately" for the construction of up to 12,000 homes in Madrid, of which 60% will be public.

"We are going to make sure that the consequences of the war are distributed fairly and equitably so that they do not fall, as happened in the financial crisis, on the most vulnerable", defended the chief executive.

During his speech, the president also advanced the approval "soon" of the Sustainable Mobility Law, as well as the promotion of the new industry and patronage laws. The Executive also plans to present a new and improved Common Agricultural Policy (CAP) to promote the Spanish countryside.

At the regional level, Moncloa has advanced an "unprecedented" investment so that the Canary Islands and the Balearic Islands are fully decarbonized territories and the approval of two strategic plans for the economic development of Ceuta and Melilla.

"WE SHOULD ADOPT ENERGY SAVING MEASURES"

In terms of energy, and despite highlighting the measures approved in Spain together with Portugal to put a limit on the rise in gas prices, Sánchez did not want to rule out "anything" for the future, "even that Putin decides to cut off gas Europe as a weapon of war "This would have an impact on the European and Spanish economy," Sánchez acknowledged.

For this reason, and as other European leaders have done, the head of the Spanish Executive has called for energy savings in the coming months.

"We will have to adopt energy saving measures", the president acknowledged. Specifically, he has mentioned the promotion of teleworking, the promotion of public transport or lowering "a little the temperature of the heating or raising it in the air conditioning" to achieve this saving. "We can do it and we are going to do it," he stressed.

Also on this issue, the Executive plans to promote renewables and has advanced the deployment of self-consumption in public buildings with a plan of 200 million.