The Government proposes to tax the income of large banks at 4.8% and those of energy companies at 1.2%

It plans to establish a penalty in the event that companies transfer the tax to customers of 150% of the amount passed on

MADRID, 28 Jul. (EUROPA PRESS) -

The Government has proposed temporarily taxing at a rate of 4.8% the interest and net commissions of financial entities with income of more than 800 million euros, and at a rate of 1.2% the total sales of energy companies that invoice more than 1,000 million euros per year, as well as a penalty for those companies that transfer the tax to users.

This is reflected in the bills that the Executive has presented this Thursday in Congress, starting the parliamentary processing of the new temporary and extraordinary taxes for large financial entities and large energy companies, both electric and gas and oil companies

The new tax on the energy sector 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.

On its side, the "exceptional and temporary" tax aimed at "the large financial entities that have already begun to benefit from the rise in interest rates", as the Government has argued, will last for two years -on the exercises 2022 and 2023-- and will seek to raise 1.5 billion each year.

On the possibility that companies transfer the cost of the tax to customers, the Government has established in the proposal a penalty of 150% of the amount that is transferred to the user. The National Markets and Competition Commission (CNMC) would be the body in charge of ensuring that the tax is not passed on to customers in the case of energy companies; for banks, the CNMC must collaborate with the Bank of Spain.

On the other hand, the Government will not account for the results or the billing of the subsidiaries of the companies abroad, while it has established that the expense of this tax is not deductible for the purposes of Corporate Tax.

In addition, in the case of energy companies, when the energy business does not reach 50% of the turnover, the Executive foresees that the economic group be excluded from the payment of the patrimonial benefit.