The Government will negotiate with its partners the taxes on banking and electricity so that they fit in with the Basque and Navarran haciendas

The processing of the two taxes on the extraordinary profits of the large electricity companies and financial entities It will foreseeably start up next Tuesday, when Congress examines the bill promoted by the PSOE and United We Can.

With the return of ordinary activity in the Lower House after the summer break, the Socialists will use their quota to take this initiative to the first plenary session. Once its consideration is admitted, sources from both parliamentary groups indicate that the intention is to process the measure urgently and that the new tax is approved before the end of 2022.

After the rejection of the rights to the creation of these two taxes, the Government is aware that it has to agree with its usual partners to move them forward. In this sense, although a priori they give the numbers for it when there is a large majority in accordance with “the substance and the need” of the law, the PNV and EH Bildu They have already warned that they do not share “the form”.

The reason is that these taxes are configured in the legislative text as “non-tax public patrimonial provision”so it collides with the tax systems of Euskadi and Navarra. That is, despite the fact that their function is tributary, they escape the control of the Provincial Treasury of Álava, Bizkaia, Gipuzkoa and Navarra.

At the request of these groups that the management capacity of these taxes be recognized by these own systems, sources close to the Minister of Finance, Maria Jesus Monteropoint out the predisposition to negotiate during the parliamentary procedure of the norm the fit of this mechanism and that, in this way, it goes ahead.

The taxes will seek to raise 7,000 million

The proposal registered at the end of July by the formations that support the Government raises a 4.8% temporary levy on the interest margin and net commissions of financial entities with revenues of more than 800 million euros, and 1.2% on the total sales of energy companies that invoice more than 1,000 million euros per year.

According to the text, the new tax on the energy sector will be in force during 2023 and 2024 and will seek to collect 2,000 million euros per year of the extraordinary profits of these companies in 2022 and 2023.

As for the tax on large financial institutions, benefited by the rise in interest rates, it will last for two years, specifically on the years 2022 and 2023, and will seek to collect 1.5 billion every year.

To prevent companies from transferring the cost of the tax to customers, the legislative initiative establishes a penalty of 150% of the amount transferred to the user. Thus, the National Markets and Competition Commission (CNMC) will be in charge of ensuring that customers are not passed on in the case of energy companies, while for banks, the regulatory body must collaborate with the Bank of Spain.


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