• Taxation The Government fears that it will not be able to prevent banks from passing on the new tax to customers

The Institute of Economic Studies (IEE), which is CEOE's

think tank

, estimates that the new taxes on banks and electricity companies will have very negative consequences for economic activity and employment.

Specifically, the

72,000 jobs

that, according to his estimates, will be

destroyed

as a direct consequence of these two new figures are particularly striking.

"The contractionary impact on employment" expressed in full-time equivalent jobs will be higher in the

energy sector

, with a destruction of just

over

37,000

jobs.

Of these, 7,400 will be in the short term, and almost 30,000 in the medium and long term as a result of the "indirect and induced effect".

In the

financial sector, the destruction will be 34,700

jobs, almost 10,000 of them in the short term and the rest in the medium and long term.

The document

Inflation and uncertainty slow down the recovery of companies

, which was presented this Thursday by the president of the Institute of Economic Studies, Íñigo Fernández de Mesa, and the general director, Gregorio Izquierdo, also estimates that the new figures will have a significant impact

in terms of growth

.

"These corporate tax increases could have a contractionary impact on total economic activity of almost 5,000 million euros, that is,

four tenths of GDP

in 2021," the report explains.

Of these, approximately 1,200 million correspond to the most direct and immediate effect, and the rest [almost 3,800 million euros] has to do with the carry-over effect and the transmission to the economy as a whole in the medium term of these selective tax increases, which, As can be seen, it is much higher than that of the sector itself".

Conforms to The Trust Project criteria

Know more

  • Taxes