The new taxes will tax 1.2% of sales of energy companies and 4.8% of the margin of banks

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The new tax on large

and the banking tax will apply a rate of

, as follows from the bill registered this Thursday by the PSOE and United We Can in the Congress of Deputies.

According to this text, the new benefits will affect the

, which

of the following year, with

of the total that will be paid in February.

These

something that will be monitored by the National Commission for Markets and Competition (CNMC) -in collaboration, in the case of banking, with the Bank of Spain- and whose non-compliance could entail

.

These taxes, with which the Government intends to

to help defray the cost of measures to alleviate the effects of the war in Ukraine, will be temporary and extraordinary.

The Government plans to meet this Friday with the business sector to report on the measure, which will affect some twenty companies.

Taxes are protected by article 31.3 of the Constitution, since they materialize as patrimonial benefits of a public nature and non-tax character, just like the contribution that banks already make for their deferred tax assets.

Energy sector

Electricity, gas and oil companies that invoiced more than 1,000 million euros in 2019 will have to pay 1.2% of the net amount of the annual turnover corresponding to 2022 and 2023 for this tax.

The payment obligation arises on January 1 of the following year (2023 and 2024), which will be paid in September, although an advance payment of 50% of the total amount will be required in the month of February.

Groups whose energy part accounts for less than half of the net amount of their turnover will be excluded from the payment of the benefit -which plans to raise 2,000 million annually-.

In other words, only the energy operators considered main for the purposes of the CNMC will pay the benefit: net turnover of more than 1,000 million in 2019 and that the energy part is their main activity.

This means that the benefit will fall basically on tax groups, which means that it will be limited to Spanish tax groups - without affecting intra-group operations or subsidiaries abroad - or independent companies.

banking sector

With regard to the bank benefit, which aims to raise 1,500 million annually, the intermediation margin will be taxed, that is, the net interest -difference between those charged and those paid- and the net commissions -difference between those collected and paid - with a rate of 4.8%.

As in the energy tax, the payment obligation arises on January 1 of the following year (2023 and 2024), which will be paid in September, although an advance payment of 50% of the total amount will be required in the month of February .

The provision will be mandatory for financial institutions whose gross interest and commissions charged to customers exceed 800 million euros in 2019.

Also in this case, the benefit will be essentially limited to tax groups, which means that intra-group operations are excluded and commissions and interest obtained through subsidiaries abroad will not be taxed.

In both cases, these are finalist benefits, which affect the sectors that are obtaining the most benefits and will obtain them as a result of inflation, which will allow the public sector to adopt palliative measures.

These benefits are intended to reinforce the contribution of energy companies and financial entities to the income agreement, which would otherwise be lower than that of other companies because the weight of their personnel costs is lower and also the weight of VAT.

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