The government is in a hurry and rightly so. Its president, Pedro Sánchez, promised two new taxes, one on energy companies and another on banks, so that they pay their share of the war bill. Effective political blow, but now the most difficult part is missing, articulating these two new taxes, and urgently, since they have to be approved before the end of the year to be able to be applied to the current year, as intended. At stake, there are 7,000 million euros to be raised in two years, to compensate for expenses such as the reduction in the price of public transport or aid checks for the most vulnerable.
One of the formulas that the Treasury is considering is to apply a 5% rate on the total commissions and interest charged by the bank. Ministry sources have confirmed this to La Vanguardia, adding that, according to their calculations, it would serve to cover the 1,500 million annually that they want to collect from financial institutions over the next two years. They also add that it is an option that is being studied, without ensuring that it is the option finally chosen.
Precisely, to discuss this new tax, the First Vice President and Minister of Economy, Nadia Calviño, has summoned the highest representatives of the banking sector to her office this Friday. Not only the banking associations will attend, but also the Bank of Spain and the main entities, such as CaixaBank, BBVA and Banco de Santander. It will not be an easy meeting, because the financial institutions did not like this announcement at all, which also came as a surprise.
In any case, Calviño has stated that this tax will be established in such a way that it does not end up being transferred to the citizen. "We are working on the detailed articulation and I believe that the Ministry of Finance has extensive experience in how to articulate this type of contribution in a way that is not passed on to citizens," Calviño said, along the lines that had previously also been declared the head of the Treasury, María Jesús Montero.
In addition, Calviño has added that she is convinced that the sides will "put their shoulders together" and contribute to curbing inflation. "I believe that any company with social responsibility, and I know that financial companies in our country have a strong public commitment from the point of view of social responsibility, are interested in putting their shoulders to the wheel at this time," said the vice president
However, the sector is clearly against it. The president of BBVA, Carlos Torres, has said that this tax may end up negatively affecting consumption, investment and collection, while the Spanish Banking Association (AEB) adds that the new tax will hinder the capacity of banks to be financed.
The second tax that the government is preparing will fall on the energy industries. It will affect companies with a turnover of more than 1,000 million euros and with this rate, they expect to collect 4,000 million in two years.
In both cases, energy companies and banks, the Treasury technicians are preparing these taxes in a hurry and knowing that they need to provide them with sufficient legal solidity to face the foreseeable legal resources that those affected may formulate.
