Madrid (EFE) to make the first payments.
Regardless of the appeals presented in recent days before the National Court by the bank employers AEB and CECA and by Kutxabank, as well as by the Association of Electric Power Companies (Aelec), the companies will have to pay the initial payment of the new extraordinary taxes.
On Friday, the National Court ruled out Repsol’s request to provisionally suspend the order of February 2 that implements the income and payment declaration models, alleging that if the appeal is finally upheld, it would be a perfectly reversible situation by returning the paid with the payment of mandatory interest.
In addition, after this first payment on account, the term of which ends this Monday and which will be followed by another in September, entities may appeal the payment individually if they consider it appropriate.
Both the energy companies and the banks have criticized these new taxes that tax income and not profits. The main companies in both sectors have also lamented discrimination and that Spain has opted for a unique formula among its neighbors.
Financial institutions have also warned that this new tax will affect their capital levels and this will reduce their ability to finance the real economy – families and companies.
Some 750 million between Repsol and Naturgy
Regarding energy companies, the tax will affect all electricity, gas and oil companies that billed more than 1,000 million in 2019, except those whose energy activity is not the main one; as well as producers of oil or natural gas, coal mining or refining in Spain.
The patrimonial benefit -colloquially called tax- will tax for two years -2023 and 2024, with reference to the accounts of the previous year- sales with a rate of 1.2%, with the exception of regulated income and income from outside Spain .
According to the first estimates, the Government expected to earn some 2,000 million euros per year with this tax. However, this figure would be lowered by the exemptions introduced in the parliamentary process.
To date, only two companies have disclosed their estimates: Repsol, which puts the amount it will have to pay at around 450 million, and Naturgy, which estimates that it will be around 300 million.
In the coming days, when Iberdrola and Endesa publish their accounts, the cost of the new tax for these utilities will be known.
The amounts paid -in September, with a payment on account in February- may not be deducted from corporate tax or passed on to the client, something that will be monitored by the National Commission for Markets and Competition (CNMC) and which will be subject to sanction.
Financial entities 1,100 million
Financial entities whose interests and commissions will exceed 800 million in 2019, which mainly includes the large Spanish banks -Santander, BBVA, CaixaBank, Sabadell, Bankinter and Unicaja Banco- and some other entity, will have to pay a rate of 4, 8% of the sum of net income from interest and commissions.
The Government expects to enter 1,500 million annually through this route, that is, 3,000 million in the two years.
The six big banks will pay more than 1,100 million this year for the new tax, of which some 400 million correspond to CaixaBank. Next are Banco Santander and BBVA with a very similar amount, around 225 million.
In the case of Sabadell, the extraordinary tax will make the bank pay around 170 million this year, above the range of between 80 and 100 million estimated by Bankinter.
Unicaja Banco has not refined the figures, but taking into account the data presented, the payment would not exceed 85 million. What’s more, considering only the banking business, this data could be lower.
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