The Official State Gazette publishes this Wednesday the text of the law creating new taxes extraordinary about the energy sectorthe bank and estates over three million euros. After its publication in the BOE, the new tax figures may enter into force on January 1 for a period that, in principle, will be two years (for 2023 and 2024). With these taxes, Hacienda expects to raise additional revenue which, after parliamentary processing, has been reduced to around 4,000 million in each of the two years in which it will be in force (1,000 less than initially planned).
After its publication in the BOE, the period for the possible presentation of appeals against the application of these taxes, something that was already announced by the different groups affected during the processing of the bill. The AEB bank employers are considering appealing against the new financial tax. The employers’ association Foment or the Community of Madrid foresee bring before him Constitutional the new wealth tax, for which a period of three months is opened. It is expected that the energy sector will also litigate against its new tax.
bank tax
this tribute will tax income with 4.8% for commissions and net interest charged by the largest credit institutions and financial credit establishments whose income from both concepts would have exceeded 800 million in 2019. The tax will tax the income obtained in Spain and will also affect foreign entities with business in the country and will be applied to the income obtained the year prior to the birth of the payment obligation (in 2023 the income obtained in 2022 will be taxed; and in 2024, those of 2023).
The law establishes that the amount of the tax “will not be subject to economic repercussions, direct or indirect” to customers, under threat of a 150% fine in case of non-compliance. It is also established that in the last quarter of 2024 the Government will evaluate the possible permanent maintenance of this tax which, in principle, will only be in force in 2023 and 2024.
This tax will be paid in the first 20 days of September, after having made a 50% down payment in February. From this tax, the Treasury expects to enter 1,500 million in each of the two years in which it will be in force.
tax on energy
establishes a 1.2% tax on the sales of companies in the electricity, gas and oil sectors that have a turnover of more than 1,000 million euros and those that, in general, obtain at least 75% of their income from extractive activities. The tax will not tax the activities abroad of Spanish multinationals, but it will apply to those of foreign companies in national territory. During the parliamentary process, the income obtained by companies from regulated electricity and gas rates and, in general, from all regulated activities, has been excluded from the tax base. In principle, the Treasury had planned to collect 2,000 million euros for this tax in each of the two years in which it will be in force. Estimates by the Bank of Spain reduce the collection capacity of this tax by half after having left regulated activities out of the tax. In the same way as the tax on credit institutions and financial establishments, this tax is will pay in the first 20 days of Septemberafter having practiced a payment on account of 50% in February.
As in the case of the tax on banks, the law establishes that the amount of the tax on energy companies “will not be subject to direct or indirect economic repercussions” to customers, under threat of a 150% fine in case of non-compliance. Also in this case, it is established that in the last quarter of 2024 the Government will evaluate the possible maintenance of this tax on a permanent basis.
wealth tax
The new tax dubbed the ‘temporary solidarity tax on large fortunes’ has been configured as a State tax that taxes the net assets of individuals from three million euros. The habitual residence is exempt up to an amount of 700,000 euros. The tax establishes a scale with three types of taxes, 1.7% (applicable to a tranche of assets from 3 to 5.34 million), 2.1% (up to 10.69 million) and 3.5%. , (from 10.69 million).
From the resulting fee for this tax, each taxpayer may subtract what they have previously paid for the wealth tax in their autonomous community. In this way, the new tax will cause higher taxation in Madrid and Andalusia (communities in which the regional wealth tax has been abolished) and in eight other autonomous communities in which there is a lower wealth tax than the rule state for some sections, as is the case of Catalonia, for assets of 17.5 million or more. The Treasury estimates that there are 23,000 taxpayers with assets of more than 3 million euros and calculates that the new tax can report to the State Tax Administration Agency (AEAT) an additional collection of 1,500 million euros each of the two years in which will be in force.