×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: Spain | Windfall Tax

Spain's Govt Wants Windfall Tax on Banks, Energy Companies

Thursday, 28 July 2022 09:00 AM EDT

MADRID (AP) — Spain’s Socialist-led coalition government wants large energy companies and banks to pay a windfall tax, which officials hope will yield around 7 billion euros (dollars) over two years.

The government delivered its proposal to parliament Thursday. A debate and vote by lawmakers were scheduled for after their summer recess.

Officials say the tax would apply to about 20 major corporations that would be prohibited from passing on the cost to customers. Under the government's proposal, watchdog bodies would monitor the companies for compliance.

Britain and Italy have adopted similar windfall taxes. Energy companies have seen bumper profits as prices of oil and natural gas soared in the wake of Russia’s war in Ukraine.

The Spanish government said proceeds from its tax would help pay for measures to alleviate a cost of living crisis, including high energy bills.

The proposal calls for energy companies with more than 1 billion euros (dollars) in revenue in 2019 to pay an additional 1.2% in tax on revenue this year and next. The government hopes that will raise 4 billion euros (dollars).

Financial institutions are expected to provide 3 billion euros through a 4.8% tax on their net interest and customer fees.

© Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


GlobalTalk
Spain's Socialist-led coalition government wants large energy companies and banks to pay a windfall tax, which officials hope will yield around 7 billion euros (dollars) over two years.The government delivered its proposal to parliament Thursday. A debate and vote by...
Spain,Windfall Tax
199
2022-00-28
Thursday, 28 July 2022 09:00 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
 
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved