Spain will impose temporary taxes on energy companies and banks that are expected to bring in 7 billion euros in revenue in 2023-2024 and help Spaniards deal with rising energy prices and inflation, Prime Minister Pedro Sanchez said today.
The government is expected to raise €2 billion a year in 2023 and 2024 from the windfall tax on energy companies this year and next, while the tax on financial institutions will bring in €1.5 billion in revenue. per year, the prime minister said in a speech to Parliament.
Shares in banks such as Sabadell and Caixabank fell as much as 8% after the announcement.
Sanchez said inflation, largely caused by Russia’s invasion of Ukraine, was Spain’s biggest challenge, likening it to “a serious disease of our economy that impoverishes everyone, especially the most vulnerable”.
Source: Capital
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