The PSOE reached an agreement with Junts and the PNV to perpetuate the special tax on banks, while removing the tax on electricity companies. A pact that does not have the support of Sumar, who has tabled his own amendments in Congress to try to reach an agreement in the parliamentary process and also include energy companies, which the nationalists want to leave aside.
This Wednesday, the deadline for amendments for the transposition of a European directive on corporate tax expired. A text which is unanimous among the Government’s partners since it proposes to increase the rate to 15%, in line with the European Union average. But the Executive also wanted to include in this bill the debate on special taxation for energy and banking companies, and for this it wanted to present a series of amendments negotiated within the coalition.
The PSOE finally concluded a first agreement with the PNV and Junts which leaves aside the energy companies from which Sumar has distanced itself. The multi-national group registered a battery of amendments to try to keep conversations going during the parliamentary process. Coalition sources recall that the PSOE will not have a majority to reach this agreement if it does not include energy companies.
The government has promoted a special tax in 2022, temporarily, in response to the extraordinary benefits due to the inflation crisis and increases in interest rates from the European Central Bank (ECB). This measure is in effect until December 31. For the inauguration agreement, Sumar negotiated that this fiscal tool become permanent and wanted to take advantage of the discussions already underway on the General State Budgets (PGE) to force the PSOE to respect this commitment.
But in recent weeks, the socialist part of the Government has started to distance itself from the idea of perpetuating this tax. If the Executive “does not have a sufficient majority, it will not be able to fulfill the vocation of maintaining taxes on energy companies and banks over time”, declared a few days ago the Minister of Finance, María Jesus Montero.
“The vocation of the Government is to give it continuity, but the Government is also very aware that it must agree with all the political groups, who must approve it,” he declared last Thursday in statements to a group of journalists. There are specifically two groups that oppose it: Junts and PNV. And in Sumar, we understand that part of the socialists’ reluctance is linked to the need to seek the support of Basque and Catalan nationalists for the PGE.
Recently, in an article in La Vanguardia entitled Industry or populismthe CEO of Repsol, Josu Jon Imaz, assured that the special taxes on banks and energy companies were “populist measures” as part of a strategy of “lack of social recognition of the value of the company, overlaps regulations, stifling the industry, bans instead.” of incentives and stifling tax measures that penalize the creation of wealth and jobs” which, “under the mantra of social protection, seriously compromise the future model of this country”.
In Sumar, we remember the impact on income that these two levies had. Special taxes on banking and energy companies raised 2.859 million in 2024 (corresponding to the 2023 financial year). A tax that did not affect Repsol’s performance: in 2022 the oil company achieved the highest profit in its history, 4,251 million euros, while in 2023 the profits were the third best, 3,168 million euros. On the other hand, as part of its pressure strategy, the company also threatened to invest outside Spain.
