He Government reversed course and gave up on making permanent the imposed to energy lack of support from his investment partners, while he managed to move forward with that of the bank. This is what the PNV announced in a press release, where it underlines that the imposed energy companies won’t advance in Congress due to ‘unrelated’ issues with their formation. Meanwhile, the imposed at the bank it will be approved but it will be managed by the Autonomous Executive in its territory, which gives it the right to make changes and not be common to the whole country.
In addition, the PSOE included amendments to a law currently under consideration in Congress – aimed at imposing a minimum tax on multinationals – which include increases in personal income tax, diesel, tobacco and vaping devices. This is the tax reform that the Government promised Brussels to benefit from European funds.
Pressures from the energy sector have had an effect. Repsol and Cepsa They threatened to withdraw investments from the country, including one of 1.1 billion in Tarragona. This led to Together to oppose this tax, which forced the government to back down due to the need to obtain its seven votes in Congress to advance the law.
In the case of imposed to banks, the PSOE will transform the extraordinary tax into a tax on interest and commissions of financial entities which will be in force for the next three years, until 2028.
Thanks to an amendment to the bill aimed at creating a global minimum tax of 15% for large multinationals, the Socialist Group transforms what was a non-tax land benefit into a tax, which in turn will allow the provincial treasuries of Euskadi and Navarre to manage the tax. , as had been agreed with the PNV.
The tax will be levied on the interest and commission margin obtained by credit institutions and branches in Spain of foreign credit institutions, in the context of the activities they carry out in Spain. Likewise, the tax rate will be progressive, from 1% to 6% depending on the tax base.
Taxes on banks and energy companies are currently temporary and the government plans to convert them into permanent taxes through amendments introduced in the law that regulates the minimum effective rate paid by multinationals, but the energy sector has faced Junts’ opposition.
The government informed Brussels that it would make the two taxes permanent, although in the text of the tax plan that it sent to the Commission it did not expressly mention these two taxes for fear that they would not be able to move forward , as it happened. in the case of electricity companies. Ignacio Galán, president of Iberdrola, described a few days ago the extension of the imposed in your sector.
More taxes
Furthermore, according to the amendments made by the PSOE to this law, which is a transposition of a European standard, the Government took advantage of the fact that it is easier to apply this standard than the General Budgets to propose tax reform who he promised in Brussels to benefit from European funds.
Among the proposed measures are an increase in the tax on diesel, tobacco and personal income tax. The PSOE proposes to assimilate the taxation of diesel and gasoline to the increase in the tax on hydrocarbons for diesel (excluding professional), which will increase from 0.379 euros per liter to 0.47269 euros per liter, except in cases exceptional where for two consecutive months the selling price exceeds two euros per liter (while it will be 0.422).
The PSOE also proposes to increase the taxation of savings for high incomes, so that incomes above 300,000 euros will pay a personal income tax of 29% for this section, one point more than ‘currently (0.5 points on the state scale and 0.5 points in the regional government).
Tobacco is another sector that will see taxes increase, particularly from January 1, 2025 and with the aim of reducing its consumption. Taxes on vaping are also increasing. The amendment establishes that liquid for electronic cigarettes containing less than 15 milligrams of nicotine per milliliter of product will pay 0.15 euros per milliliter and 0.20 euros if the quantity of nicotine is greater. Nicotine sachets and other nicotine-based products will cost 0.10 euros per gram.
