The PSOE and Junts save Sabadell and medium banks from the increase in “tax”

The agreement made against time between the PSOE and Junts to extend the bank tax narrowly saves Sabadell, as well as the rest of the medium-sized banks, from the most onerous surcharge. The transactional amendment proposed in the last minute pact adds a final rate, 7%, which will tax income from 5 billion euros, preserving the tax progressivity for lower invoices which was already envisaged and is between 1 and 6%.

The greatest sanction will be borne, if this transactional amendment is approved on Thursday in the plenary session of Congress, only three entities: CaixaBank, whose total income from interest margin and commissions reached 12.507 million euros last year; Santander, with 9.340 million in joint position, and BBVA, whose figure amounts to 7.784 million. These are estimates collected from the results generated last year by its activities in Spain – the tax does not apply to foreign operations.

Sabadell added 4.811 million in that time, at the limit of 5 billion, and this year is on the way to exceeding them. If their September accounts were extrapolated to the end of 2024, they would be around 5,089 million, but in their favor would be the precision introduced in the amendment agreed with Puigdemont which requires subtracting 100 million from the tax base (on which applies the tax). ) to estimate the liquidable base, on which the specific rate ultimately applies.

Below the Vallesian entity and at a great distance are the rest of the medium-sized banks: Bankinter recorded 2.838 million between financial margin and commissions; Single, 1,886 million; Ibercaja, 1.111 million; Kutxabank, 1.651 million; Abanca, 1.526 million, and Cajamar, 1.335 million.

The tax which is the origin of the new tax and which the Government invented as a temporary measure claiming extraordinary advantages due to an increase in falling rates, established a single rate of 4.8% on income . For its calculation, it also took into account the financial margin and commissions, but exempted entities whose cumulative amount did not reach 800 million in 2019, which in practice exempted foreign banks, small entities and neobanks. It will now be universal for domestic banks, branches of foreign entities and financial credit institutions. with a rate of between 1 and 6% which applies progressively as income increases, similar to the personal income tax on individual income.

It taxes income up to 750 million at 1%, with 3.5% on those who exceed this amount and up to 1,500 million, the latter threshold in which the majority of entities are located. From this amount, the rate increases to 4.8%, applicable to income up to $3 billion – this is where the big two and Sabadell come in. From this figure and up to 5 billion, the tax increases to 6%.

The CEO of CaixaBank, Gonzalo Gortázar, yesterday described the tax as a “tax on credit” because instead of promoting growth, “it will be an obstacle”. The sector estimates that it will drain $50 billion in financing capacity. It is an “attack on economic growth and social progress”, denounced the vice-president of Santander Spain, Juan Manuel Cendoya, referring to the tax package promoted by the government. During his speech at the Latibex Forum, he clarified that this is not the best example for attracting foreign investments because he considers that “it breaks legal certainty”.

The employers’ associations AEB and CECA agreed that this would affect Spain’s economic growth, demanded orderly and transparent regulatory processes that give confidence to citizens, investors and the market and warned of the consequences for the sector because this implies the fragmentation of the sector. Spanish market. with the different applications of the autonomous communities.