The Executive ignores the warnings of the IMF and the affected companies, and from the socialist group even the ECB itself is disavowed
The government already has their new taxes on banking and energy. The Congress of Deputies approved both figures at dawn this Friday, with which the Ministry of Finance estimates that 6,500 million will be collected compared to the 7,000 initially estimated after a modification introduced in the parliamentary process, and after arousing numerous criticisms and Doubts. From the companies affected, of course, but also from the European Central Bank (ECB), the International Monetary Fund (IMF) or the European Commission itself.
The body that runs christine lagardeFor example, he issued a letter this month in which, first, he questioned whether what is going to be taxed is really extraordinary profits, as the Government affirms; and, second, it warned of the negative effect that it may have on credit and anticipated that it must be passed on to the customer.
Just a few days ago, the IMF pointed out something very similar about the tax on banking entities and also criticized the preparation of the figure on energy companies. “Raising additional temporary income to finance support for the most vulnerable is a welcome strategy,” he said in the report on Spain that he published on Wednesday, but added that “the new taxes on the energy and banking sectors are applied to income instead of profitand therefore do not take costs into account.
“It will be important to monitor the incidence of taxes on the availability of credit, the credit costs and the resilience of banks, as well as on the investment incentives for energy companies“, he stressed, while asking that the figures be temporary and not permanent, an option to which the Government has clearly opened the door.
And the European Commission has proposed its own tax for energy companies, which could become compatible with the Spanish figure, but which presents a basic difference with respect to what has been approved today in Congress: it taxes profits, not income. In addition, this same Tuesday he asked that the figure on the bench be “provided” Y “avoid unwarranted consequences on financial stability“.
On the part of the companies affected, the criticisms have been numerous. Just today, the president of BBVA denounced that the bank tax is “counterproductive“because it damages investment and economic growth. In an interview with the digital media ethics collected by Europa Press, the person in charge of the second entity in Spain has denounced that “international evidence confirms that bank taxes end up having a negative effect on investment, they lead to lower economic growth and tax collection is below than expected.” “At times of heightened uncertainty like the present, we must all row in the same direction for the economy to grow,” he added.
Also this Thursday, the spokesman for the Spanish Banking Association (AEB), José Luis Martínez Campuzano, signed an opinion article in EL MUNDO in which he maintained that “neither the moment nor the fundamentals justify a new tax.” And this newspaper also reported today that the European electrical employer has denounced before Brussels that the Government fails to comply with EU rules with the “benefits fallen from heaven”.
With all this, the disputes in the courts by the affected companies seem assured. To try to avoid judicialization or, at least, contain it, the Government made an effort to find a way not to call taxes on the new figures and found the solution in the patrimonial benefit.
But from Fedea, for example, they already pointed out at the beginning of the month that this will not be enough. “Regarding the taxes on banks and energy companies, the bill sent to Congress by the parties of the government coalition has exceeded the worst expectations“, affirmed the president of the Foundation for Applied Economic Studies, Ángel de la Fuente.
The text even renounces linking the new taxes with the amount of the supposed extraordinary benefits that in principle justify them, thus turning them into clearly arbitrary exactions from any perspective that have a very poor fit in a rule of law, he added, anticipating that there will be one “long legal dispute“.
“Time for them to contribute”
The Government, however, has shown itself oblivious to all this and the spirit of the coalition Executive regarding these new figures has been summed up by the spokesman for Economic Affairs of the Socialist Parliamentary Group, Pedro Casares: “Ten years have passed since the rescue of the financial entities Today, 10 years later, it is time for banks to contribute to society as a whole“. The banks, and also the electric companies, which as a whole, Casares has pointed out, have already earned “25,000 million” this year.
In addition, the socialist official has downplayed and even disavowed the ECB’s warnings because the credibility of Luis de Guindos has said, “is zero“