CaixaBank will resort to the 'tax' of the Government to the bank

CaixaBank is going to appeal the tax with which the Government plans to raise 3,000 million euros in two years charged to the bank, according to financial sources. The entity, which alone will support 400 million only during 2023, will argue against the new rate that is discriminatory, that is, it does not affect all entities; result confiscatory for double taxation and distorting competition in the European Union (EU).

The tax affects sOnly to banks that operate in Spain and in 2019, before the Covid pandemic, they recorded revenue from 800 million of euros. It means, therefore, that it harms large national entities compared to foreign players, online or smaller entities, which it will put in a better situation in terms of competition.

Is he first of the big banks whose intentions are clearedalthough the vast majority of financial institutions acknowledged that they are evaluating taking the step or directly that they will take it.

The sector, as a whole, has already taken action, in fact, through the employers’ associations AEB (Spanish Banking Association) and CECA (Spanish Confederation of Savings Banks), which in mid-January already filed appeals contentious-administrative before the National Court challenging the ministerial order, which approves the declaration and advance payment models of the new tax on banks.

Its action is independent of the resources prepared by the entities and it is waiting to receive information from the administration to complete the action with the presentation of the final demand.

In banking, Bankinter made it clear that it would appeal the tax the day after it entered into force and once they had to make the advance payment with the amount corresponding to this year (its payment had to be before February 20). Together with him, KutxaBank and Sabadell have revealed that they have taken the step, and it was expected that they would follow him shortlyafter Abanca and Ibercaja.

The legal battle can end freeing it the ten affected entities under similar arguments and, predictably, also taking as a basis the arguments put forward by the European Central Bank (ECB) itself to criticize its approval. The tribute consists of a rate of 4.8% on income generated in the banking business by entities through the minterest income and the collection of commissions in the business generated in Spain. The rule forbidsAlso by law, transfer or pass on its cost to customers, something that would collide with the banking regulations of the European Banking Authority (EBA), which obliges entities to include all costs incurred, including tax costs, in prices.

In the opinion that the ECB published last year questioned the tax itself and warned that pcould jeopardize a transmission fluid measurements monetary politics. The organism is contrary In addition to the creation of fees for collection purposes in sectors that do not cause negative externalities to the economy.

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Deborah Acker

I write epic fantasy; self-published via KDP. Devoted dog mom to my 10 yr old GSD, Shadow! DM not a priority; slow response at best #amwriting #author.

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