The banks have registered considerable losses on the Stock Market, affected by the banking tax and weighing down the Ibex 35, which with an increase of 0.39% was the European indicator that less rose. According to market data, banks have monopolized the loss podium. In this way, CaixaBank goes back one 4.32%Banco Santander a 3.52%Bankinter a 2.56%Banco Sabadell a 1.8%BBVA a 0.91% and Unicaja a 0.16%.
All this after the Congress of Deputies finally approved this Thursday a tax reform which includes a new design of the temporary banking tax. Through this modification, it goes from being a property benefit to a tax. This implies that the provincial estates and the autonomous communities They will be able to manage it.
The lien will have an initial duration of three years. In turn, you will have a progressive type on the interest and commission margins of each entity. This will be 1% up to 750 million, 3.5% up to 1,500 million, 4.85% up to 3,000 million, 6% up to 5,000 million and 7% from 5,000 million onwards. Likewise, an “extraordinary” deduction is included for those entities that reduce their profitability on assets below 0.7%.
In the case of CaixaBank, BBVA and Santander, the three largest banking entities in Spain, they will have a rate of 7% with the introduction of the new tax, which was previously 4.8%since they register income above 5,000 million. As for Sabadell, it would be taxed at the rate of 6%. Bankinter and Unicaja, for their part, would enter the group of those taxed by the 4.8%.
In relation to possible legal actions that the entities could take, Santander and Unicaja have withdrawn that they will resort to the new design. This action would add to the trend undertaken with the tax approved to tax income in 2022 and 2023 due to the rise in interest rates. As for the rest of the entities, they have not yet commented.
In the banking sector they consider that the figure that has just been approved still does not comply with the principles of the General Tax Law for taxes, and especially, that of economic capacity, which is included in article 31 of the Constitution.
The bosses AEB and CECA They flatly rejected the decision to incorporate a new tax on the banking sector, since it would have serious effects on the financing of families and companies, investment and the economy as a whole, in a context of geopolitical risks and with strong financing needs in Spain. . Likewise, they affirm that the new tax will subtract 50,000 million of new financing from families and companies.
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