Foment del Treball assures that the tax on energy companies and banks can put at risk the action of the Social Work of the La Caixa Foundation, which recently sealed an agreement with the Government of the Generalitat to allocate 225 million in social, cultural actions of education and research during this year in Catalonia, 20% more.
The Catalan employers’ association adds that maintaining this tax discourages credit, which has not grown in Spain for fifteen years. Against this backdrop, credit will be scarcer for companies and will cause the relocation of more global activities in the financial sector, which currently provide added value, income, investment and qualified jobs.
The approval of a permanent banking tax in Catalonia, according to Foment del Treball, has an immediate direct impact of nearly 15 billion euros, via credit restrictions for productive investments and loss of value of the impacted financial entities.
The perpetuation of the tax would thus have a real negative impact on the granting of credit. This figure of 15,000 million euros comes from the estimate that there would be 9,500 million euros less in credit in Catalonia to finance productive investments. This would mean less investment, less competitiveness, less growth and less job creation, at a key moment, as pointed out by the Draghi report and also the Letta report, which indicate that the loss of market unity is estimated at 10% of GDP.
On the other hand, as the ECB has warned, the establishment of a tax weighs down banks on the stock market. The Spanish Institute of Analysts calculates a negative effect on the valuation of equity between 13% and 14%, but it could reach 22%. This would imply a loss of value for the shareholders of the Catalan entities of 6,300-6,800 million euros, which could reach 11,000 million euros depending on the final characteristics of the taxes.
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