Repsol is up in arms against the so-called ‘tax’ on energy companies, a special tax on these companies that the Government is working to make permanent. In this scenario, it has been the company’s own CEO, Josu Jon Imazthe one who came out in the first person to explain the company’s approaches. It also makes assessments about the sector as a whole.
Imaz, one of the directors of the energy sector who has always been more militant and direct with respect to this tax, has attacked the Government’s decision to make it permanent, and has warned that “fiscal populism” will compromise the future of the industry in Spain.
In a forum published in the newspapers El Correo and La Vanguardia, the CEO of Repsol warns that “with the extension of this measure, initially planned for the years 2023 and 2024 – in the case of energy companies, with the application of a tax of 1.2% on sales, to be settled against the years 2022 and 2023—, Investment in the Spanish energy sector will slow to a minimum».
For a few days now there has been a loud noise about the future of Repsol’s investments. The energy company already warned last year that it would pause this item while market conditions were not adequate. A situation that remains in force, and that reaches 1,500 million euros, especially in terms of hydrogen. A key technology for decarbonization.
Given this scenario, Imaz points out that “billions of euros will be diverted to other countries. It is possible that, given the difficulty of decarbonizing, the Spanish refining sector will have difficulty maintaining itself before the end of this decade. We will create many jobs in low added value services, possibly poorly paid. Our social coverage will have difficulty sustaining itself in the future, because the type of employment that is created and the lack of resources generated by the one that is lost leads us to a competitiveness model that is far from the leaders we should emulate.
In his forum, the CEO of Repsol criticizes, above all, the forms, and how they affect the generations to come. «It hurts even more that its future is extinguished amid demagogic speeches against big companies and the rich. Or that it is simply because of the toll to pay for Sumar to continue supporting a Government.
Imaz also defends that “debates about taxes are legitimate in a democratic society” and that he has always defended “a redistributive vision of fiscal policy.” “Perhaps that is why I am particularly repelled by demagoguery around tax issues,” he adds.
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