The pact woven against the clock between the PSOE and Junts to extend the bank tax narrowly saves Sabadell, along with the rest of the medium-sized banks, from the most onerous surcharge. The transactional amendment promoted in the last-minute pact adds a final rate, 7%, which will tax income from 5,000 million euros, preserving the tax graduality for lower billings that was already being considered and ranges between 1 and 6%. .
The greatest penalty will be borne, if this transactional amendment is approved on Thursday in the Plenary Session of Congress, only three entities: CaixaBank, whose total income from interest margin and commissions reached 12,507 million euros last year; Santander, with 9,340 million in the common item, and BBVA, whose figure rose to 7,784 million. They are estimates collected from the results generated last year by its business in Spain – the tax does not apply to foreign operations.
Sabadell added 4,811 million at that time, on the edge of 5,000 million, and this year is on track to exceed them. If their accounts from September are extrapolated to the end of 2024, they would be around 5,089 million, but in their favor would be the precision introduced in the amendment agreed with Puigdemont that requires subtracting 100 million from the tax base (on which the tax applies) for estimate the liquidable base, on which the specific rate ultimately governs.
Below the Vallesan entity and at a great distance are the rest of the medium-sized banks: Bankinter entered 2,838 million between financial margin and commissions; Unicaja, 1,886 million; Ibercaja, 1,111 million; Kutxabank, 1,651 million; Abanca, 1,526 million, and Cajamar, 1,335 million.
The tax that is at the origin of the new tax and that the Government coined on a temporary basis alleging extraordinary benefits due to a rate increase that is now falling, established a single rate of 4.8% on income. For its calculation, it also took into account the financial margin and commissions, but exempted entities whose combined amount did not add up to 800 million in 2019, which in practice exempted foreign banks, small entities and neobanks. Now it will be universal for national banks, branches of foreign entities and financial credit establishments with a rate of between 1 and 6% that is applied gradually as income is higher, in the style of personal income tax on the income of individuals.
It taxes income up to 750 million with 1%, with 3.5% on those that exceed this amount and up to 1,500 million, the latter threshold in which the majority of entities are located. From that amount onwards, the rate escalates to 4.8%, applicable to income up to 3,000 million – this is where the big two and Sabadell would come in. From this figure and up to 5,000 million, the tax increases to 6%.
The CEO of CaixaBank, Gonzalo Gortázar, yesterday described the tax as “a tax on credit” because instead of helping growth “it will be an impediment.” The sector estimates that it will drain 50,000 million in financing capacity. It is an “attack on economic growth and social progress,” denounced the vice president of Santander Spain, Juan Manuel Cendoya, alluding to the fiscal package promoted by the Government. During his speech at the Latibex Forum, he elaborated that it is not the best example to attract foreign investment because he considers that “it breaks legal security.”
The employers’ associations AEB and CECA agreed that it will affect the economic growth of Spain, they demanded orderly and transparent regulatory processes that give confidence to citizens, investors and the market and warned about the consequences for the sector because it implies the fragmentation of the Spanish market. with the different application by autonomous communities.
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