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Spain Seeks 4.8% Tax on Banks To Beat Cost of Living Crisis (2)

July 28, 2022, 12:42 PM

Spain is seeking to tax banks for windfall profits made from net interest and fees charged to clients, in the boldest move against lenders by any major European Union nation to offset the impact of a worsening cost-of-living crisis.

A bill introduced to parliament Thursday aims to set a 4.8% tax on Spanish banks. It also seeks to charge a 1.2% levy on the domestic sales of energy firms. The measures, put forward by parties of the ruling coalition, would also penalize companies that pass the costs of the new taxes on to their clients.

The details of the proposals ...