The Government Will Explain Today The New Tax On The Banking Sector

Calviño raises fiscal deficit targetsNadia Calviño on 'Consejeros' (2014)

The Government plans to hold a meeting this Friday with representatives of the banking sector in which it will address, among other issues, the new temporary tax on the sector announced by the President of the Government, Pedro Sánchez, which will last for two years and will seek to raise a total of 3,000 million. Although the meeting does not revolve around this extraordinary tax, the details of which are still unknown, sources from the Ministry of Economic Affairs have confirmed to Europa Press that the issue will be discussed with the financial sector, which for the moment has shown itself to be opposed to the application of this new tax aimed at entities with a turnover of more than 1,000 million euros per year.

The meeting, which will be headed by Nadia Calviño, will be attended by the sector’s employers’ associations – AEB, CECA and Unacc -, executives from the main financial institutions and the governor of the Bank of Spain, Pablo Hernández de Cos.

With regard to this tax, which the government plans to promote through a bill, the government has already announced that the regulation will include a ban on these new taxes being passed on to the final prices borne by the public.

Despite the lack of information on the details, the government newspaper ‘El País’ published that the Ministry of Finance is studying the option of imposing a 5% tax on commissions and interest charged by banks to customers, although the tax is still being worked on and designed, so nothing has been finalised.

About the Author

The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.