The so-called Tobin tax on financial transactions – which will be charged on the acquisition of shares of large Spanish listed firms like Inditex, Iberdrola or Banco Santander – came into force on January 16. The new tax will mainly affect the purchases of these companies’ shares, either in cash or via credit. According to the list drawn up by the Tax Agency, it will be applied to almost 60 companies with a market capitalisation of more than 1 billion euros as of December 16 2020.
Spain Tobin tax
At its cabinet meeting on Tuesday, the government gave the green light to the implementation of new taxes on digital business and stock market transactions, following similar steps by other European countries. The agreement reached between Spain’s PSOE and Podemos coalition government included the approval of the two taxes, with which the Administration expects to collect about 2.050 billion euros (€1.200 Bn with the digital tax and €850 M with the financial transactions tax).