Banks and energy companies will pay the temporary tax this week after the judicial setback

The large banks and the main energy companies have until next Wednesday, September 20, to pay the second tranche of the extraordinary tax approved by the Government, after the court has once again rejected its precautionary suspension.

Between September 1 and 20, large companies in these sectors must make the second payment of the new extraordinary taxes, after having paid 1,454.5 million euros in the first period of February.

In that first design, the Ministry of Finance reported that the total figure was divided between the 817.4 million that the large energy companies paid, and the 637.1 million from the banking sector.

The Government’s provisions when approving the tax were to collect 1.7 billion annually in the case of the energy tax and 1.3 billion annually for banking.

Judicial setbacks for companies

This second payment occurs after the National Court this week ruled out provisionally suspending the extraordinary banking tax after rejecting the appeals presented by Bankinter, Kutxabank – through its subsidiary Cajasur – and Sabadell, understanding that it does not cause them a Serious harm or endanger your survival.

The court considers that rejecting the suspension does not entail irreparable harm, since if the appeal is finally upheld it would be a perfectly reversible situation through the return of what was paid with the payment of the mandatory interest (making the necessary compensations for this purpose). ).

This decision adds to the one made by the same court last February, where it rejected Repsol’s claim to suspend the rate for energy companies.

Energy tax

In the energy sector, the tax affects electricity, gas and oil companies that invoiced more than 1,000 million in 2019, and taxes sales at a rate of 1.2% except for regulated income and income from outside Spain.

For this year, the energy companies Repsol, Cepsa, Naturgy, Iberdrola and Endesa have reserved almost 1.5 billion to face the extraordinary tax.

The most affected has been Repsol, which due to its size in Spain recorded as an expense on January 1, 2023 the impact of the tax worth 444 million, of which it will now have to pay half, 222 million.

Next came Cepsa, with 323 million for the entire year, and Naturgy, which estimated around 300 million, while Iberdrola, with 216 million, and Endesa, close to 200 million, have been the least affected.

Bank tax

In the case of banks, the rate taxes the interest margin and net commissions of the banking business in Spain at 4.8%, which the Executive considers extraordinary benefits due to the rise in interest rates, in banks with a turnover of more than 800 million in 2019.

The large entities do not comment on the decision of the National Court nor on the payment of the second tranche of the tax, although sources in the sector assume that they will do so before the deadline ends.

In the case of CaixaBank, the amount announced last February amounted to 373 million euros in total, of which half was paid then, 186.5 million, the same amount that must be paid in this second installment, sources calculate.

Other entities such as Santander, BBVA and Bankinter will also make the second disbursement these days, although at the time they decided to note the total impact on the first quarter accounts. According to sources, Santander scored 224 million; BBVA, 225 million, and Bankinter, 77 million.

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