Spain to impose temporary taxes on banks, power companies, PM says ...Middle East

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Spain to impose temporary taxes on banks, power companies, PM says
source : Daily Sun ( Middle East ) () 39
MADRID: Spain will slap temporary taxes on power companies and banks that should generate 7 billion euros ($7.02 billion) in revenues in 2023-2024 and help Spaniards cope with soaring energy prices and inflation, Prime Minister Pedro Sanchez(pix) said on Tuesday.The government expects to rake in 2 billion euros a year in 2023 and 2024 from a tax on extraordinary profits of power utilities made this year and next, while the tax on financial institutions will bring in 1.5 billion euros in revenues a year, he told parliament in a state of the nation speech.Shares of banks like Sabadell and Caixabank fell as much as 8% following the announcement.Sanchez said inflation, caused to a large extent b

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