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What it is

Bill would add a 10% surcharge to banks' corporate tax for five years

Admitted step 2 of 7 · Unfinished

It is a members’ bill. Introduced by parliamentary groups, the Senate, regional governments or citizens. It was introduced on 19 January 2018. Introduced by: Grupo Parlamentario Confederal de Unidos Podemos-En Comú Podem-En Marea.

Official title: Private member's bill for the establishment of a solidarity surcharge on credit institutions.

Follow this law

Source: Congreso de los Diputados, file 122/000167· updated 11 Nov

Automatic summary, not yet reviewed

  1. The bill would raise the corporate income tax The personal income tax (IRPF in Spain): what people pay on what they earn from work, business or savings. rate for credit institutions by 10 percentage points, for tax periods starting in 2018.
  2. The surcharge would last five years and could be extended afterward for similar periods.
  3. The tax would take effect the day after its publication in the Official State Gazette (Boletín Oficial del Estado).
  4. The bill is justified by public aid to the banking sector during the crisis, which the text puts at more than €60,000 million unrecoverable, and by banks' low effective tax rates in 2015 and 2016.

Words worth knowing

Impuesto de Sociedades
Corporate income tax, the tax companies pay on their profits.
Entidades de crédito
Credit institutions: companies that can take deposits from the public and grant loans, such as banks.
Esquemas de Protección de Activos (EPAs)
Asset protection schemes: public guarantees covering potential losses for banks that bought intervened entities.
FROB
Fund for the Restructuring of the Banking Sector (Fondo de Reestructuración Bancaria), the public body that managed bank bailouts.
income tax
The personal income tax (IRPF in Spain): what people pay on what they earn from work, business or savings.

It summarizes the text as it was introduced. It is written by artificial intelligence and may contain mistakes: the official text is what counts. Read the official text · How we make summaries

Where it stands

How far did it get?

It took 2 of 7 steps. It reached Admitted, and today it is unfinished.

  1. Introduced19 January 2018Someone registers the text in the Congreso.
  2. Admitted30 January 2018The Bureau of the Congreso accepts it and, for a members’ bill, the plenary decides whether to consider it.
  3. Amendmentsnot reachedGroups propose changes.
  4. Committeenot reachedA committee goes through the text in detail.
  5. Plenarynot reachedAll 350 deputies vote.
  6. Senatenot reachedThe Senate can pass it, amend it or veto it.
  7. BOEnot reachedIt is published in the Official State Gazette (BOE) and comes into force.
See the 6 official steps on a timeline
Mar 2018Jun 2018Sept 2018Dec 201811. 19 January 2018: Presentación22. 30 January 2018: Boletín Oficial de las Cortes Generales Publicación desde 30/01/2018 hasta 02/02/201833. 30 January 2018: Calificación44. 2 February 2018: Gobierno Contestación desde 02/02/2018 hasta 13/03/2018 Nota: (Mesa 13/03/2018 - concluida - decaída por comunicación disconformidad Gobierno).55. 4 September 2018: Pleno Toma en consideración desde 04/09/2018 hasta 05/03/2019 Nota: (Nuevo criterio del Gobierno 19/07/2018).66. 5 March 2019: Concluido - (Caducado) desde 05/03/2019 hasta 27/03/2019

Was there a plenary vote?

We have no plenary vote linked to this law in the Congreso’s data.

What happens next

What happens now?

The legislature ended before it finished. To go on, someone would have to introduce it again in the new Cortes.

It has not been presented again yet.

Sources

Where does all this come from?

  • The data comes from the open files of the Congreso, the Senate and the BOE, unaltered.
  • Each deputy’s province is the one of their seat on the day of the vote.
  • We only say “passed” or “rejected” when the majority needed is certain; otherwise we say which side had more votes.

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