Temporary taxes on energy, banks and large fortunes

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1. A temporary energy levy is created for 2023 and 2024: large energy companies considered main operators will pay 1.2% of their revenue in Spain, with a 50% advance payment in February.
2. Companies with 2019 revenue below 1 billion euros, and those whose energy activity does not exceed 50% of their business, are exempt from the energy levy.
3. A temporary levy is created for credit institutions and credit financial establishments with 2019 interest and commission income of 800 million euros or more: they will pay 4.8% of their interest margin plus commissions, also in 2023 and 2024.
4. Neither levy can be passed on to customers or deducted under Corporate Income Taxincome tax The personal income tax (IRPF in Spain): what people pay on what they earn from work, business or savings.. Passing it on is a very serious offense punishable by a fine of 150% of the amount passed on.
5. The Temporary Solidarity Tax on Large Fortunes is created, a tax complementary to the Wealth Tax for net worth above 3,000,000 euros. It is not transferred to the Autonomous Communities and applies for two tax years.
6. Under the new large fortunes tax, the first 700,000 euros are a tax-free minimum, and the amount already paid under the Wealth Tax can be deducted, to avoid paying twice on the same wealth.
7. Revenue from the energy levy will fund measures against high energy prices, and revenue from the banking levy will fund measures against the price impact of the invasion of Ukraine. Revenue from the large fortunes tax will go to policies supporting the most vulnerable.
8. Several tax rules are amended: La Rioja moves to self-assessment for Inheritance and Gift Tax, holdings in non-resident entities with Spanish real estate become taxable, the Canary Islands Special Zone fees change, and tax deductions for film and series productions are expanded.

Who it affects

• Large energy companies (main operators): Must pay 1.2% of their Spanish revenue in 2023 and 2024, with an advance payment in February.
• Large banks and credit financial establishments: Must pay 4.8% of their interest and commission margin in 2023 and 2024, with an advance payment in February.
• Individuals with net worth above 3,000,000 euros: Must file the new temporary solidarity tax for two tax years.
• Film and series producers and those who finance them: Can apply expanded tax deductions under Corporate Income Tax.
• Companies in the Canary Islands Special Zone: Pay new fees for authorization applications and annual registry permanence.

Words worth knowing

Prestación patrimonial de carácter público no tributario

A mandatory payment to the State that, under the law, is not a tax but a contribution compelled by the authorities for a public interest purpose.

Operador principal

A company holding a leading position in a sector, as declared by the National Commission on Markets and Competition.

Grupo fiscal en régimen de consolidación

A group of companies belonging to the same group that file Corporate Income Tax together as if they were a single company.

Repercusión económica

Passing the payment on to customers, for example by raising prices or fees to recover it.

Devengo

The moment the obligation to pay a tax arises, even if payment is made later.

income tax

The personal income tax (IRPF in Spain): what people pay on what they earn from work, business or savings.

It summarizes the law as published in the BOE. It is written by artificial intelligence and may contain mistakes: the official text is what counts. Read the official text · How we make summaries