hit tracker
Friday, September 29, 2023
HomeLatest NewsThe National Court rejects the appeal to suspend the banking tax

The National Court rejects the appeal to suspend the banking tax

Date: September 29, 2023 Time: 06:15:01

The National Court has rejected the appeals presented by Bankinter, Cajasur (subsidiary of Kutxabank) and Sabadell in which they requested the precautionary suspension of the banking tax established by the Government. The judge has ruled that the extraordinary tax does not cause serious damage to the entities.

The litigation chamber has not commented on the legality of the fee beyond denying the need for its suspension. Nor has it been in favor of transferring the banks’ complaints to the Court of Justice of the European Union (CJEU), as the financial entities suggested.

The magistrates have declared that the imposition of this rate does not pose a danger to the survival of the banks nor irreparable damage, since if the suspension of the tax is finally approved, what was paid to the banks could be returned with the corresponding interest.

The Government hopes to raise 3,000 million

The ministerial order, approved at the beginning of last February, means that financial entities whose interests and commissions will exceed 800 million in 2019 pay a rate of 4.8% of the sum of net income from interest and commissions.

With this, the Government hoped to receive 1,500 million annually through this means, that is, 3,000 million between 2023 and 2024, although the modifications suffered by the norm during its parliamentary processing have reduced these amounts, the second payment of which must be made this month.

The tax, which also affects large energy companies, was also appealed by the banking associations AEB and CECA; Furthermore, the Court has already ruled against Repsol’s claim to provisionally suspend the fee.

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

Most Popular

Recent Comments