HomeWorldCaixabank will say No to Spain's 4.8 per cent windfall tax

Caixabank will say No to Spain’s 4.8 per cent windfall tax

Date:

Related stories

spot_imgspot_img


CAIXABANK: CEO Gonzalo Cortazar said bank would challenge windfall tax
Photo credit: CaixaBank Twitter

CAIXABANK intends to lodge a formal challenge against Spain’s 4.8 per cent windfall tax.

The bank joins other Spanish lenders in objecting to the temporary tax announced by the government in December to finance the €6 billion measures introduced to counteract the cost of living crisis.

The group – in which Spain’s government still has a holding of just over 16 per cent via the 2009 Bank Restructuring Fund (FROB) – described the tax as “discriminatory, confiscatory and distorting market competition within the eurozone.”

Instead of settling the first advance payment of the windfall tax on net profits of more than €800 million due  in February, Caixabank has opted to contest the levy.

Sabadell, Bankinter, Abanca and Kutxabank have joined, or will join, Cataluña-based CaixaBank in appealing against the tax.

 

Thank you for taking the time to read this article, do remember to come back and check The Euro Weekly News website for all your up-to-date local and international news stories and remember, you can also follow us on Facebook and Instagram

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

spot_img

LEAVE A REPLY

Please enter your comment!
Please enter your name here