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.
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