Automatically translated from Basque, translation may contain errors. More information here. Elhuyarren itzultzaile automatikoaren logoa

The Spanish Government wants to abolish the tax on energy companies

  • Companies have exerted great pressure in recent times “for the risk of strategic investment”. Iberdrola's president, for his part, assured two weeks ago that the tax on his accounts "is assuming very little." In the case of the CAV, competition has been left to the Basque Treasury. Adjustment measures will now be put to the vote in the Congress of Deputies.


31 October 2024 - 14:29
Last updated: 16:12
Espainiako ogasun ministro María Jesús Montero eta EAJko bozeramaile Aitor Estebanekin Europa Press

The Spanish Government has finally decided, which would end on 31 December, to abolish the special tax on extraordinary profits for energy companies, as well as to reduce bank profits. It is an amendment to the law that prevents the tax from becoming permanent, while agreeing with the PNV the competence of the foreign treasuries to manage the tax on banks. The PNV announced this Wednesday in a statement that the bill it has drafted with the Government of Sánchez sets a global minimum rate for multinational companies at 15%.

In recent times, the possibility that the tax on large multinational companies, with a turnover of more than EUR 750 million, has become a permanent dispute between the Spanish Government and the parties supporting it, has been strengthened on the last day of amendments to the draft bill. In recent weeks, major energy companies in the Spanish State have placed great pressure and have pointed out that “strategic investments could be at risk”, among others, Repsol President Josu Jon Imaz.

The leftist parties, EH Bildu, ERC and Sumar, have tabled their proposals against the proposed amendments to the whole. However, the PNV and Junts have been sufficient to bring forward with the PSOE legislation that benefits these multinationals.

Junts said that it will not support the perpetuation of the Renewable Energy Tax if this deteriorates the investment of EUR 1.1 billion that Repsol has in Tarragona. For its part, Repsol has also referred to Catalonia’s intentions to put pressure on the Catalan conflict. The PNV has also been in favour of repealing corporation tax, as it was the Jeltzales that reported that the amendment was accepted. In this regard, he explained in a communiqué that the Government of Spain has decided on the basis of factors beyond the activity they carry out. What is more, the Jeltzales have ensured that they would be willing to accept the continuation of the tax on energy companies if it were left to the Basque estates. “This important decision strengthens the Basque self-government,” says Aitor Esteban,

On the contrary, Imanol Pradales, president of the CAV, stated on 22 October that “these taxes are not the best option for a country’s industrial development.” Almost at the same time, the president of the PNV, Andoni Ortuzar, stated that the tax on energy companies “would involve killing the oli with water eggs”.

On the other side there are those who have asked for the perpetuation of this tax, EH Bildu, ERC and Sumar. On Wednesday they stressed that “the benefits that banks and energy companies have announced in recent months have been records”. Two weeks ago, Iberdrola President Ignacio Sánchez Galán said in English, laughing, that the tax “assumes very little in their accounts.” According to Naiz, this year Iberdrola has increased its profits by 50%.

Personal Income Tax until 2028

Several media outlets in Madrid have filtered that the bank tax will soften and not be perpetual, as it will extend until 2028. An amendment to the draft law on the creation of an overall minimum tax of 15% for large multinationals, which involved a non-tax property allowance, will allow the PSO to manage the tax on the part of the Basque estates, as agreed with the PNV.

The tax will be progressive, from 1% to 6% according to the liquidable basis, and will tax the interest and commission margin that credit institutions and credit institutions have obtained from foreign credit institutions in the Spanish State in their activities.

In addition, the Socialist Party has also made changes to eliminate the improvement of diesel versus petrol, which will materialise from 1 April 2025. This will not affect commercial gas oil. Sánchez points out that this is an environmental improvement measure that follows the guidelines of the European Commission. The PSOE has explained that "it makes no sense to promote against gasoline", referring to the environment and health.

All these changes will be put to the vote in the Congress of Deputies over the coming weeks.


You are interested in the channel: Energiaren sektorea
2024-10-18 | Hala Bedi
Araba Bizirik calls the demonstration against macro-projects in Gasteiz for 26 October
Under the motto “Araba is not for sale” and “There are no macro-projects”, they have made the appeal. On 26 October they will meet at 18:00 hours to denounce the energy model aimed at “guaranteeing private profits” and the “role played by the institutions”. On... [+]

The oil companies supplying the Israeli army, an accomplice of war crimes?
Since Israel began the Gaza massacre in October 2023, it has been collecting oil by sea from many parts of the world, supplied by large oil tankers. Part of this oil is used to supply the army to continue to attack the Palestinians.

2024-03-19 | Nicolas Goñi
Engineering to remove CO2 from the atmosphere: an excuse to continue to exploit the earth?
Is the climate problem just an engineering issue? The industrialization of the world has reinforced the greenhouse effect of the atmosphere, by pouring huge amounts of carbon dioxide into the air to compromise our survival. Why not, therefore, recapture that carbon dioxide so... [+]

2024-02-29 | Gedar
VAT on electricity will rise again to 21% in Spain
The reduction entered into force by the Spanish Government in 2021, but last January began to be praised. The increase in VAT means an average increase in the annual cost of 15%. In 2023, Iberdrola achieved the best results in its history.

Repsol, demons here and there
From the brilliant white talaimendi of Davos speaks the voice of the sheriff of Repsol, so we all understand: “We have to broaden our mind.” I mean, we have to broaden the mindset, we can't think we can live without fossil fuels. What do you think of zozomikotes?

The Bistibieta landfill in Lemoa could house 37% of the Basque coast’s galpot in the ‘Prestige’ disaster
The Jon Podemos Group has requested information in the Basque Parliament on the possible existence of waste at the Bistibieta landfill in Lemoa. Ecologists have repeatedly denounced the fact that the sunken Prestige oil tankers were liberated in 2002 and that Basque fishermen... [+]

Oil giants distribute the biggest dividends ever
BP, Shell, Chevron, ExxonMobil and TotalEnergies will share $100 billion (EUR 90.1 billion) among their investors, the highest remuneration ever. As a result of the Ukrainian war, in 2023 the giant oil and gas companies quoted on the stock exchange beat the profit record.

Prosecutor asks to reduce the fine against Iberdrola from 85 to 5.4 million euros
The Spanish state prosecutor against corruption has confirmed that Iberdrola manipulated the electricity price in 2013 and has ruled out the removal of water from dams in a trial against the electricity company.

2023-09-13 | Iñaki Barcena
Yasuni: model and victory

Yasuni: On 20 August the people of the Republic of Ecuador (17.8 million inhabitants) in a constitutional consultation (59% in favour), together with the presidential elections, offered Yasun the Biosphere Reserve (designated in 1989) the possibility of no more oil. If we take... [+]


Gas station managers acknowledge that it is "impossible" to achieve the objectives of providing electric cars
Although 15% of cars are expected to be fully electric by 2030, Nacho Rabadam, president of the Spanish State Confederation of Gas Service Station Employers, stressed at a meeting in Pamplona that its supply will not be profitable.

Ecuadorians oppose oil exploitation in the Yasuni natural reserve
It is also known as the “Ecuadorian Amazon”, with 2,000 trees, 204 mammals, 610 birds, 121 reptiles and 250 species of fish. Agent Yasunidos has been in favour of the survey and against the exploitation of this natural area. The Ecuadorian Government estimates that the... [+]

2023-08-18 | Ilargi Manzanares
The International Energy Agency warns of ecological transition as unsustainable
The agency has pointed out that in the last three years the exploitation of rare materials has considerably increased the environmental impact of the industry, as water consumption has doubled, the amount of waste has increased and greenhouse gas emissions continue "to a very... [+]

2023-08-02 | Ilargi Manzanares
Renewables produce more energy in the EU than fossil fuels in May
31% of electricity has been produced by wind and photovoltaic and 27% by fossil fuels. Renewables have broken this brand for the first time.

New independent research highlights the greenwashing strategy of multinational Total Energies
Despite continuing to invest mainly in the oil and gas sector, the French multinational focuses its communication on renewable energy investments. The Non-Governmental Organization Bloom has been analyzing documents for the past two and a half years, hence the report published... [+]

Eguneraketa berriak daude