The Spanish government may collect more than expected from a windfall tax on energy firms and lenders which had a €3 billion ($3.2 billion) income target this year, according to a top official.
(Bloomberg) — The Spanish government may collect more than expected from a windfall tax on energy firms and lenders which had a €3 billion ($3.2 billion) income target this year, according to a top official.
Budget Minister Maria Jesus Montero said Tuesday that the government has already received about €1.45 billion from the initial tax payment.
Prime Minister Pedro Sanchez surprised markets last year with a proposal to impose a 4.8% tax on profits made by energy companies for two years, as part of a set of measures and levies to offset a worsening cost-of-living crisis.
The tax, designed to offset the unequal impact of soaring inflation, is expected to last two years and is collected twice a year.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.