Montero warns that the banks and electricity companies that pass on the new tax "will have to do with the Justice"

08/29/2022

Updated at 12:13 p.m.

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The Minister of Finance and Civil Service, María Jesús Montero, has returned from vacation raising one point the harshness of her tone towards energy companies and financial institutions, the recipients of the Government's latest fiscal offensive to increase the income account of the Condition. After the latest association announcements and statements by business leaders regarding the dubious legality of the new figure that the Executive intends to put into practice, Montero warned on Monday that companies that try to pass on the effect of this new tax burden on consumers "will have to do with Justice », in addition to responding to fines of up to 150% of the impacted quota that is foreseen in the bill agreed between the PSOE and United We Can.

The legal veto to affect the new tax on consumers, which will not be a tax but a non-tax patrimonial benefit, which PSOE and United We Can aspire to include in the norm is one of the aspects that offers legal doubts to those affected, as confirmed by sources in these sectors. They argue that there is no law that prevents companies from passing on the increases they experience in their costs to consumers and that their legal framework is questionable. Another area of ​​uncertainty is how to do it. These are companies that have a very complex cost structure and that, in addition, in the current context are subject to significant fluctuations, not only from the fiscal side, which would make it difficult to determine whether a possible change in rates could respond or not for tax reasons.

Apart from these legal considerations, the Minister of Finance reaffirmed on Monday the intention of the Executive to implant that new figure with which it aspires to obtain 7,000 million euros to enter in the years 2023 and 2024 on account of the alleged extraordinary profits obtained by energy companies and financial entities in the years 2022 and 2023.

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