Spain's New Banking Tax Offers Headache for Some, Relief for Others -- Market Talk

Dow Jones

2024/11/22

1048 GMT - The earnings of Spain's largest banks are set to be hurt by the extension and change in mechanism of a banking tax though some of their smaller peers are set to benefit, Deutsche Bank says in a note. The parliament approved the proposed banking tax for the 2025 to 2027 period which introduces a progressive 1% to 7% rate range on Spanish net interest income and commissions, compared to the previous flat 4.8% rate. Those making above 5 billion euros would be taxed most. This is primarily negative for CaixaBank as it would add 80 million euros in costs to the 600 million euros in tax it pays per year, analyst Alfredo Alonso calculates. BBVA and Santander would be relatively less impacted, he adds. For Sabadell, Bankinter and Unicaja, they are set to face a lower tax bill. (elena.vardon@wsj.com)

(END) Dow Jones Newswires

November 22, 2024 05:55 ET (10:55 GMT)

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","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"SAN":"桑坦德银行","BBVA":"西班牙外换银行","CAIXY":"Caixabank SA","BK4521":"英国银行股","BK4207":"综合性银行"},"translate_title":"西班牙新银行税让一些人头疼，让另一些人松了一口气——市场讨论","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"SAN":0.9,"BBVA":0.9,"CAIXY":0.9},"content_text":"1048 GMT - The earnings of Spain's largest banks are set to be hurt by the extension and change in mechanism of a banking tax though some of their smaller peers are set to benefit, Deutsche Bank says in a note. The parliament approved the proposed banking tax for the 2025 to 2027 period which introduces a progressive 1% to 7% rate range on Spanish net interest income and commissions, compared to the previous flat 4.8% rate. Those making above 5 billion euros would be taxed most. 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