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The rise of the minimum to the bank to 18% is confirmed in exchange for not taxing deposits



The new coalition government will not establish a tax on bank deposits and, in return, will impose a minimum effective rate in the Corporation Tax, as advanced by Bolsamanía in November. What's more, this rate will finally be 18% -under the 20% that the PSOE negotiated with United We can-, a figure that already pays almost all of the relevant entities. The good news for the sector does not end there, since the Executive also forgets to revitalize Bankia and the "solidarity" tax proposed by Iglesias to return the rescue money of 2012.

The PSOE raised impose a lien on deposits when he came to power after the motion of censure of 2018. But, as Bolsamanía reported, he has ruled out that measure because he would give the entities the perfect excuse to transfer that tax to customers and blame the Government for having to charge them for their deposits when the current situation of negative interest rates in the euro zone leads them to start doing so.

In exchange for this resignation, the program presented on Monday establishes the establishment of "a minimum tax of 15% of the large corporations, which would expand up to 18% for financial institutions and hydrocarbon companies. "A rate that is even less than 20% that was initially contemplated to satisfy the purple party for waiving the deposit tax.

This reduction has been initially received with satisfaction by large companies in general and by banks in particular, since the almost all of the sector is already taxed above 18% of your tax base in Spain today. As this means also explained, the way to raise the rate in case of being lower would be the prohibition of applying the excess of deferred tax assets (DTA) that currently lower the bill of the sector with the Treasury.


This is not the only resignation of United We can as far as banking is concerned. The government program Nor does it include his proposal for a "solidarity tax" on the benefits of the sector to return the public money injected to rescue the savings banks in 2012 (65,725 million, according to the latest calculation of the Bank of Spain).

Similarly, the document is Forget the historic claim of Pablo Iglesias to renationalize Bankia to turn it into a public bank dedicated to "social credit". However, it also says nothing about the sale of new stock packages or their integration with another entity. The PNV aims to merge with BBVA, as Bolsamanía also advanced, and the Basque party is also essential for the investiture of Sánchez; and before Bankia was negotiating with Sabadell.

The measure that yes it will take effect is the 'Tobin rate' to the financial transactions that were included in the draft Budgets whose rejection caused the April elections. However, it will be applied only to the operations of purchase of Spanish shares – it does not say anything about bonds or derivatives – and, in addition, that they are "executed by operators of the financial sector", an ambiguous expression that should be clarified to know if it affects or not to private investors.

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