A multi-billion-euro windfall tax for finance and energy firms to offset the toll of inflation was announced by Prime Minister Pedro Sánchez on Tuesday.
The extraordinary tax measure will be applied to financial entities in 2022-23 and energy firms in 2023-24 to bring in €7 billion, including €1.5 billion from the banking sector and €2 billion from large energy firms each year.
“This government will not allow the suffering of many to benefit the few,” Sanchez said during a state of the nation address in parliament.
Sánchez, who leads a minority left-wing coalition government, warned that energy-saving measures might be necessary when confronting potential supply shortages should Russian President Vladimir Putin decide to cut off gas to Europe.
He announced that the government would fund monthly rail passes on some commuter lines run by the state company Renfe between September and December.
