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State of the Nation Debate: Steps for living-cost crisis relief unveiled
Monday, July 18, 2022 @ 3:37 PM

A BATTERY of measures to curb the cost of living crisis announced by Spain's government will include windfall taxes on energy companies, an extra levy on bank profits, additional cash benefits for students, and reduced-price or even free public transport.

During the latest State of the Nation Debate, president Pedro Sánchez confirmed two new taxes on industries benefiting from rising living costs will be introduced from January, although they will relate to profits already earned in 2022, making them retroactive, as well as to those earned over the course of 2023, which will be taxed from January 2024.

A windfall tax on electricity providers' profits will earn the State around €2 billion a year

Electricity providers, gas boards, and petroleum companies which supply either commercially, will be taxed on 'extraordinary' profits – what is known as a 'windfall tax' in countries where this already applies, such as Italy and the UK.



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