He states that "the lack of stability in the country's regulatory and fiscal framework could condition its future industrial projects in Spain"
MADRID, 26 Oct. (EUROPA PRESS) -
Repsol has criticized the possibility of maintaining a tax on energy companies and banks, included in the agreement between PSOE and Sumar to form a coalition government, and has warned that "the lack of stability in the regulatory framework and fiscal situation of the country could condition its future industrial projects in Spain".
In a statement regarding its results for the first nine months of the year, the company led by Josu Jon Imaz considered that the possibility of maintaining a tax on energy companies, "which was designed as temporary and extraordinary, punishes companies that, like Repsol, invest in industrial assets, generate employment and guarantee the country's energy independence", while "favors importers that do not generate employment or relevant economic activity in Spain".
In the case of energy companies, the current tax applies during 2023 and 2024, taxing 1.2% of the turnover obtained in those companies with income exceeding 1,000 million euros, excluding regulated businesses and activities outside of Spain and extra-peninsular areas.
The measure has been appealed by the main companies in the sector, including Repsol, which has been especially belligerent with this tax since its approval.
In fact, the oil company is the company most impacted by the tax, with around 450 million euros this year, followed by Cepsa, with 323 million euros; Naturgy and Endesa, with about 300 million euros each; and Iberdrola, with 200 million euros.
In addition, Repsol stressed that more than half of its profits were already allocated to paying taxes. Thus, the tax contribution between January and September of the group amounted to 10,890 million euros contributed to the public coffers, with close to 70% (7,441 million euros) corresponding to Spain.
Own taxes accrued amounted to 3,206 million euros and represented more than half of the profits (52%). Furthermore, the company indicated that it contributed a Corporate Tax rate of 37% during the period, well above the nominal rate applicable in Spain - 25% - and the average of OECD countries, placing it "as the "Ibex 35 company that paid the most taxes in the country."
