The entity will go to court if it sees a loophole in government-approved regulations to tax its extraordinary profits
First public response from the banking system after the government president’s announcement to tax the banking system’s extraordinary profits due to the rise in interest rates. Bankinter’s CEO, María Dolores Dancausa, has not ruled out that her entity will legally fight for the new banking tax announced by the government, although she has been cautious in the absence of details of the new measure.
In presenting the bank’s first semester results to the press, Dancausa pointed out that the tax issue is “not about fighting or shrugging,” but about “understanding how they’re going to do it, if they can.” be done and whether it is legal to do it.” “Of course, imposing this extraordinary tax seems absolutely unfair to us, so we are going to assess all the possibilities before we can adopt it. But if we have to do it, we will do it.” , according to the directive.
However, he has indicated that if there are “loopholes” to not adopt the new extraordinary and temporary rate because “legally the law helps us, as it is an absolutely unfair tax, we will fight it”, he assured, although he has caution maintained, as the technical anchor of the rate is not yet known.
Bankinter recorded a net profit of 271 million euros in the first six months of this year, 10.8% more than in the first half of 2021, despite including four months of income from the insurance company Línea in the previous period. profit the bank made for its IPO.
The Executive foresees that this tax will have a term of two years and assumes collection of 1,500 million per year. The Vice President of the Government and Minister of the Economy and Digital Transformation, Nadia Calviño, will meet with representatives of the Spanish banking sector next Friday to address this new measure, as well as other issues such as the macroeconomic situation or financial situation. inclusion.
This statement is in line with that of the bank’s financial director, Jacobo Díaz, in the presentation to analysts ahead of the press conference. Díaz has also stressed that the measure is “unfair” and has defended that Bankinter “has always paid its taxes” like “any other Spanish company”. Likewise, he has stated that the Spanish banking system has a higher corporate tax rate, at 30%, rather than the 25% carried by other companies.
In that sense, both Dancausa and Díaz have pointed out that the sector not only pays taxes, but also contributes to other things, such as the Deposit Guarantee Fund or the Single Resolution Fund.
In total, Dancausa has estimated the payment by Companies made by Bankinter in 2021 at 170 million euros, while the contributions to the resolution and guarantee funds amounted to 100 million euros. To this is added another 25 million euros for charging customer deposits, as well as the impact of the Tax on Documented Legal Acts (IAJD) that the bank started to adopt from 2018 for new mortgages.
For his part, Díaz has defended that 50% of the bank’s after-tax profits are currently being used to bolster the bank’s capital position and that “any additional tax will constitute an additional tax” on capital ratios.
He also stated that the sector has “reacted very well” in the last two crises and believed that there is a “very good chance” of having a financial sector that helps protect the Spanish economy.
On the other hand, Dancausa has indicated that it intends to maintain its forecast of achieving a net profit of EUR 550 million in 2023, as it does not know how the bank tax will be applied and what the impact will be on its entity, although it does not believe that the measure will affect the reimbursement of deposits. In that sense, he stated that the bank “will not implement a price increase”.
Dancausa has stated that Pedro Sánchez’s announcement of the new tax in the debate on the state of the nation “creates unnecessary uncertainty, without the slightest warning and without the slightest debate”.
In addition, he has assured that “not only does it sell a lot to give the rich, big corporations and big electric companies what they deserve, but most worryingly, the emergence of hatred among citizens, which promotes harmony and unity, is increasing. sold to meet the challenges ahead.”
“Why is the bank again being put on the side of the apparently guilty? What has the financial sector to do with inflation, what has the sector done wrong this time?” asked the CEO of Bankinter, who also recalled that her bank contributed to the rescue of the old savings banks “managed by politicians and parties of all colors” and that “mismanagement” led them “to disaster”.
Source: La Verdad
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
