Booty (Santander): "You have to pay taxes, but if you pay too much, people leave"

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The bank has joined the energy sector in its clamor against the extension of specific and extraordinary taxes that affect both sectors and that will continue to affect them beyond 2024 if Pedro Sánchez manages to carry out his inauguration. The president of Banco Santander, Ana Botínand the CEO of BBVAOnur Gençhave charged this Tuesday against the tax: “It is not quantum science. You have to pay taxes, but if you pay too much, people will leave,” said Botín.

During the inauguration of the 2023 International Banking Conference organized by the Cantabrian entity, Botín stated that there are people and companies in Spain that “are paying more than 50% of their income to the Government”, which represents a “lack of incentives” not only for residents in the country, but for foreign investors.

The BBVA leader has also expressed himself along these lines during the presentation of the entity’s results. Genç has described the tribute as “unfair”; He has assured that “it is not a good idea for Spain” and has warned of its impact on both credit and investment in the future. “If there is less capital in the bank, there will be fewer credits in the system […] In the future there will be fewer credits for investment and the different initiatives that people, families and companies have,” he said in this regard.

Specifically, he assured that for every euro that the bank has, 10 euros or even 20 in credits can be granted. “What Spain needs right now is more investment and these measures are going to reduce that capacity,” he added.

Furthermore, Genç has highlighted that the tax creates “legal uncertainty” due to the feeling that the rules change suddenly.” “Who is going to want to invest in an environment in which the rules are constantly changing?” he asked as a complaint. .

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