The PP will review the bank tax, but will not repeal it

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The president of the Popular Party, Alberto Núñez Feijóo, has shed some light on what he will do if he wins the General Elections on July 23 with the tax on the so-called extraordinary profits from banks and energy companies. A priori, the intention of the PP if it came to the Government was to repeal this tax with which it hopes to raise 3,000 million euros in two years. However, in an interview with the British newspaper Financial Times, Feijóo did not acquire any commitment in this regard and limited himself to speaking of a “badly designed” tax from a legislative point of view by the Executive of Pedro Sánchez that he aspires to “modify”.

“I have promised to speak with the electricity companies and with the banks about how we can demand that they show solidarity and how they can contribute so that we overcome the existing deep debt and public deficit… before making decisions,” the PP candidate told the British newspaper. Feijóo’s objective is “to adjust the legal risk that would be incurred” having Taking into account that, in his opinion, “this is not the correct model. ” The question is to know how this decision will settle the business fabric, taking into account that the entities have already announced that they will appeal this tax to the courts and, if they are victorious, the State must return the rate plus the interest generated, foreseeably during the next Government.

One of the reasons that Núñez Feijóo alleges is the progress of the economy, once the euro zone has entered a technical recession. The president of the popular groups says he is aware of the challenge of returning the public debt to reasonable levels, even more so at a time when the State will have to face a constant increase in the interest to be paid on its debt due to the rise in the interest rates. Currently, the Spanish public debt is equivalent to 113% of GDP and the deficit, 4.8%.

In addition, Feijóo plans to approve tax incentives to attract foreign capital to Spain with “specific measures that make Spain an attractive country in which to invest” and as a new benchmark for renewable energy. The PP has also promised to reduce personal income tax to all those who earn less than 40,000 euros gross per year.

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