Windfall tax backlash menaces Spain's green energy sector [Yahoo! Finance]
IBERDROLA SA S/ADR (IBDRY)
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Source: Yahoo! Finance
The tax entered force for two years in January 2023 to fund measures aimed at protecting consumer purchasing power as inflation spiked following the outbreak of the war in Ukraine. But Prime Minister Pedro Sanchez's government intends to keep it as part of a coalition deal with far-left party Sumar, a choice confirmed this month by Economy Minister Carlos Cuerpo. Several countries have implemented or are considering exceptional levies to rebalance their budgets, including EU heavyweights France and Italy, who are in the commission's firing line for excessive deficits. Spain is also looking to slash its deficit and the tax, which raked in more than 2.8 billion euros ($3.1 billion) this year according to the budget ministry, could be a useful tool. Cuerpo has said the tax was effective at redistributing wealth without damaging the competitiveness or solvability of the companies concerned. Banking giant Santander and energy major Iberdrola are notable examples, with both posti
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