Spain Windfall Tax on Energy Firms Scrapped in Parliament Vote

Thomas Gualtieri
·1-min read

(Bloomberg) -- Spain’s controversial windfall tax on energy companies’ domestic revenue was scrapped in parliament in a setback for Prime Minister Pedro Sanchez.

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The country’s top opposition group, the conservative People’s Party, managed to gather the support of Basque nationalists PNV and Catalan separatists Junts to prevent the ruling Socialist Party from extending the 1.2% levy originally approved in 2022.

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The PNV and Junts are among the parties that granted the minority government the backing it needed to stay in power following political turmoil last year.

The government had agreed to extend the tax with far-left group Podemos through a decree next week, but now that’s unlikely to be turned into law by parliament.

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