Spain's New Banking Tax Offers Headache for Some, Relief for Others -- Market Talk

Dow Jones11-22

1048 GMT - The earnings of Spain's largest banks are set to be hurt by the extension and change in mechanism of a banking tax though some of their smaller peers are set to benefit, Deutsche Bank says in a note. The parliament approved the proposed banking tax for the 2025 to 2027 period which introduces a progressive 1% to 7% rate range on Spanish net interest income and commissions, compared to the previous flat 4.8% rate. Those making above 5 billion euros would be taxed most. This is primarily negative for CaixaBank as it would add 80 million euros in costs to the 600 million euros in tax it pays per year, analyst Alfredo Alonso calculates. BBVA and Santander would be relatively less impacted, he adds. For Sabadell, Bankinter and Unicaja, they are set to face a lower tax bill. (elena.vardon@wsj.com)

(END) Dow Jones Newswires

November 22, 2024 05:55 ET (10:55 GMT)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2485258060?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2024-11-22 18:55","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2485258060","market":"other","top_or_hot":-1,"title":"Spain's New Banking Tax Offers Headache for Some, Relief for Others -- Market Talk","media":"Dow Jones","content":"<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n     1048 GMT - The earnings of Spain's largest banks are set to be hurt by the extension and change in mechanism of a banking tax though some of their smaller peers are set to benefit, Deutsche Bank says in a note. The parliament approved the proposed banking tax for the 2025 to 2027 period which introduces a progressive 1% to 7% rate range on Spanish net interest income and commissions, compared to the previous flat 4.8% rate. Those making above 5 billion euros would be taxed most. This is primarily negative for CaixaBank as it would add 80 million euros in costs to the 600 million euros in tax it pays per year, analyst Alfredo Alonso calculates. BBVA and Santander would be relatively less impacted, he adds. For Sabadell, Bankinter and Unicaja, they are set to face a lower tax bill. (elena.vardon@wsj.com) \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  November 22, 2024 05:55 ET (10:55 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Spain's New Banking Tax Offers Headache for Some, Relief for Others -- Market Talk</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSpain's New Banking Tax Offers Headache for Some, Relief for Others -- Market Talk\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-22 18:55 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://dowjonesnews.com/newdjn/logon.aspx?AL=N><strong>Dow Jones</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>1048 GMT - The earnings of Spain's largest banks are set to be hurt by the extension and change in mechanism of a banking tax though some of their smaller peers are set to benefit, Deutsche Bank says ...</p>\n\n<a href=\"https://dowjonesnews.com/newdjn/logon.aspx?AL=N\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SAN","symbol_name":"桑坦德银行","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2485258060","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2485258060","pubTimestamp":1732272900,"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"1048 GMT - The earnings of Spain's largest banks are set to be hurt by the extension and change in mechanism of a banking tax though some of their smaller peers are set to benefit, Deutsche Bank says in a note. The parliament approved the proposed banking tax for the 2025 to 2027 period which introduces a progressive 1% to 7% rate range on Spanish net interest income and commissions, compared to the previous flat 4.8% rate. Those making above 5 billion euros would be taxed most. This is primarily negative for CaixaBank as it would add 80 million euros in costs to the 600 million euros in tax it pays per year, analyst Alfredo Alonso calculates. BBVA and Santander would be relatively less impacted, he adds. For Sabadell, Bankinter and Unicaja, they are set to face a lower tax bill. ","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"SAN":"桑坦德银行","CAIXY":"Caixabank SA","BK4207":"综合性银行","BBVA":"西班牙外换银行","BK4521":"英国银行股"},"translate_title":"西班牙新银行税让一些人头疼，让另一些人松了一口气——市场讨论","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BBVA":0.9,"CAIXY":0.9,"SAN":0.9},"content_text":"1048 GMT - The earnings of Spain's largest banks are set to be hurt by the extension and change in mechanism of a banking tax though some of their smaller peers are set to benefit, Deutsche Bank says in a note. The parliament approved the proposed banking tax for the 2025 to 2027 period which introduces a progressive 1% to 7% rate range on Spanish net interest income and commissions, compared to the previous flat 4.8% rate. Those making above 5 billion euros would be taxed most. This is primarily negative for CaixaBank as it would add 80 million euros in costs to the 600 million euros in tax it pays per year, analyst Alfredo Alonso calculates. BBVA and Santander would be relatively less impacted, he adds. For Sabadell, Bankinter and Unicaja, they are set to face a lower tax bill. (elena.vardon@wsj.com) \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  November 22, 2024 05:55 ET (10:55 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"Policy And Regulatory","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2485258060"}