Puncture of the Tobin tax: the State collects 53% less than expected

The collection aspiration of the Executive regarding the Tobin tax punctures in the first year in operation. This rule came into force on January 16 and taxes with 0.2% the operations of acquisition of shares issued in Spain of listed companies whose market capitalization is greater than 1,000 million euros. The Government intended to collect 850 million euros per year with this tax, however, in relative terms, and taking into account the evolution of this tax figure throughout the year, “it is likely that by the end of the year it will not reach 400 million euros. euros “, as indicated by the Spanish Confederation of Savings Banks (CECA).

Since this new tax came into operation in Spain, both the banks and the main brokers warned clients with securities accounts that this tribute would run to their account. However, the banks themselves also hold shares in companies in Spain, with almost 3% of the total, although the bulk is in the hands of foreign investors (50.2%), non-financial companies (20.8%) and families (16.1%); while the remaining percentages are distributed between collective investment and insurance (7.3%) and the Public Administration (2.8%).

The entities associated with Ceca, among which CaixaBank, Unicaja, Abanca, Kutxabank, Ibercaja or Cajasur stand out, increased the taxes contributed to the State last year, despite the lower benefits obtained during the pandemic and the decrease in the activity that led to . Specifically, contributed 2,619 million euros, the highest figure in five years and since this study began. The reason, despite the lower activity, is that the bulk of the taxes contributed by the financial sector are fixed, such as non-recoverable input VAT, unlike other companies, which amounted to 638 million; the Tax on Deposits in Credit Institutions (IDEC), for which they paid 161 million, or the tax that they have absorbed for two years, the Tax on Documented Legal Acts (AJD), linked to mortgages, which cost them 163 million last year. Regarding Corporation Tax, they contributed 347 million.

In addition, the contribution to Social Security for the employees it maintains the sector amounted to almost 1 billion. Despite the adjustments that the banking system is carrying out (in the global of the entities that operate in the country they have cut, or are in it, around 18,000 jobs), the contributions are maintained by the contribution of early retirement to workers until the actual retirement date arrives.

With this result, of every 100 euros that the banks and savings banks associated with Mint earn, 53 euros go to the public coffers. The percentage increases to 61%, or up to 61 euros per 100 entered, if other fixed obligations are added to this volume, such as the contribution to the Deposit Guarantee Fund (FGD), the Single European Resolution Fund (FUR) or to the Single Supervisory Mechanism (SSM), to which last year they allocated a total of 939 million.

Taxes collected

On the other hand, the taxes collected, which are the taxes withheld or passed on to third parties in the development of the activity of the companies, amounted to 2,394 million euros, remaining at figures similar to those of 2019. Thus, for a third consecutive year, the taxes borne exceed those collected. By breakdown, those that weigh the most are withholding per salaries and fees for 1,151 million.