Spain Vows to Adjust Windfall Tax Bill if EU Proposal Succeeds

Spain will adjust its proposed levy on banks and energy companies to match the European Union’s proposed windfall tax, if that latter passes, Finance Minister Maria Jesus Montero said Thursday.

“Once the EU finishes these negotiations, in which we are participating actively, and we see the details of the proposal, we will adjust our legislation to that agreed by Europe,” Montero said in an interview with Spanish network Antena 3.

Earlier this week the EU outlined plans for a new windfall tax to funnel profits from the energy industry back to consumers hit by rising the rising cost ...