Spanish Bank Associations Start Legal Challenges to Revenue Tax

Two associations representing Spanish banks launched legal moves to challenge the country’s new bank revenue tax.

AEB and CECA filed motions before the National Court in Madrid disputing the ministerial order that approved the procedures for the levy, according to AEB.

Prime Minister Pedro Sánchez first outlined the plans for the temporary tax on bank revenues last year to raise funds to pay for steps to help offset a cost-of-living crisis. The government aims to raise €3 billion ($3.2 billion) over two years.

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