Bloomberg Tax
Feb. 16, 2023, 7:41 PM

Spanish Utility Group Challenges Windfall Profit Tax

An association representing many of Spain’s largest electricity companies has brought a legal complaint against the recently-introduced windfall profit tax.

Spanish utility organization Asociación de Empresas de Energía Eléctrica, or AELEC, filed a motion with Spain’s High Court Thursday, arguing the new levy which began on Jan. 1 was “discriminatory and unjustified.”

  • Under the new levy, which also applies to banks, utility companies must pay a 1.2% surcharge on their domestic sales. The levy is an effort to offset the impact of the worsening cost of living crisis and is forecast to bring in a total of €7 ...

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