An amended windfall tax proposal for Spanish banks and large energy companies cleared its first hurdle in parliament in the early hours of Friday with the backing of the leftist ruling coalition and several regional parties.
Some parties in Spain's northern regions, where energy companies and banks have a significant presence, had already secured before the vote an exemption of large energy firms' domestic regulated activities and foreign operations.
Initially, taxes were aimed to raise a combined 7 billion euros in 2023 and 2024 to help households cope with cost-of-living pressures. If parties in the Senate introduce additional changes, the lower house, or Congress, would need to debate it again.
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