The government of Spain is planning to levy a 0.03 percent tax on banking deposits, in a move aimed at harmonizing regional tax regimes and generating revenues for the country’s cash-strapped autonomous communities.
Spain’s Deputy Prime Minister announced the move at a news conference following a weekly cabinet meeting.
In 2013, it was at zero percent on bank deposits in all of Spain’s autonomous communities to prevent the unilateral introduction of bank deposit levies, but never ruled out raising the taxation level. The Spanish Government has already provided financial compensation to Andalusia, Extremadura, and the Canary Islands for earlier cancelling their regional bank deposit taxes.
