Spain's Ministry of Finance Sets Payment Schedule for New Bank Tax: 40% Due in June, Remainder in September

Spain's Ministry of Finance is preparing to implement a new tax on banks, approved in December 2024. National entities and foreign credit institutions operating in Spain will be subject to this tax, with the first payment, accounting for 40% of the total, due between June 1 and June 20, 2025. For those opting for direct debit, the deadline is June 1 to June 17. The remaining 60% must be paid within the first 20 days of September. The tax applies to earnings from 2024, specifically targeting income from interest margins and commissions, with rates ranging from 1% to 7% based on income levels. The tax is temporary, applying only to income earned in 2024, 2025, and 2026. The new payment models will be digital, requiring entities to make payments online.