Spain has published Law 38/2022 of 27 December 2022 in the Official Gazette, which provides for the introduction of windfall profits taxes on the energy and banking sectors. The legislation includes measures to levy tax at the rate of 1.2% on the net turnover of large energy companies derived from activity in Spain and at the rate of 4.8% on net interest and commission fee income of large financial (credit) institutions in Spain.
The 1.2% tax applies for persons or entities considered as "m…