Spanish Prime Minister Pedro Sánchez announced proposed windfall taxes on energy and banking sectors during his state of the nation speech on 12 July 2022, which is expected to generate EUR 7 billion in revenue. According to a release on the speech, an exceptional and temporary tax will be put in place on the extraordinary profits of large electricity, gas, and oil companies earned in 2022 and 2023, which is estimated to generate EUR 2 billion per year. An exceptional and temporary tax on ba…