Sabadell denounces that the “tax” will harm “small savers” and demands fiscal “neutrality”

The CEO of Sabadell BankCesar Gonzalez-Bueno, attacked this Thursday against the ‘impuestazo’, warning that the pThe main victim will be the “small saver”, taxing a sector with higher taxation than other sectors and called for respect for tax “neutrality” without incurring grievances between financial entities.

He shared his thoughts during the presentation of the entity’s results, which until June, he earned 393 million euros, 78.1% more than at the same time last year. The entity then returned to exceed its target of 6% return on tangible capital (RoTE) and placed it at 7%.

Precisely the banker said that 7 will be the objective for this year, “not counting the possible tax, the details of which are not known”.

Despite the fact that the fine print of the new tax will begin to be broken down today and throughout his parliamentary process in the fall, he denounced that the The main ones concerned will be the shareholders. In the specific case of Sabadell, he pointed out that 50% of the capital is less than “224,000 private shareholders”, whose median investment is 1,950 euros. “That is to say, they are, for the most part, small savers,” he pointed out.

For the remaining 50% they say there are shareholders institutions that have “behind” also “small savers through its pension schemes or its investment funds”. Despite the bank’s profitability, he pointed out that “it does not yet cover the cost of capital”.

Worst stock performance due to rates

He also indicated that this is a sector that is already particularly penalized on the stock market and that it therefore offers less profitability for its shareholders. Based on data from the sectoral Ibex, he said that banks have fallen 50% on the stock market in the past five years in the banking ibex. “That is to say that the shareholders have lost 50% of their value”, while the Ibex-35 fell 25%, the energy ibex “appreciated in value by almost 20% and the construction ibex increased in value by 30%”.

The worst performance was attributed precisely “fundamentally to a rate environment that has been extraordinarily negative to promote the good functioning of the economy, to reactivate the economy and which is now on the way to normalization”.

González-Bueno complained that the new cthe tax burden weighs on a sector that already bears high taxes and to illustrate it, he indicated that Sabadell paid 800 million in fees and taxes in 2022 in Spain, “not counting the taxes borne in other countries such as the United Kingdom, Mexico or the United States”, and its profit at the group level was only 530 million.

In these 800 million he broke down that the corporation tax is included “which, as you know, has a bank tax rate of 30% compared to the general rate of 25″, and they include input VAT, which for banks is not deductible, unlike other companies, and includes the Tax on Documented Legal Acts on Mortgage Loans (AJD) due to the recent legislative reform in this area, and includes rates for depositor protection and many other concepts”.

In third place called for equal treatment between the entities and avoid grievances with the future rate. “What is essential is that this new tax respects the framework of competition between entities, that is to say clearly cannot and should not favor any entity, nor to exclude certain banks from paying the tax or to define a method of calculating the tax that harms or favors certain entities over others,” he explained. It should therefore, according to him, be “neutral from the point of view of competition”. .


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