The Compatibility of the Spanish Windfall Levy on Credit Institutions with EU Law and International Economic Law (Investment Law and Tax Treaties)

Antón Ricardo García, Nový Zdeněk and Seara David Báez
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Antón Ricardo García: Assistant Professor of International and European Tax Law at Fiscal Institute Tilburg, Tilburg School of Economics and Management, Tilburg University, Netherlands
Nový Zdeněk: Assistant Professor in International and EU Law at the Faculty of Law of Masaryk University, Czechia
Seara David Báez: Principal Legal Counsel, European Central Bank, Frankfurt, Germany and Visiting Lecturer, Catholic University of Lille, France

Nordic Tax Journal, 2024, vol. 2024, issue 1, 62-94

Abstract: This contribution serves to provide a fully-fledged analysis of the compatibility of the Spanish windfall tax on credit institutions with EU law (EU monetary and banking policy, EU Fundamental Freedoms, and state aid) and international law (investment law and double tax treaties). Our analysis reveals that the design of the Spanish tax captures windfall profits that are large and easy to detect due to inflation and high interest rates. Although the tax is compatible with EU law, it compromises the area of bilateral investment treaties and bilateral tax treaties.

Keywords: Windfall Tax; Banks and Credit Institutions; Discrimination; State Aid; EU Monetary Policy; Banking Supervision; Bilateral Investment Treaties; Bilateral Tax Treaties (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:notajo:v:2024:y:2024:i:1:p:62-94:n:1002

DOI: 10.2478/ntaxj-2023-0010

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