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Spain: Draft bill for financial transactions tax

Spain and financial transactions tax

The Ministry of Finance has published text of a draft bill for a financial transactions tax.


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The proposed legislation reflects efforts already under way in 10 EU countries, and  since 2013, under the enhanced cooperation procedure, there has been an intention to introduce this tax on an EU-wide basis. The Spanish government, thus, has moved to introduce this tax unilaterally, on a national level notwithstanding the ultimate objective of establishing a harmonised tax at the EU level. 

In Spain, the draft bill would be processed as a draft law, and the necessary parliamentary majority must be obtained for its approval. Accordingly, the viability of the legislative proposal will depend on the minority Spanish government’s capacity to reach a cross-party consensus.


The proposed financial transactions tax in Spain is structured along the same lines as those introduced in other EU countries (in particular, France and Italy), thereby effectively contributing to the relative coordination of these taxes at the EU level. However, the proposed Spanish tax is not identical to its French or Italian counterparts because of certain variations in treatment. 

The tax would be imposed on financial transactions (commonly known as the “Tobin Tax”), and specifically would apply for transfers of shares in large, listed Spanish companies.

As proposed, it would be neither a "bank levy" on banking business and bank deposits, nor a tax levied on the gross margins, profits or remuneration of banking activity. Rather, the new tax would be levied on a majority of transactions concerning the purchase or acquisition of shares in large, listed Spanish companies, anywhere in the world, and imposed at a rate of 0.2% of the acquisition price.

The tax would be paid by the entities participating in the markets and not the purchasers of securities.

According to Ministry of Finance, this new tax would be expected to raise approximately €850 million per year.  


Read a November 2018 report [PDF 98 KB] prepared by the KPMG member firm in Spain

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