The Congress’s Finance Committee has approved the draft law that includes a new 15% global minimum tax on multinational companies, but without including the continuation of taxes on the banking and energy sectors.

However, this new levy, agreed upon during negotiations between the PSOE and ERC, includes a clause that allows companies to be exempted from its application if they can demonstrate significant investments in projects aimed at reducing their carbon emissions. This measure is part of a broader fiscal reform that also includes levies targeted at the banking sector and multinational companies.

Tax Details and Focus on Sustainability

The design of the tax seeks to balance fiscal revenue with the encouragement of green investment. According to statements from PSOE, the goal is to promote the transformation of the energy sector toward a cleaner model in line with Spain’s decarbonization commitments within the framework of climate change action. This approach aims to prevent the levy from being solely a financial burden by offering companies a way to reinvest in their sustainability.

The tax will be voted on in Congress soon, although some parties, such as Junts, have indicated that they do not expect it to be approved this week. Nevertheless, the agreement between PSOE and ERC ensures significant support for the measure.

The Position of the People’s Party (PP)

The PP has shown strong opposition to this fiscal reform, labeling it as evidence of the “absolute weakness” of the coalition government led by Pedro Sánchez. From the PP’s perspective, this measure is the result of political concessions made by PSOE to secure its continuation in power.

In the words of PP spokespersons, the tax does not respond to a coherent economic strategy but to “ideological pressures” and the Government’s need to please its parliamentary allies.

Moreover, the PP has expressed doubts about the effectiveness of the tax in fostering decarbonization. From their viewpoint, the exemptions could create inequalities and be used as a tool to favor certain companies.

An Ongoing Political and Economic Debate

The announcement of this tax has rekindled the debate on fiscal and energy policy in Spain. While the Government defends the measure as a step toward sustainability and fiscal justice, the opposition insists that it is a sign of improvisation and lack of strategic vision.

The final approval of the levy will be conditioned by negotiations in Congress, where intense debate is expected regarding its design, application, and potential economic implications. At a time when the energy transition is key on international agendas, Spain’s decision will set a precedent for how fiscal policies can be used as tools for structural change in the energy sector.

This context clearly shows that sustainability and politics remain intertwined, creating challenges and tensions that will determine the country’s economic and environmental future.