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Spanish government gives up bank tax idea, now looking at financial transactions

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Spanish government gives up bank tax idea, now looking at financial transactions

The Spanish government has given up on plans to introduce a tax on the banking sector and is now looking at taxing financial transactions, newspaper Expansión reported Sept. 3.

Citing sources, the paper said the minority government was in talks with other Spanish political parties to tax financial transactions, which the government believes could raise €1 billion. The report said the parties were looking at new regulation on investment funds and Spanish real estate funds to tax their profits. It is also considering lowering the threshold for income tax.

The Socialist Workers' Party ousted the Spanish government of Mariano Rajoy on June 1 following a no-confidence vote in parliament. In January, the party had put forward a proposal to tax banks to help finance Spain's pension system, and since it took power, speculation about a potential tax has risen.

Banco Santander SA said in July it would create a new legal structure if banks were taxed.