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

Author

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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)

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.

Suggested Citation

  • Antón Ricardo García & Nový Zdeněk & Seara David Báez, 2024. "The Compatibility of the Spanish Windfall Levy on Credit Institutions with EU Law and International Economic Law (Investment Law and Tax Treaties)," Nordic Tax Journal, Sciendo, vol. 2024(1), pages 62-94.
    • Handle: RePEc:vrs:notajo:v:2024:y:2024:i:1:p:62-94:n:1002
    DOI: 10.2478/ntaxj-2023-0010
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