On 10 November 2022, the Spanish government submitted an amendment to revise the scope of draft legislation for the introduction of windfall profits taxes on the banking sector so that it would also apply to branches in Spain of foreign banks. As previously reported, the draft legislation was first submitted in July 2022, including measures to levy tax at the rate of 4.8% on net interest and fee/commission income of large banks, as well as a rate of 1.2% on the revenue of large energy companies. For banks, the tax would be levied if a bank's net interest and fee/commission...