On 21 November 2024, the Spanish Congress of Deputies (lower house of parliament) approved legislation to extend the windfall tax on the banking sector by three years. The lower house also approved a change in the tax rate from a 4.8% flat tax to a progressive tax with rates of 1% to 7% on net interest and commission fee income as follows: up to EUR 750 million - 1% EUR 750 million to 1.5 billion - 3.5% EUR 1.5 billion to 3 billion - 4.8% EUR 3 billion to 5 billion - 6% over EUR 5 billion - 7% The...