Sunday, October 2

Repsol’s CEO sees the tax on energy companies as “discriminatory” and encourages raising personal income tax on high incomes

The CEO of Repsol, Josu Jon Imaz, assures that the tax on the extraordinary benefit of energy companies is discriminatory and “taxes companies twice”. In a article published by the newspaper The country This Sunday, the businessman affirms that the institutions will end up closing the road to the Government’s initiative and asks them to be “brave” and raise personal income tax and “tax those who have money.”

The counselor defends that Repsol has invested 14,000 million euros since 2008 in improving the refining system and developing industrial employment in Spain. According to Imaz, the tax proposed by the Government of Pedro Sánchez is “a disguised tax that does not go against the rich” but rather against business activity. “It will damage the investment capacity of companies to transform themselves. It is going to harm industrial employment.”

The businessman adds that if the Government really wants to approve a tax “for those who earn a lot”, they must be “brave” and “raise personal income tax and capital income and tax those who have money”. “Make no mistake. I believe in taxes. I pay my taxes with pleasure”, writes Imaz. “I believe in a high income tax for those who earn the most, and in a high tax for capital income.”

Imaz adds that, during the pandemic, Repsol lost more than 7,000 million euros and that the accumulated results since then, “including the alleged extraordinary profits of 2022”, have not compensated for a loss that it describes as “brutal”.

For the CEO, the Government has approached its strategy to tax the benefits of energy companies “with questionable legality” and criticizes that it has not chosen to process a bill as well as request opinions from external bodies. According to Imaz, this method would have left “in evidence” the discrimination of “a hidden tax that taxes companies twice.”

The PSOE and United We Can registered a bill last July to approve a 1.2% tax on the income of large electricity companies and that will be applied in 2023 and 2024 for the results of 2022 and 2023.



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