The two temporary levies of Law 38/2022, on energy companies and on credit institutions, applied in 2023 and 2024. The energy levy has been repealed since 22 December 2024. For the financial sector, Law 7/2024 created a new tax.
Update of 22-10-2026. This page said the levies were extended to 2025 and would become permanent in 2026. That is not the case: the energy levy was repealed with effect from 22 December 2024, and for the financial sector Law 7/2024 created a different tax.
The two levies of Law 38/2022
- Energy (art. 1): 1.2% of the previous year’s net turnover in Spain, for the main operators in the energy sector. It applied in 2023 and 2024 (art. 1.1). More detail in Temporary energy levy (2023-2024).
- Credit institutions and financial credit establishments (art. 2): 4.8% of the sum of net interest income and net fee and commission income from the activity in Spain, for institutions whose 2019 interest and commission income was €800 million or more.
Both were paid the same way: the obligation arose on 1 January and was paid in the first 20 calendar days of September of that year, with a 50% advance payment in February. Neither was deductible for Corporate Income Tax, and neither could be passed on to customers.
The energy levy, repealed
Final provision 14 of Law 7/2024 repealed article 1 of Law 38/2022 with effect from 22 December 2024.
The 2025 attempt. Royal Decree-law 10/2024 of 23 December created a new temporary energy levy for 2025: the obligation arose on 1 January 2025, with a 50% advance payment in June and the payment in September (sole article, sections 4 and 6). Congress did not validate it and repealed it on 22 January 2025 (BOE of 23 January), before any payment fell due.
There is no energy levy in 2025 or 2026, and it does not need to be provisioned.
Financial institutions: the tax of Law 7/2024
The ninth final provision of Law 7/2024 created the tax on the net interest and commission income of certain financial institutions, applicable in the first three consecutive tax periods beginning on or after 1 January 2024. It is a different tax from the temporary levy, with its own rules.
What remains
The returns and payments for 2023 and 2024 of both levies and, where they were appealed, the proceedings for those years. For financial institutions, also the tax of Law 7/2024.