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Spain: New tax on financial institutions, new excise duty on tobacco products, measures to combat VAT fraud with respect to fuels

Measures introduced by Law 7/2024, as amended by Royal Decree-Law 9/2024

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December 31, 2024

The KPMG member firm in Spain prepared reports on tax measures included in Law 7/2024 (dated December 20, 2024, and published in the official gazette on December 21, 2024), as subsequently amended by Royal Decree-Law 9/2024 (dated December 23, 2024, and published in the official gazette on December 24, 2024) (read more at the hyperlinks provided below).

  • A new tax ranging from 1% to 7% will be imposed on financial institutions, replacing the temporary 4.8% levy on credit institutions applicable in 2023 and 2024. Read a December 2024 report
  • A new excise duty will be imposed on liquids for electronic cigarettes and other tobacco-related products effective April 1, 2025. Read a December 2024 report
  • Measures to combat value added tax (VAT) fraud with respect to fuels leaving bonded warehouses will be introduced. Read a December 2024 report

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