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Moomoo NewsNov 22 03:15 ET · Markets

Spain has launched a new fiscal plan, raising the bank tax rate to a maximum of 7%.

The Spanish government has raised the upper limit of the special tax rate imposed on banks. A spokesperson for the Ministry of Finance stated that the financial plan passed by Parliament on Thursday extends the taxation on the country's banking industry and raises the top tax rate to 7%. It is reported that the new rate will affect Caixabank, banco santander, and Banco Bilbao Vizcaya Argentaria (BBVA).

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