Spain announces temporary taxes on banks, energy companies

MADRID (AP) — Spanish Prime Minister Pedro Sánchez has announced temporary taxes on banks and energy companies and promised a series of measures to help people suffering from soaring inflation and utility costs as Russia’s war in Ukraine drags on. The taxes on the banks and natural gas, electricity and petroleum companies are expected to bring in 7 billion euros ($7 billion) over two years. Speaking Tuesday in an opening address to a State of the Nation parliamentary debate, Sánchez said he was “fully aware” that people are having a hard time economically. Along with the corporate taxes, he announced discounts for urban mass transit services and free commuter rail passes between September and December.