The Spanish government has submitted draft legislation for the introduction of windfall profits taxes on energy and banking sectors as announced by Prime Minister Pedro Sánchez during his state of the nation speech on 12 July 2022. The draft legislation includes measures to levy tax at the rate of 1.2% on the revenue of large energy companies and at the rate of 4.8% on net interest and fee/commission income of large banks. Whether the taxes would be levied is based on revenues in 2019. For en…