The Spanish Government´s proposed law to tax the net profits of the large electricity and petrol companies, gas producers and petrol companies and a new tax on the `profits of banks has overcome the first hurdle in Congress.
Energy companies which do not make 1,000 million euros and those for which their energy business only represents a 50% of their business will be exempt.
Under the proposals banks, which exceed more than 800 million euros in commissions would pay the new tax.
