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CJEU Holds Portugal's Solidarity Bank Levy Violates EU Law

|Approved Changes|Portugal-European Union
Portugal-European Union

The Court of Justice of the European Union (CJEU) issued a judgment on 21 December 2023 concerning Portugal's solidarity bank levy. The levy was introduced as part of Law No. 27-A/2020 in July 2020 to finance the social security financial stabilization fund. The levy applies at a rate of 0.02% on the average value of certain liabilities and a rate of 0.00005% on off-balance sheet derivatives. …

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