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How does the new VAT hike affect my business?

From 1 January 2024, VAT (Value Added Tax) on electricity will remain reduced to 10% for contracted power of 10kW or less. This change is due to the fact that Royal Decree-Law 8/2023 put an end to the temporary reduction of VAT on electricity to 5% and set it at 10%, provided that the aforementioned conditions of power and price of electricity are met. At Endesa, we'll tell you how these changes will affect your company's electricity bill.

In recent weeks, this measure has taken on even more relevance because there is a mechanism that links this VAT reduction to the wholesale electricity market. If the arithmetic average price of this daily market in a calendar month is below €45/MWh, the following month's billing will revert to 21% VAT.

During the month of February, the arithmetic average price of the daily electricity market was €40/MWh, therefore, invoices for which the end date of the billing period is in March would be subject to 21% VAT.

This condition for applying the 10% VAT reduction is an automatic mechanism that will be activated or not depending on the average value of each calendar month of the year 2024, so it is very likely that, over the year, the VAT will be different on each of your invoices.

 

What other measures in place may affect my business?

Another of the measures included in this Royal Decree-Law is an increase in the Special Electricity Tax (IEE in Spanish). Until 31 December 2023, this tax was charged at 0.5% but with the approval of the Royal Decree-Law this tax was increased to 2.5% during the first quarter of 2024, and will increase to 3.8% in the second quarter, with a cost floor as established in accordance with use. From the third quarter onwards, this tax will return to normal rate of 5.113%.

With regard to VAT on natural gas, it was also reduced from 21% to 10%** during the first quarter of 2024. From the second quarter onwards, the measure has been cancelled and the VAT on gas will once again be 21%.

 

What can I do to avoid price increases for my company?

Being well advised and choosing the electricity tariff for your business that best suits the activity it performs is the best way to control consumption and monthly expenditure on your company's electricity bill. At Endesa Energía, we offer the best advisory service. We provide you with an energy guide dedicated to your company, who will help you at all times with any questions about the application of these measures or other concerns you may have.

Call our freephone number for Business customers, 900 906 664, trust our expert service and avoid possible increases or surprises in your bill by choosing the best electricity and gas price for your company.

Call us!

We are here to support you and help you make the best decisions for your business. 

We advise your company with a totally flexible electricity tariff

Choose the times at which your consumption is highest and benefit from a discount on the energy term for one year.

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