Spanish prime minister advocates for higher corporate taxes at Davos

OVIEDO, Spain

Spanish Prime Minister Pedro Sanchez asked global elites Tuesday to play their parts to tackle inequality and economic injustice.

“How can we ask citizens to put up with inflation when some companies pay no taxes thanks to fiscal paradise and loopholes?” Sanchez asked rhetorically during a speech at the World Economic Forum in Davos, Switzerland, telling the crowd of ultra-rich business people and political leaders to “help change the situation.”

He said his government, which has imposed wealth and windfall taxes this year, is on the “front line” fighting for increased well-being, social collaboration and environmental responsibility.

“The world is facing a peril whose threat goes beyond Russian gas or the fate of Ukraine, and we must all act to the limits of our capacity … with the measure of our success being the welfare of citizens,” said the Spanish leader.

Sanchez warned the audience that Russian President Vladimir Putin has “planted rotten seeds” in countries around the world, referring to far-right political forces.

“We must prevent these forces from reaching institutions,” he said. “We need to fight against them with the same conviction as Ukraine is fighting Russia, but with different weapons: democracy, transparency and effective policies.”

He also pushed the need to “rethink global trade and supply chains,” adding that one of Spain’s priorities when it assumes the Presidency of the Council of the EU in the second half of the year will be increasing Europe’s independence in strategic industries.

He explained Spain’s successes in tackling inflation through targeted policies, its leadership in renewable energy and its commitment to supporting Ukraine “until Putin withdraws.”

Sanchez encouraged nations to commit more to multilateralism and the liberal order in the face of rising authoritarian threats.

“We should use this opportunity to remake and strengthen liberal and democratic values and craft new rules to help us overcome the challenges of our time like climate change and inequality. If not now, when? If not us, who?” he said.