Spain's ruling coalition introduced a bill on Thursday to create a temporary tax on banks and energy businesses, aiming to raise 7 billion euros by 2024 to fund measures to ease pressures on the cost of living, Reuters reported.

The tax, plans for which were first outlined on July 12, would include a 1.2% levy on sales of Spanish energy companies and a 4.8% levy on net interest income and net bank commissions, the text of the proposal says.

The government has not yet announced how it will distribute tax revenues. It has already introduced some measures to offset rising inflation, such as a refund on the cost of fuel, and has previously imposed a tax on utilities believed to be profiting from high gas prices.

Banks are now under attack as their profitability is boosted by rising interest rates.

The tax will only apply to companies with a turnover of at least 1 billion euros in 2019, while the threshold for banks will be 800 million euros, according to the bill.

The tax on banks - whose net interest income is a measure of income from loans minus the value of deposits - is expected to generate 3 billion euros, while the excess profit tax on energy companies is expected to generate 4 billion euros.

Some bankers have warned against imposing such a tax, and Pablo Hernandez de Cos, head of the Bank of Spain, has previously hinted that the ECB might even issue a negative opinion on the tax.

On Thursday, Santander and Sabadell executives warned against stigmatizing the sector, adding that the tax would hit mostly small savers and shareholders.