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Further austerity cuts hit Spanish corporations
Spanish Businesses such as Banco Santander, Telefonica and Iberdrola may be forced into making payments to the Government of as much as a combined 1 Billion Euros.
This will apply to overseas acquisitions by Spanish companies since 2007, following a recent reform of economic measures.
Tax reductions, referred to as 'Goodwill deductions' had been previously taken advantage of by corporations who had looked to expand their operations overseas, but it now seems that these deductions are to be clawed back.
This is just one of several austerity measures brought in by parliament over the last week, and follow news that Spanish Businesses will also now be expected to pay a certain potion of their annual taxes in advance, as already expected of their employees.
Latest News & Stories
- Spanish Mortgage lending expected to boost house prices in 2015
- Spain says 2014 public deficit was 5.69% of GDP
- Spain's opposition leader backs anti-abortion law by accident
- Spain investigates sinking of fuel-laden ship off Canary Islands
- Gibraltar would seek to preserve EU ties if Britain voted to leave
- Spanish hourly wages fall further from euro-zone average
- Spain Proposes to Set Up International Terrorism Court
- IMF ups 2015 growth forecast to 2.5%
- Spain urges more cooperation to handle attacks, migration
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