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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
- Spain detains 30 in operation targetting illegal firearms
- Spain's Tuenti launches festive promo, offers 4GB for EUR 14
- Two left dead by torrential rains and flooding in southern Spain
- Spanish unemployment sees first November rise in three years
- US developer planning mega-resort outside Madrid
- Spain to hike taxes on tobacco, alcohol and soft drinks to raise €8 billion
- Spain PM says must maintain policy of fiscal consolidation
- Bullish Spanish opposition calls on government to repeal “gag law”
- Spain's consumer prices rise 0.7 pct in Oct
- Lidl opens pop-up restaurant in Madrid
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