Blogs and advice from Industry leading Specialists
Valuable Opinions, Comments & Gossip
Financial related News & Articles relating to Spain
Latest News, Stories
& Hot Topics
Various Tools & Widgets to help with your financial needs
Tools & Widgets to
help with finances
Polls, Surveys and Opinions featured throughout Tumbit
Featured Polls, Surveys & Stats
Discussions, Advice & Topical Chat
Discussions, Advice & Topical Chat

Telefonica to pay €135 mln to Spanish Taxman

Source: El Pais - Tue 26th Mar 2013
Telefonica to pay €135 mln to Spanish Taxman

Telefónica has reached an agreement with treasury officials to pay the some €135 million in back taxes inspectors determined that the telecoms giant owed after audits were taken covering the tax years from 2005 to 2007, according to a statement filed with the national stock market regulator CNMV.

Telefónica told the CNMV that there are other areas that are still in dispute, but it hasn't received documents pertaining to these controversies.

The telecoms giant said that last year the Supreme Court partially ruled in its favor in a long-running case Telefónica had filed against the Treasury over audits on revenue generated from 1998 to 2000. Another case before the High Court was resolved last December in favor of Telefónica over tax disputes from revenue coming from its overseas affiliates, the company said.

12Mb llamadas 300x250

Telefónica also announced Monday that it mandated Goldman Sachs to sell just under 2% of its capital, which it holds as treasury stock.

The telecoms group, which has been trying to reduce a big debt burden, said that the sale of just over 90 million shares to investors, representing 1.979% of its capital, constituted its entire portfolio of treasury stock, Reuters reported.