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EU exec: Spain must end non-EU acquisitions tax break

Source: Reuters - Wed 12th Jan 2011

The European Commission told Spain on Wednesday to scrap a provision in its company law that favours acquisitions in countries outside the European Union. The commission said in a statement that state aid rules in the 27-member union prohibited schemes such as that which allowed Spanish companies to amortise financial goodwill arising from buying stakes in firms outside the EU.

The Commission also said it wanted Spain to recover any aid granted under this provision since Dec. 2007 in cases where there were no legal obstacles to investment.

It said the decision followed a 2009 ruling which found the scheme amounted to illegal state aid.

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