Bloomberg News

Spain May Remove Tax Breaks for Large Companies, Cinco Dias Says

March 15, 2012

Spain may eliminate tax breaks that allowed the biggest companies to reduce their effective tax rate to 17 percent in 2009, Cinco Dias said.

Officials are concerned that multinationals are abusing tax breaks to lower their payments from the official rate of 30 percent, the newspaper said, citing people at the tax agency without naming them.

Tax inspectors are examining particularly closely the financial costs that companies generate to artificially lower their tax payments, the newspaper added.

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