Half of the Ibex 35 pays extra taxes exterior of Spain than inside

Nearly half of the businesses on the Ibex 35, the inventory market index that integrates the biggest listed Spanish firms, pay greater than half of their taxes exterior of Spain, according to Ferrovial, which pays as much as 82% overseas.

The weight of the tax contribution overseas has been {one of the} arguments put ahead by Ferrovial to elucidate why it is smart emigrate its headquarters to the Netherlands – from the place it’s assured that it is going to be simpler for it to interrupt into different capital markets, together with Wall Street -, a choice that has provoked a robust rejection by the Government.

Although many firms don’t need to disclose this detailed info or declare that they’re unaware of it, the info compiled by EFE present that greater than half of the members of the primary Spanish inventory market indicator pay extra taxes exterior of Spain than inside.

This is a distribution in keeping with the truth that 60% of the Ibex 35 firms additionally generate greater than half of their enterprise exterior of Spain.

The tax contribution is made up of what’s paid for company tax – which taxes the revenue of firms – and different taxes “supported” or paid for by the corporate (comparable to contributions to Social Security); in addition to for the taxes “collected” by them however that don’t suggest a value (comparable to withholdings from employees on account of private earnings tax).

In 2019, the tax contribution in Spain of the Ibex 35 firms was round 42,500 million, in keeping with PwC, an quantity that was decreased through the pandemic, however which progressively recovered, as much as 37,700 million in 2021.

According to EFE calculations, the worldwide tax contribution of all of them in 2022 will exceed 80,000 million and near half will likely be taxes from different nations.

Santander, BBVA and Inditex, greater than 70% overseas

The massive banks Santander and BBVA, for instance and in keeping with the info supplied by themselves, in 2021 respectively paid 78.9% and 74.1% of their taxes overseas (their billing additionally proceeds at 89 and 83% from exterior Spain).

However, CaixaBank, which focuses its exercise extra on Spain, in 2022 solely paid out round 7% of its tax contribution, which amounted to 1,092 million.

Banco Santander paid 20.4776 million in taxes in 2022 worldwide. Of that quantity, 4,258 million had been in Spain and 16,218 overseas (representing 79.2%). Only for company tax, 70% was paid exterior, though the earlier yr it was 90%.

Likewise, BBVA paid 8,215 million euros in taxes in 2021 (it doesn’t supply detailed knowledge for 2022), of which 2,131 had been paid in Spain and 6,084 overseas (representing 74.1%). That yr, 93% of company tax was paid overseas, though in 2022 it was 82%.

Neither Bankinter nor Sabadell have supplied EFE with knowledge on their tax contribution, whereas Unicaja pays all its taxes in Spain. The Mapfre insurer, with a big presence in Latin America, paid 376.2 million in taxes final yr, 68% of them overseas.

The tax contribution of Inditex, the biggest Spanish listed firm, in its 2021 fiscal yr (the final one for which figures can be found, since its full-year accounts will likely be offered on March 15) was 6,093 million, of which 1,501 had been paid in Spain. The remaining 75.4% overseas.

The massive telecommunications firms additionally pay greater than 70% exterior

Another firm that pays a big a part of its taxes overseas is the telecommunications infrastructure firm Cellnex, particularly 78.2% in 2022, when in Spain it paid 111.7 of the 513.3 million tax contribution in all its markets. . This distribution is in keeping with an organization that obtains 83% of its turnover exterior of Spain.

The identical occurs with Telefónica, which final yr paid 7,669 million in taxes worldwide, and 70.3% of them exterior of Spain; in addition to with the blood derivatives multinational Grifols (77% overseas).

There are different firms that, given their sort of enterprise and regardless of the scant knowledge they supply, it’s foreseeable that in addition they pay extra taxes exterior of Spain than inside, comparable to Logista, Acerinox, ArcelorMittal or the supplier of technological providers for tourism firms Amadeus -one of the 2 largest on the earth.

The case of the Socimis of the Ibex 35 (exempt from company tax) is uneven. While Colonial paid 65% of the 129 million paid in 2021 exterior, Merlin solely paid 7% of the 223 million paid final yr.

Disparity between power firms and development firms

In the case of Ferrovial, 82% of the 1,569 million tax contribution final yr was overseas and the remaining 282 million had been paid in Spain, the place it has not been paid out for years because of the tax losses recorded within the nation.

On the opposite hand, within the case of Acciona, the share of the tax contribution in Spain with respect to the overall doesn’t attain 43%, whereas within the case of ACS, led by Florentino Pérez, it’s round 60%, and within the case of Sacyr, 56%.

The distribution of the tax contribution within the power subject can be uneven: Iberdrola experiences 7,500 million paid in taxes in 2022 and 65% of them (4,900 million) overseas.

In distinction, Repsol’s proportion is 29.4% (5,000 of 17,000 million), Naturgy’s 24.4% (853 of three,503 million) and Endesa’s 15% (out of a complete of three,843 million). .

Rovi, Redeia or Solaria, nearly all of them imposed in Spain

Also consistent with the placement of their exercise, different firms virtually pay all their taxes in Spain, comparable to Laboratorios Rovi, Redeia (the operator of the Spanish electrical energy system), the power firm Solaria and even the Spanish airport supervisor, Aena, that it solely paid 10% overseas in 2022 (a proportion similar to that of its billing overseas).

There are firms that don’t present this knowledge, such because the Fluidra swimming pool gear firm, the IAG air holding firm or the Meliá resort chain, or the Indra aerospace and protection expertise group, amongst others.