Santander, Iberdrola and Repsol rebel against government tax harassment: “We cannot be silent”

Ferrovial’s decision to move its headquarters and finances to the Netherlands in search of greater legal stability may be a before and after sign in the relationship of large Ibex companies with the government. The verbal tone with which spokesmen for banks and energy criticized, until a few days ago, the new taxes approved by the government, has changed. Towards something tougher and stricter. “We saw that a few weeks ago, large companies have already had enough of government maneuvering,” says a source from the tax field.

Yesterday, he declared, “We cannot remain silent.” Javier Molina, Tax Director of Santander Spain, as part of a table discussion held at the Lefebvre Tax Congress 2023 that included those responsible for the tax district of Santander, Iberdrola and Repsol. “If we are not careful about what we admit to what we do in the tax system, we can go awry. It is urgent that you raise your voice against the positions that Public authorities without minimal analysis determine taxes that have a monstrous effect Not only on companies but on the entire economy ».

Santander Spain’s tax chief was referring to bank and energy taxes, which everyone agreed were classed as taxes (not non-taxable property benefits, as the government claims) and contrary to the constitution, but the argument soon turned towards uncertainty in the tax environment.

“rough” and “shabby” character

“Today this happened to us, but tomorrow it could happen to others,” warned the head of the Repsol tax department. Luis Lopez Tello. The government presents itself as good government Who takes it from the rich to give it to the poor and makes it clear who the bad guys are. It’s a profitable political maneuver, with the advent of the ‘Robin Hood’ tax, but economically disastrous.”

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“It is possible that people will buy it because taxation of banks and energy companies is common, but we should not forget that we are talking about companies that have been called upon to develop the investments needed for the energy transition and those that have to finance them and that. It was justified by arguments that are neither legal nor constitutional”, stressed Iberdrola’s global tax manager, Begona Garcia Rosado.

“It’s all rough and tacky. If the government has gone too far in terms of taxation, it would be laughable,” stressed Santander’s tax director. “We hope to restore respect for the legal guarantee,” he concluded.

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