The shares of Duro Felguera bounced more than 17% in the Stock Market in the first bars of the session this Friday after receiving a notification from the National Court that agreed to suspend the obligation to enter the debt derived from an inspection of the Corporate Income Tax for the years 2010 to 2012, amounting to 123.38 million euros.
Specifically, the company’s shares soared 17.05% around 10 am, until they were exchanged at a price of 0.968 euros.
In an order dated September 16, 2021, the National Court suspends the corresponding sanction, as detailed in note 31 of the consolidated annual accounts for the year 2020. In a statement to the market, the company explains that this suspension is conditioned to the provision of guarantees by the company, which have already been previously constituted in the administrative phase, so it is not necessary to provide guarantees for an additional amount.
The granting of this precautionary measure implies that Duro Felguera will not have the obligation to make any payment of the amount derived from the tax debt, while the contentious-administrative appeal presented before the National Court itself against said liquidation is resolved.
In March 2020, the National Court confirmed the illegality of the decision of the Central Economic Administrative Court not to admit the suspension requested by Duro Felguera in 2017 of the debt derived from this inspection related to the Corporation Tax paid between 2010 and 2012.
The origin of this liability is found in the denial by the inspection of the application of the exemption to the income obtained by the Temporary Union of Companies (UTE) Termocentro, on the understanding that it did not operate abroad.
The company recalled in a statement that the National Court, in a ruling of December 28, 2019, for a similar case, understood that the supply made outside Spanish territory for a non-Spanish recipient should in any case be considered as operating abroad , ruling in favor of the taxpayer at this point.
“In this way, the criteria of the National Court expressed in this sentence, confirms the position maintained by Duro Felguera on this matter,” defended Asturian engineering.