April 15, 2021

Telefónica wins the Treasury in a litigation of 206 million in Brazil | Spain

Telefónica wins the Treasury in a litigation of 206 million in Brazil | Spain



Telefónica has won litigation from the Treasury in the Central Economic-Administrative Tribunal (TEAC) for the Corporation Tax from 2008 to 2011, according to the company's announcement to the National Securities Market Commission (CNMV). It comes from a litigation of 206 million euros related to double taxation in relation to the so-called juros over own capital, a figure that is halfway between interest and dividends and with which it repatriates funds from its subsidiaries in Brazil.

Telefónica points out that the resolution has been "partially estimated" and that said partial estimate will result in the refund of taxes paid in excess in those years, but does not specify the amount.

"At this time it is not possible to quantify exactly the amount of these refunds because, as the Central Economic-Administrative Court itself establishes in its resolution the definitive quantification of what is resolved must be done in execution of the ruling, as far as refers to the tax payments paid in excess as to the late payment interest that Telefónica will receive, "the company states in its statement to the stock exchange supervisor

Telefónica already informed about this litigation in its 2015 accounts, how EL PAÍS published. Already then said that the expenditure that was apunked for the amount of 206 million euros, although not supposed cash out for the payment of taxes, since the settlement was compensated with unused tax losses. In his 2017 annual report he recalled that other taxpayers had won lawsuits with the Treasury in relation to the juros over own capital. Among these contributors is ArcelorMittal, which Last year he won a 73 million lawsuit against the Treasury.

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