About half of the companies in the stock index Ibex 35, which brings together the largest companies listed on the stock exchange in Spain, ppay more than half of your taxes outside of Spainin line with Ferrovial, which pays up to 82% abroad.
The weight of the tax contribution abroad has been one of the arguments put forward by Ferrovial to explain why it makes sense to relocate its headquarters to the Netherlands, where it is confident that it will be easier to move forward in other capital markets. A decision that caused strong rejection by the Government, including on Wall Street.
Although many companies do not want to disclose this detailed information or claim that they are not aware of it, the data compiled by EFE shows that; More than half of the members of the main Spanish stock market indicator pay more for taxes outside of Spain than they do inside.
This is a distribution proportional to reality. 60% of companies And 100 percent of Ibex 35 does more than half of its business outside of Spain.
The tax contribution consists of the amount paid for corporate tax on companies’ earnings and other taxes (such as Social Security contributions) that are “supported” or paid by the company; as well as for taxes that are “collected” by them but have no cost (such as withholding from workers for personal income tax).
Tax contribution of Ibex 35 companies in Spain in 2019 about 42,500 millionAccording to PwC, an amount that decreased during the pandemic but gradually recovered reached 37.7 billion in 2021.
According to EFE calculations, the global tax contribution of all of them will exceed 80,000 million in 2022, and nearly half will be taxes from other countries.
Santander, BBVA and Inditex, more than 70% abroad
Large banks Santander and BBVA, for example, and according to data provided by them andIn 2021, they paid 78.9% and 74.1% of their taxes abroad, respectively. (89% and 83% of its turnover come from outside Spain).
However, CaixaBank, which focuses its activities more on Spain, andIn 2022, it only paid about 7% of its tax contribution of 1.092 million..
Santander Bank 20.4776 million taxes paid worldwide in 2022. Of this amount, 4,258 million were in Spain and 16,218 abroad (representing 79.2%). Just for corporate tax, while it was 90% last year, 70% was paid externally.
Likewise, BBVA paid 8,215 million euros in taxes in 2021 (does not provide detailed data for 2022), of which 2,131 were paid in Spain and 6,084 abroad (representing 74.1%). While 93% of corporate tax was paid abroad that year, this rate was 82% in 2022.
While neither Bankinter nor Sabadell provide data on tax contributions to EFE, Unicaja pays all its taxes in Spain. Mapfre insurer, which has a large presence in Latin America, paid 376.2 million in taxes last year, 68% of which was abroad.
Tax contribution of Inditex, the largest listed company in Spain, in fiscal year 2021 (last year for which figures are available, as full-year accounts will be released on 15 March) 6.093 million1,501 was paid in Spain. The remaining 75.4% is abroad.
Large telecommunications companies also outsource more than 70%
Another company that pays most of its tax abroad is the telecommunications infrastructure company Cellnex. especially 78.2% in 2022In Spain, it paid 111.7 of its 513.3 million tax contributions in all its markets. This distribution is consistent with a company that generates 83% of its turnover from outside Spain.
The same goes for Telefónica, which paid 7,669 million taxes worldwide last year, and 70.3% of these are outside Spain; as well as the multinational blood derivatives Grifols (77% abroad).
Given the type of business and despite the scant data they provide, there are other companies that are predictable to pay more taxes outside of Spain, such as Logista, Acerinox, ArcelorMittal or a technology services provider for tourism companies. Amadeus -one of the two largest in the world.
Ibex 35 (corporate tax exempt) Socimis is unequal. Colonial paid out 65% of the 129 million paid in 2021, while Merlin paid only 7% of the 223 million paid last year.
Inequality between energy companies and construction companies
In the case of ferrovial, Of the 1,569 million tax contributions last year, 82% were abroad the remaining 282 million were paid in Spain, which has not been paid for years due to tax losses recorded in the country.
On the other hand, in the case of Acciona, the percentage of the tax contribution in Spain does not reach 43% of the total, while in the case of ACS led by Florentino Pérez it is around 60% and in Spain the tax contribution is around 60%. Sacyr case, 56%.
The distribution of tax contribution in the energy field is also uneven.: Iberdrola reported that 7,500 million taxes were paid in 2022, of which 65% (4,900 million) were abroad.
In contrast, Repsol’s rate is 29.4% (5,000 out of 17,000 million), Naturgy’s rate is 24.4% (853 out of 3,503 million), and Endesa’s rate is 15% (out of 3,843 million total).
Rovi, Redeia or Solaria, almost all your taxes in Spain
In addition, in line with the location of your activity, other companies pay almost all their taxes in Spainas are Rovi Laboratories, redea (operator of the Spanish electricity system), energy company solarium even the Spanish airport manager, aenaPaying only 10% abroad in 2022 (a percentage very close to that of overseas turnover).
There are companies that do not provide this data, such as the Fluidra swimming pool equipment company, the IAG air holding company, or the Meliá hotel chain or the Indra aerospace and defense technology group.