About half of the companies in Spain’s Ibex 35, the index of the country’s largest listed firms, pay more of their taxes outside Spain. Ferrovial is a notable example, contributing up to 82 percent of its taxes abroad.
The impact of foreign tax contributions has been one of the main arguments Ferrovial has used to justify relocating its headquarters to the Netherlands, a move seen by the government as well as by major markets abroad with skepticism.
Despite reluctance by some firms to disclose detailed figures or to acknowledge awareness of them, data compiled by EFE shows that more than half of the Ibex 35 members pay a larger portion of their taxes abroad than at home.
This alignment reflects the reality: about 60 percent of the companies and all Ibex 35 members generate more than half of their business outside Spain.
The tax contribution includes corporate income taxes on profits and other levies such as social security payments that a company bears, along with taxes that are collected by companies but incur no direct cost, like payroll withholdings for personal income tax.
In 2019 the tax contribution of Ibex 35 companies in Spain totaled roughly 42.5 billion euros. PwC notes a decline during the pandemic, with a recovery to 37.7 billion euros in 2021.
EFE calculations indicate that the total tax contribution of all Ibex 35 firms likely surpassed 80 billion euros in 2022, with nearly half of that amount paid abroad.
Santander, BBVA and Inditex, more than 70 percent abroad
Large banks Santander and BBVA, based on data from the banks themselves, show that in 2021 around 78.9 percent and 74.1 percent of their taxes were paid abroad, respectively, with foreign turnover also dominating their activity.
CaixaBank, which concentrates more on Spain, paid only about 7 percent of its tax contribution in 2022, totaling 1.092 billion.
Santander Bank reported 20.48 billion euros in taxes paid worldwide in 2022, with 4.26 billion in Spain and 16.22 billion abroad, representing 79.2 percent abroad. Corporate tax externally paid rose to about 90 percent the previous year and stood at around 70 percent in the latest figures.
BBVA paid 8.22 billion euros in taxes in 2021, with 2.13 billion in Spain and 6.08 billion abroad, equal to 74.1 percent. Corporate tax paid abroad reached 93 percent that year, easing to 82 percent in 2022.
Neither Bankinter nor Sabadell disclose tax contributions to EFE, while Unicaja pays all its taxes in Spain. Mapfre, with strong Latin American presence, paid 376.2 million in taxes last year, 68 percent of which was abroad.
Inditex, the largest listed company in Spain, paid 6.093 billion euros in fiscal 2021, with 1.501 billion in Spain and 75.4 percent abroad.
Large telecommunications companies also outsource more than 70 percent
Cellnex, a major telecom infrastructure company, reported 78.2 percent of its tax contributions abroad in 2022, with 111.7 million euros paid in Spain from total taxes of 513.3 million, aligning with a business that earns about 83 percent of its turnover outside Spain.
Telefónica follows a similar pattern, paying 7.669 billion euros in worldwide taxes last year and allocating about 70.3 percent outside Spain. Grifols, a multinational blood derivatives company, also reports a substantial share abroad at 77 percent.
Other firms expected to pay more taxes outside Spain, based on their business models, include Logista, Acerinox, ArcelorMittal, and a technology services provider for travel and tourism. Amadeus remains among the largest in the world in its sector.
Ibex 35, particularly the nonresident corporate tax status, shows disparities. Colonial paid 65 percent of its 129 million euro tax bill in 2021, while Merlin paid just 7 percent of 223 million euros last year.
Inequality between energy and construction firms
Ferrovial shows a strong abroad tilt, with 82 percent of its 1.569 billion euro tax contribution last year paid outside Spain, while 282 million remained domestically due to accumulated tax losses in the country.
Acciona shows about 43 percent of its tax contribution in Spain, ACS around 60 percent, and Sacyr approximately 56 percent domestically.
Energy group Iberdrola reported 7.5 billion euros in taxes for 2022, with 65 percent paid abroad. Repsol posted a 29.4 percent domestic tax rate on 17 billion euros, Naturgy 24.4 percent on 3.5 billion, and Endesa 15 percent on 3.8 billion.
Sabiendo where taxes go: Rovi, Redeia or Solaria
Other firms show most taxes paid in Spain due to activity location. Rovi, Redeia, and Solaria, along with the airport operator Aena, paid only about 10 percent abroad in 2022. Some companies have not disclosed data, including Fluidra, IAG, Meliá, or Indra.