#0264* - UKIP MEP - In The Media - Spain Ordered To Recover Taxes!
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Clean EUkip up NOW make UKIP electable!
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The corruption of EUkip’s leadership,
their anti UKIP claque in POWER & the NEC
is what gives the remaining 10% a bad name!
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UKIP MEP Nikki SINCLAIRE - In The Media - The EUReporter:
Spain Ordered To Recover Taxes!!
Spain Ordered To Recover Taxes!!
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Spain Ordered To Recover Taxes
Thursday 27 January 2011By Nikki Sinclaire MEPThe Commission has requested that Spain abolishes a 2002 provision in its corporate tax law that allows Spanish companies to amortise 'financial goodwill' following acquisitions of shareholdings in companies in third countries.
The Spanish provision allows for the amortisation of the financial value of goodwill (the difference between the cost of the shares and the market value of the target company's assets) in the acquisition of shareholdings in foreign companies. This is a clear exception from the general Spanish tax legislation. The provision, which effectively amounts to state aid, is illegal under EU rules. It allows for the writing-off over a period of time of the financial value of goodwill: it is in effect the granting of state aid in order to assist Spanish companies to acquire assets outside of the EU.
To view the original article CLICK HERE
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