SPAIN TAX REFUND FOREIGN INVESTMENT EUROPEAN COMMISSION ABOLITION CALL
March 1st, 2006
BY KEITH NUTHALL
THE EUROPEAN Commission has formally told Spain to abolish 25% tax credits offered to Spanish companies investing abroad, claiming these benefits break European Union (EU) competition laws. Brussels has given Madrid one month to agree. If not, a formal inquiry would be opened: the first stage of legal infringement proceedings that could lead to the European Court of Justice. Noting "these long-standing incentives...seriously distort trade and competition in the single (European) market, EU competition Commissioner Neelie Kroes said: "I ...
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