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Block on additional Spanish tax benefits for acquisitions of indirect shareholdings in foreign companies heard by EU court

( November 15, 2022, 10:18 GMT | Official Statement) -- MLex Summary: Companies including Banco Santander, Telefónica and Iberdrola are today at the EU General court to plead their case against the European Commission's block of additional aid that Spain granted through tax benefits for acquisitions of indirect shareholdings in foreign companies. The initial aid program was prohibited in 2009 and 2011, but Spain adopted a new administrative interpretation extending the initial scope of application of the measure. The companies claim the commission was wrong to classify the measure as state aid. The court has released the reports prepared for today's hearing.The reports for the hearing are attached in Spanish. The case numbers are:...

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