2023-05-18 16:40:13
It is true that in recent years Ibex-35 companies have been reducing their presence in territories considered tax havens. However, this output occurs at a very slow pace and there are still 681 subsidiaries of the country’s large companies in these regions, according to a report by Oxfam Intermón with data at the end of 2021.
The preferred destination for companies is Delaware, with 358 affiliates of 16 companies out of the 24 analyzed. But the case of the Netherlands also stands out, with 73 subsidiaries of 13 companies. Luxembourg, with 72 subsidiaries of 14 companies and Ireland, with 60 subsidiaries of 12 companies.
Regarding the Dutch case, the data does not include Ferrovial’s recent decision to directly transfer its headquarters to the country. “Although the company has wanted to specify that the decision is not due to tax reasons, this news has unleashed a wave of concern in a large part of the public who interpret it at least as a fiscal disaffection with the country in which it has been able to develop its business. », they criticize from Oxfam Intermon.
“Undoubtedly, the Netherlands is one of the most prosperous countries in Europe, but it has also been singled out by the EU itself for its aggressive tax practices for which it can operate as a tax haven by facilitating financial engineering,” the experts say. In fact, before the operation, Ferrovial had had subsidiaries in the Netherlands for several years.
General data
In view of these data, Oxfam details that it would take 97 years to eliminate the entire presence of Ibex companies in these tax havens. The report indicates that only two companies, Endesa and Indra, do not have any subsidiaries in tax havens. On the other hand, the companies that maintained a greater presence in ‘tax havens’ were Banco Santander, with 187 subsidiaries, ACS with 82, and Ferrovial, with 65. These three companies bring together half of the subsidiaries in low-tax territories of the whole of the report sample.
If the perspective of the study is broadened both in companies and in years of analysis, the organization points out that seven companies, including the three above, along with AcerlorMittal, Acciona, Repsol and Iberdrola have consistently held 75% of all subsidiaries in tax havens. For their part, Caixabank, Viscofan, Enagas, Red Eléctrica and Indra, during the same period, have never had more than five subsidiaries in those territories.
Regarding the evolution of subsidiaries in tax havens, after the outbreak of the 2008 crisis, Ibex companies increased their presence, especially between 2011 and 2013, when they doubled the number of subsidiaries in those territories. Oxfam Intermón points to the example of Iberdrola, which went from 10 to 66 subsidiaries in ‘tax havens’, ACS from 71 to 119, and Banco Santander, from 72 to 182.
Although at an “excessively slow” pace, according to Oxfam, “most companies follow a path of reduced presence in these territories.” Thus, Repsol has been doing it in the last six years, IAG Iberia in the last five, ACS for the fourth consecutive year, and BBVA has halved the subsidiaries in tax havens in the last year.
The tax destinations most chosen by the Ibex 35 companies are Delaware, with 358 subsidiaries of 16 companies out of the 24 analysed, the Netherlands, with 73 subsidiaries of 13 companies, Luxembourg, with 72 subsidiaries of 14 companies, and Ireland, with 60 subsidiaries of 12 companies.
Likewise, the organization points out that the companies that are making progress are a “clear minority”, and in almost all cases these advances are partial, without actually integrating an effective framework of fiscal responsibility.
The report, which addresses a broad analysis of the taxation of 24 of the Ibex 35 companies, concludes that these companies adhere to what the law requires of them without “addressing a broader vision that commits to a tax contribution that ensures fair and social development.
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