EU Nabs Spain Over Corporate Tax Scheme

Law360, New York (October 28, 2009, 2:28 PM EDT) -- The European Union’s competition watchdog has targeted Spain over a tax provision the agency says gives a discriminatory advantage to Spanish companies acquiring shares in other European companies and thus constitutes state aid.

The European Commission said Wednesday that it had asked Spain to abolish a corporate tax provision that allows Spanish companies to write off over a period of time the excess price paid for the acquisition of a business over the market value of the assets composing it when acquiring a stake in non-Spanish...
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