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European Commission Welcomes Spain Move To Remove Tax Exemption For Ports

European Commission welcomes Spain move to remove tax exemption for ports

Source: European Commission
Madrid, Spain (PortSEurope) November 16, 2019 – The European Commission has said that it welcomes a commitment by the Spanish government to abolish tax exemption benefitting its ports as from 2020, and the procedure started last January against Spain has now been closed. Port authorities are exempt from corporate income tax on their main sources of revenue, such as port fees or income from rental
or concession contracts. In the Basque region, port authorities are currently fully exempt from corporate income tax. Madrid has agreed to amend its corporate income tax legislation to bring it in line with EU State aid rules, and port authorities, including in the Basque region, to the normal corporate income tax rules from 2020. The commission has now closed the issue. The Italian government was under similar pressure, but has decided not to change their corporate tax rules, and is now subject to an in-depth investigation into the issue. Spain’s public ports are managed by Puertos del Estado, a state-owned organisation. The institution executes the port policy of the government and coordinates and controls the efficiency of the port system, made up of 28 port authorities that manage the 46 ports of general interest. Copyright (C) PortSEurope. All Rights Reserved. 2019.

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