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Spain told to scrap corporate tax break |
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Wednesday, 18 November 2009 08:36 |
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The European Commission has demanded that a tax break that fuelled a spate of Spanish international mergers and acquisitions during the credit bubble be abolished and some of the money refunded. Brussels claims that a corporate tax provision that allows Spanish companies to reduce their tax bills by writing off part of the acquisition costs is illegal under EU state aid rules.
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The British are starting to buy again in Spain |
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Tuesday, 17 November 2009 09:12 |
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The “A Place in the Sun” exhibition confirms that 60% of purchasers prefer Spain and think prices are at rock bottom. The hoped-for green shoots of the economy in the UK were showing their heads in Birmingham last weekend, when thousands of people turned out for the “A Place in the Sun” exhibition held at the NEC. International property shows in the UK had been in the doldrums over the past months and some of the organsisers had gone into bankruptcy owing to the overall downturn in property sales everywhere, but “A Place in the Sun”, backed by the TV_programme of the same name, made a strong come-back at the NEC.
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British Airways and Iberia merge |
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Friday, 13 November 2009 08:43 |
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The much heralded merger between Iberia and British Airways is on. Antonio Vázquez, the current President of Iberia, will also be the President of the new airline formed by the merger, and Martin Broughton has been named as Deputy President. The new airline will have its tax base in Spain, but its main offices in London. The boards of both airlines agreed on Thursday the details of the plan which will be see the merger before November next year.
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Afinsa will go into liquidation |
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Monday, 16 November 2009 08:19 |
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The affected creditors of Afinsa will receive a maximum of 33% of money invested. As reported by the High Court of Madrid, the holder of the court, Francisco Javier Vaquer, however temporarily suspends the obligation of the receivers to present a plan to sell the assets of the company and to begin to pay the 190,666 creditors.
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Lower than expected shrinkage of the Spanish economy in the third quarter |
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Thursday, 12 November 2009 11:23 |
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The Spanish economy saw its smallest contraction since the start of the recession in the third quarter, with the GDP falling by 0.3% according to the INE, National Statistics Institute. It takes the annual shrinkage to 4%. The number is a tenth of a point better than forecast by the Bank of Spain made just two weeks ago, but does mean that it is now five consecutive months of falls. Minister for Employment, Celestino Corbacho, has repeated earlier statements saying that it will take more time for the generation of new employment.
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