Brussels, 28/09/2015 (Agence Europe) - On Monday 28 September, the European Commission said that it was ready to close the preliminary investigation it had been carrying out in Spain into the existence of possible illegal state aid in the form of a public guarantee on deferred tax assets, after Madrid announced its decision to change the system.
“We welcome the proposed amendments (…), this follows constructive exchanges with the Spanish authorities over the last few months”, said Ricardo Cardoso, Commission spokesperson on competition issues. “If implemented accordingly, this will address our concerns in a satisfactory manner”, he went on.
The changes to the Spanish law will take effect next year. Under these, Spanish banks will have to carry out a retroactive payment of 1.5% of the tax deductions granted due to these deferred tax assets. These assets are banking losses which can be written off against subsequent profits.
In April, the Commission confirmed that it had requested information on this subject from Greece, Portugal, Spain and Italy (see EUROPE 11289). For the other three member states concerned, contacts are continuing. (Original version in French by Elodie Lamer)