SEVILLA, 12 Abr. (EUROPA PRESS) –
The Minister of Finance and Public Function, María Jesús Montero, has clarified in relation to the change of headquarters of Ferrovial to the Netherlands and the possibility that it can enjoy the tax advantages of the special merger regime, included in the Corporate Tax , that “the legislation is clear. When there are no economic reasons, there are certain tax elements that the company cannot apply.”
Speaking to the media before participating in an act on the occasion of Roma Day in Seville, Montero explained that “this is what the Law says, without this implying, in any case, that you have to move to this specific case because it will be at the right time, when the Tax Agency knows the real and specific situation, which will have to assess whether or not the reasons of the company are those that correspond to current legislation”.
The head of the Treasury has defended that it is “important” that the Government clarify to Ferrovial that “the reasons given” for his transfer –not being able to list on the United States stock market– “do not correspond to the spirit of the legislation” , not having, in this sense, “nothing to do with the day to day of what any company that is located in Spain can do”.
Having studied the legislation “in detail”, the Government understands that “there is no reason of the type put forward by Ferrovial for moving headquarters and that the Shareholders’ Meeting and the company must know so that, indeed, if it has any other reason to move is that which prevails” to “later not be deceived”.
In response to the statements by the President of Madrid, Isabel Díaz Ayuso, who regretted that the Government does not encourage companies to stay in Spain, Montero replied that “this country and this Government encourage a lot and very well to the companies that decide to come”.
Thus, foreign investment in 2022 in Spain has wielded around 35,000 million euros, the result, in Montero’s opinion, of the “legal certainty and the conditions that arise in Spain that are, frankly, favorable.”
In another order of things, Minister Montero has underlined the “absolute harmony” between the Treasury and Economy departments, headed by Nadia Calviño, with whom she maintains “an excellent professional and personal relationship.”
In this sense, he pointed out that both ministries “absolutely agree that Ferrovial had to know first-hand that there is no legal impediment for this company to be listed in the United States.”
There are certain taxes that a company has to pay for carrying out a merger like the one that Ferrovial has planned with its Dutch subsidiary, but that could be subsidized if a valid economic reason and business logic is alleged. The study carried out by Bolsas y Mercados Españoles (BME) and the National Securities Market Commission (CNMV) has already concluded that it is not necessary for Ferrovial to move its headquarters to carry out its main objective, which is to list in the United States .
However, the company defends that no company is listed in that country while maintaining its headquarters in Spain, which is why it argues that it needs proven experiences for the good of the company and its shareholders. The latter will decide this coming Thursday on this corporate movement meeting at a general meeting. If approved, the company has already established a roadmap to move its headquarters before next fall and request its listing in the United States before the end of 2023.
