Wednesday, September 27

The Treasury will return 1,000 million to Telefónica after the Supreme Court dismissed its appeal

The Supreme Court has put an end to the dispute that the Treasury had with Telefónica as a result of the corporate taxes for the 2009 and 2010 financial years by rejecting the appeal of the public entity to the sentence of the National High Court of November 2021. The result in court will force the treasury to return to Telefónica around 1,000 million euros.

Despite the fact that the appeal has been dismissed, the High Court has not yet specified the amount to which the refund amounts once the interest is added, nor the payment formula, according to what sources from the company have transferred to Europa Press after advance the news ‘El País’which indicates that the return will be in cash.

This sentence is not the first on the case, since, in January 2019, Telefónica already received a favorable sentence that led to the return of 702 million euros.

Telefónica shares recorded a 1.8% rise in the trading day this Tuesday, the second that rose the most in the Ibex 35 after the half session, and are trading at 4.32 euros. Banco Sabadell analysts expect a longer journey to confirm that the refund will be made in cash and not in tax credits to be executed in the future.

This is not the only defeat of the Treasury in the courts before a ‘teleco’ in the last month, since Vodafone has also achieved the annulment of a settlement of 29.3 million euros for the national quota of the Tax on Economic Activities (IAE ) for the 2013 financial year, considering it contrary to European regulations, a claim that could open the door to lawsuits from other operators.