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SPAIN: Tecnicas Reunidas faces Hacienda by 164 million

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BY REBECA ARROYO Updated : 26/01/2016

The Tax Office has raised dissatisfaction minutes of the company for 164 million euros (136.2 million on 28.6 million shares and interest) for corporate tax, as acknowledged by the company to the CNMV in response to a request for information.

The inspection began in June 2013 for the years 2008-2011, but it was not until the end of the first half of last year when the group received the settlement agreement. Now, after last November rejected the tax authorities the administrative appeal by Tecnicas Reunidas, they have taken steps to go to the Central Economic Administrative Court.

Shares of Tecnicas Reunidas lead today Ibex 35 falling more than 4% decline. The company has a market capitalization of 1,600 million euros.

Discrepancies between the Treasury and the engineering group headed by José Lladó obey the tax transfer pricing model used in international projects. According to the company, this pattern changed significantly in 2010, with retroactive effect for 2008 and 2009, to satisfy above requirements.

So, despite finding that there is an "absolute inconsistency" between the findings in the previous inspection and the current, society has presented guarantees for the total amount claimed (plus interest). "It is likely that the amount of the minutes are having to meet," he says.