Madrid: Spain’s High Court on Thursday partially ruled in favor of Telefónica in a long-running tax dispute with the Spanish government, meaning Madrid will have to return some 800 million euros ($909.60 million) to the telecommunications firm. Have to do may have to.
According to the court’s ruling, the case pertains to overpayment of corporation tax between 2009 and 2010, which was issued late Thursday.
Telefonica sued in 2015, claiming it owed 1.59 billion euros in refunds related to tax credits. In 2019 a separate court awarded the company more than €702 million in interest.
While Thursday’s ruling, which can be appealed to the Supreme Court, does not specify how much Telefónica will owe, the amount must have exceeded 800 million euros, exempting previous refunds from the total claim.
Telefónica declined to comment on the decision, while the budget ministry did not respond to a request for comment.
($1 = 0.8795 Euro)