Report:80% of Spanish firms operate via tax havens

| 04/03/2011

(Eurodad): A new report by the Spanish observatory on Corporate Social Responsibility, which comprises several civil society organisations has found that all companies listed on the Spanish stock exchange operate directly or indirectly through jurisdictions which are considered opaque by the Financial Secrecy Index of Tax Justice Network. The report entitled Corporate Social Responsibility in the annual report of companies in the IBEX35 reveals that more than 80% of companies that are part of the benchmark stock market index (IBEX 35) in the Spanish stock exchange operate through tax havens. The jurisdictions with the highest concentration of Spanish company subsidiaries are the Netherlands, Delaware, Luxembourg, Cayman Islands, Switzerland, Puerto Rico and Panama.

The report finds that 28 Spanish companies have as many as 272 subsidiaries in 27 secrecy jurisdictions, from where they can operate without disclosing relevant financial information about their activities – such as the taxes they pay, profits they make and people they employ in the countries where they operate.

The jurisdictions with the highest concentration of Spanish company subsidiaries are the Netherlands, Delaware, Luxembourg, Cayman Islands, Switzerland, Puerto Rico and Panama.

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