Considered one of the flagships of Spanish industry, the multinational specializing in transport infrastructure has decided to move and settle in the Netherlands, where the corporate tax system is financially more attractive.
With our correspondent in Madrid, Francois Musseau
Rafael del Pino is not a patriotic entrepreneur and has set a dangerous precedent. This is the direct accusation made by the socialist government against the CEO of Ferrovial, one of the largest Spanish multinationals.
The reason: having decided to settle in the Netherlands where corporate taxation is more advantageous and which, in concrete terms, according to Ferrovial, will allow him to save 40 million euros per year. Everything is legal, specifies the socialist power, because it is a country of the European Union.
A new tax on the wealthiest companies
But the transport infrastructure company is taxed, in the political and media spheres, with a spirit that is not in solidarity with the interests of the country. If other Spanish multinationals followed this example, it would be a disaster for the national economy, said the Ministry of Finance.
The dissatisfaction is all the greater, because in Spain, Rafael del Pino has obtained 1 billion euros for three years thanks to public competitions. The company on its side remains silent, and is silent about what everyone knows: it is fleeing Spain too, because the government is about to apply an additional tax on the richest companies.
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