The Spanish left-wing government considered this Wednesday “unacceptable” the decision taken by one of Spain’s economic benchmarks, the infrastructure group Ferrovial, to move its headquarters to the Netherlands, ensuring that this company owes “all of Spain”. “It is unacceptable that a company that was born and developed in Spain and thanks to the public investment of Spanish citizens shows such a lack of commitment to its country,” said the Spanish Ministry of Economy.
“We are awaiting the details to analyze and closely follow the possible implications of this erroneous decision,” added the ministry, for which the infrastructure group, founded in Madrid in 1952, “owes everything to Spain.” According to the ministry, this message was transmitted by the Minister of Economy in person, Nadia Calviño, during a telephone conversation organized this Wednesday morning with the general director of Ferrovial Rafael del Pino.
The Ferrovial group, owner of the Heathrow airport in London, but also of many highways, especially in the United States and Canada, announced on Tuesday, when publishing its results, its desire to move its headquarters to the Netherlands. This decision will be made through the “absorption” of the “parent” of Ferrovial, based in Madrid, by “its subsidiary Ferrovial International SE”, a Dutch limited company, reported the group, which also said it wanted to submit an application contribution in the United States.
Strategic reorganization or fiscal dumping?
In its press release, the group justified this reorganization by “the growing internationalization” of its activity.
However, this decision was perceived as a tax choice by some analysts and by the political class, as it is known that the Netherlands offers advantageous taxation to companies established in its territory.
Ferrovial “unambiguously announces that it is moving its headquarters to the Netherlands because tax conditions are better there. This is tax dumping,” the communist Labor Minister, Yolanda Díaz, denounced this Wednesday. “Ferrovial is a very important company for our country, which has grown thanks to large contracts with the public administration,” added Yolanda Díaz, a member of the left wing of the government of socialist Pedro Sánchez, asking the group to “resume its steps.” decision”.
Source: BFM TV
