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Breakdown of tax information

It is a priority to clearly explain our tax contribution

To explain the importance of Endesa's tax contribution properly is a priority for the company from the point of view of transparency and corporate social responsibility.

Tax Contribution Report

Adequate explanation of Endesa´s tax contribution is a priority of the company from a transparency and corporate social responsibility perspective.

In line with this, since 2014, Endesa has been publically providing a breakdown of the principle taxes paid in the countries in which it operates, which reflects the importance given by the Group to tax issues and its level of commitment to the principle stakeholders.

Total Tax Contribution 2019: 4,113 M €

Data in million euros

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Medium Target Price € 2,056.5
Open Data Version

Source: PwC

Contribución tributaria

Taxes borne 2019

Taxes borne by Endesa in year 2019, amounted to 1,669 million euros, among wich the environmental taxes are the most important ones, accounting to 44%.

The main item of environmental taxes borne by Endesa corresponds to the tax on the value of electricity production.

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Medium Target Price € 50
Open Data Version

Source: PwC

Tax contribution

Taxes collected 2019

Taxes collected by Endesa in 2019 amounted to 2,444 million euros.

A major part of these corresponds to taxes on products and services, mainly VAT, wich accounts for 62% of taxes collected.

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Medium Target Price € 50
Open Data Version

Source: PwC

Tax contribution of Endesa with respect to turnover in 2019
22%
for every 100 euros of net reveneus obtained by the Company, 22 euros are destined to paying taxes. Of this amount, 9 euros correspond to taxes borne and 13 euros to taxes collected.
Total Tax Contribution Rate in 2019
117%
during 2019, the Total Tax Contribution of Endesa is over a 100% of the total income before taxes borne, due to the impact of the recognition of an impairment that reduces the profit before taxes, but does not lead to a lower Corporate Income Tax payment.
Distributed Tax Value 2019
79%
of the value generated by Endesa has been paid to the Public Treasury in the form of taxes borne and taxes collected. Of every 100 euros of value generated y the group in 2019, 79 euros were destined to the payment of taxes.

Geographic distribution of the tax contribution in 2019

For every 100 euros of taxes paid by Endesa worldwide, almost 92 euros are paid in Spain.

Source: PwC

Geographic distribution of the tax contribution in 2019:

Spain: 91,7%

Portugal: 3,6%

France: 2,7%

Germany: 1,7%

Netherlands: 0,3%

 

 

Total amount of payments made to Public Administrations

Payments made by Endesa to Public Administration in 2019, including payments in respect of the rates subsidy and energy efficiency charges and other regulatory payments, amounted to a total of 4,207 million euros.

Source: PwC

Total Tax Contribution (TTC)
4,113 M €
Rates subsidy and others
65 M €
Energy efficiency
29 M €

It is logical that Spain is the jurisdiction where ENDESA has, contributed most in tax payments, representing 92% of total taxes paid and collected by Endesa in the 2019 period.  All of the information related to payment and collection of taxes by Endesa is included in the Sustainability Report[LMCB1] , specifically in the section Tax Contribution 1.3.3.2., where the detail is provided per type of tax paid and collected by Endesa in each one of the countries in which it operates:

Total contribution Endesa 2019

Tax paid in Tax Group
- Taxes borne Spain Taxes collected Spain Taxes borne Portugal Taxes collected Portugal Taxes borne France Taxes collected France Taxes borne Germany Taxes collected Germany Taxes borne Netherlands   Taxes collected Netherlands
Profit taxes 431 - - - - - - - - -
Corporate Income Tax 431 - - - - - - - - -
Total 431 - - - - - - - - -
Tax paid to Tax Authorities
- Taxes borne Spain Taxes collected Spain Taxes borne Portugal Taxes collected Portugal Taxes borne France Taxes collected France Taxes borne Germany Taxes collected Germany Taxes borne Netherlands Taxes collected
Netherlands
Profit taxes 42 73 (1) 0 1 0 - - - -
Corporate Income Tax  13 - (4) - - - - - - -
Business Activity Tax 29 - 3 - 1 - - - - -
Other 0 73 - - - - - - - -
- Taxes borne Spain Taxes collected Spain Taxes borne Portugal Taxes collected Portugal Taxes borne France Taxes collected France Taxes borne Germany Taxes collected Germany Taxes borne Netherlands Taxes collected Netherlands
Property Tax 65 - - - - - - - - -
Tax on real property 62 - - - - - - - - -
Others 3 - - - - - - - - -
- Taxes borne Spain Taxes collected Spain Taxes borne Portugal Taxes collected Portugal Taxes borne France Taxes collected France Taxes borne Germany Taxes collected Germany Taxes borne Netherlands Taxes collected Netherlands
Employment Taxes 133 230 1 2 1 - - - - -
Employer's social security contribution 259 27 1 2 1 - - - - -
Other withholding taxes - 203 - - - - - - - -
- Taxes borne Spain Taxes collected Spain Taxes borne Portugal Taxes collected Portugal Taxes borne France Taxes collected France Taxes borne Germany Taxes collected Germany Taxes borne Netherlands Taxes collected Netherlands
Taxes on products and services 255 1,290 0 128 0 55 - 42 - -
VAT (Net position) 1 1,290 - 128 - 55 - 42 - -
Tax on the utilization of airspace, soil and subsoil 196 - - - - - - - - -
Other public domain charges 58 - - - - - - - - -
- Taxes borne Spain Taxes collected Spain
Taxes borne Portugal Taxes collected Portugal Taxes borne France Taxes collected France Taxes borne Germany Taxes collected Germany Taxes borne Netherlands
Taxes collected Netherlands
Environmental taxes 728 520 13 6 0 59 - 28 - 11
Tax on value of electricity generation 259 - - - - - - - - -
Tax on nuclear fuels 134 - - - - - - - - -
Hydraulic charge tax 57 - - - - - - - - -
Tax on nuclear services 178 - - - - - - - - -
Other environmental taxes (regional) 52 - 13 - - - - - - -
Taxes on electricity - 481 - 4 - - - 27 - 8
Tax on hydrocarbons 0 39 - 2 - 59 - 1 - 3
Tax on coal 48 0 - - - - - - - -
- Taxes borne Spain     Taxes collected Spain Taxes borne Portugal Taxes collected Portugal Taxes borne France Taxes collected France Taxes borne Germany
Taxes collected Germany
Taxes borne Netherlands Taxes collected Netherlands
Subtotal Taxes Paid
1,223 2,113 13 136 2 114 - 70 - 11
Total tax contribution
Taxes borne Taxes collected Total
1,669 2,444 4,113
Others payments made to public administrations
Rates Subsidy (Spain) 51
Rates Subsidy (Portugal) 9
Energy Efficiency (Spain) 29
Others (France) 5
Total 94
Total amount of payments made to Public Administrations
Taxes borne Taxes collected Total
1,763 2,444 4,207

Total payments made to Public Administration

Paid Taxes
Spain Portugal France Germany Netherlands TOTAL
Taxes borne 1,656 12 1 0 0 1,669
Taxes collected 2,114 135 114 70 11 2,444
Total Tax Contribution 3,770 147 115 70 11 4,113
Porcentaje CTT sobre el total 92% 4% 3% 2% 0% 100%
Other regulatory payments
Spain Portugal France Germany Netherlands TOTAL
Rates subsidy 51 9 0 0 0 60
Energy Efficiency 29 0 0 0 0 29
Others 0 0 5 0 0 5
Total other payments to Public Administrations 80 9 5 0 0 94
Total payments made to public authorities
Spain Portugal France Germany Netherlands TOTAL
TOTAL PAYMENTS MADE 3,850 156 120 70 11 4,207

Documentos para descargar

Informe de Contribución Tributaria 2019

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Financial Tax Information

On the other hand, it is important to highlight that all of the information related to the configuration of Endesa´s Tax Expense is contained in detail in its Consolidated Financial Statements and in the Standalone Financial Statements and those of each subsidiary, specifically in Note 31 denominated Corporate Income Tax.  Therein exists a detailed composition of the tax expense and a conciliation between the accounting result and tax base, between the amount of tax to be paid and the tax expense and between the accounting result and the tax expense.

Additionally, in the Endesa´s Consolidated Financial Statements and in the Standalone Financial Statements and those of each subsidiary, specifically in Note 17.3, a detailed breakdown is given regarding the principle relevant tax litigations.

 Non-Financial Tax Information

Endesa, being a company depending from Enel SpA, entity resident in Italy, is exempt from the obligation to supply to the Tax Authorities the information related to Corporate Income Tax paid in each of the jurisdictions where the company operates. In this case, it is Enel SpA that sends the information of its Group to the Italian Tax Authorities, including the detail of the Endesa Group, and it will be the Italian Tax Authorities that will share this information with the Spanish Tax Authorities.

The Law 11/2018, of 28th December modifies the Commercial Code and the Law of Capital Companies obliging in certain cases the inclusion of specific tax information in the non-financial information section of the financial statements  of companies and groups: the earnings obtained country by country, the taxes on earnings paid  and the public grants received. The corresponding information for the Endesa Group has been verified by an independent service provider as follows:

Country Accounting Before Tax Intragroup transactions Total
Spain 17,772 626 18,042
Portugal 1,075 - 1,075
France 425 - 425
Germany 260 - 260
The Netherlands - - -
Marocco - - -
Country Accounting Before Tax Intragroup transactions Total
Spain 18,398 130 18,323
Portugal 1,079 - 1,079
France 554 - 554
Germany 239 - 239
Netherlands - - -
Marocco - - -

Data in million €

Country Accounting Before Tax
Spain 155
Portugal 40
France 31
Germany 2
Netherlands -
Marocco 2
Country Accounting Before Tax
Spain 1,798
Portugal 19
France (7)
Germany 5
Netherlands 1
Marocco 2
Country Income Tax Paid¹ Accrued Income Tax² Accumulated earnings Tangible Assets other than cash and cash Equivalents ENDESA Profit/loss for the year (Parent Company) Number of employees by geographic location
Spain 444 416 6,898 20,957 112 9,839
Portugal -4 4 (6) 367 33 60
France - 2 3 5 23 44
Germany - - - - 1 9
Netherlands - - 2 - - -
Marocco - - - - 2 -
Country Income Tax Paid¹ Accrued Income Tax² Accumulated earnings Tangible Assets other than cash and cash Equivalents ENDESA Profit/loss for the year (Parent Company) Number of employees by geographic location
Spain 338 354 6,981 21,834 1,397 9,657
Portugal - - 1 3 20 57
France -12 - 13 3 (9) 40
Germany - - (6) - 6 9
Netherland - - 1 - 1 -
Marocco - - - - 2 -

Data in millions €

Data in million €

Notas

1.

(+) Income Tax income, (-) Income tax expense. Refers to current year tax. The criterion for determining the accounting result is on a consolidated basis. The data corresponding to the Income Tax corresponds to the Corporate Income Tax paid/collected in the reporting period. In this case, indicate that ENDESA and its subsidiaries resident in Spain which are 100% owned, are part of the Tax Consolidation Group whose parent company is ENEL S.p.a., with the Company representing the Tax Group in Spain being ENEL Iberia, S.L. Therefore, the data that is recorded is the amount paid/collected by ENDESA and its subsidiaries included in the Tax Group, to ENEL Iberia, S.L., who, in accordance with the regulations of the Tax, declares and liquidates the tax of the Tax Group before the Tax Administration. On the other hand, for the rest of the subsidiaries of the consolidated commercial group that are not part of the fiscal consolidation group, the amount paid / charged to the Tax Administration is taken into account. Morocco consolidates in the group by the equity method, so the accounting result corresponds to the result after taxes in the percentage in which ENDESA participates.

2.

The data of the Income Tax Accrued corresponds to the Current Corporate Income Tax registered in the period.

2017 2018 2019
Public grants received (millions €) 315 287 273
Contributions to foundations and charities (millions €) 3,71 4,94 4,18

Note: all of the public grants are received in Spain.

Reconciliation of Corporate Income Tax Effective Rate

The Corporate Income Tax effective applicable to Endesa´s Consoliated Financial Statements is 21,7% versus a nominal rate of 25%.  This is fundatmentally due to the deductions and subsidies (-31M€) which principally include the Canary Islands benefits (-25M€) and to the result of the consolidated subsidiaries due to the participation method (-4M€) which compensates the non tax deductible expenses and provisions (+24M€).

The detail of the Consolidated Income Statement of the 2019 and 2018 periods is the following: 

Indicator Notes 2019
Current income tax for the year - 438
Deferred income tax for the year 21 (416)
Adjustment of prior years - 26
Income tax provisions - 2
TOTAL - 50
Indicator Notes 2018
Current income tax for the year - 356
Deferred income tax for the year 21 16
Adjustment of prior years - 11
Income tax provisions - 9
TOTAL - 392

Reconciliation between accounting result and Corporate Income Tax expense

The 2019 and 2018 reconciliation of the accounting profit (loss) from continuing activities to the income tax expense is as follows:

Indicator Income Statement Rate (%) Income and expenses directly recognised in equity Rate (%) Total Rate (%)
Accounting profit after income tax 180 - (9) - 171 -
Income Tax Expense 50 - 9 - 59 -
Accounting profit before tax 230 - - - 230 -
Theoretical tax 58 25,0 - 25,0 58 25,0
Permanent differences 17 - 9 - 26 -
- Impact of net gains/losses under the equity method (4) - 1 - (3) -
- Unrecognised tax losses - - - - - -
- Canary Islands Investment Reserve (CIR) tax credit (1) - - - (1) -
- Non-duducible provisions 5 - - - 5 -
- Consolidation adjustments and others 17 - 8 - 25 -
Tax credits taken to profit and loss (31) - - - (31) -
Prior years' adjustments and other deferred taxes (22) - - - (22) -
Tax impact in the year 22 9,6 9 - 31 13,5
Indicator Income Statement Rate (%) Income and expenses directly recognised in equity Rate (%) Total Rate (%)
Accounting profit after income tax 1.426 - (44) - 1.382 -
Income Tax Expense 392 - (10) - 382 -
Accounting profit before tax 1.818 - (54) - 1.764 -
Theoretical tax 455 25,0 (14) 25,0 441 25,0
Permanent differences (28) - 4 - (24) -
- Impact of net gainss/losses under the equity method (8) - - - (8) -
- Unrecognised tax losses - - - - - -
- Canary Islands Investments Reserve (CIR) tax credit (5) - - - (5) -
- Non-deductible provisions (3) - - - (3) -
- Consolidation adjustements and others (12) - 4 - (8) -
Tax credits taken to profit and loss (39) - - - (39) -
Prior years' adjustments and other deferred taxes (16) - - - (16) -
Tax impact in the year 372 20,5 (10) 17,9 362 20,5

Data in million €

Reconciliation of net tax

In 2019 and 2018, the reconciliation of the income tax expense to the net tax from continuing activities is as follows:

Indicator Notes Income Statement Income and expenses directly recognised in equity Total
Tax impact in the year 22 22 -9 31
Change in deferred tax 21.1 & 21.2 416 9 407
Net tax payable on continuing operations 438 438 - 438
Indicator Notes Income Statement Income and expenses directly recognised in equity Total
Tax impact in the year - 372 -10 362
Change in deferred tax 21.1 & 21.2 (16) 10 -6
Net tax payable on continuing operations - 356 - 356

Data in million €

Details of the income tax expense

The breakdown of the income tax expense for 2019 and 2018 is as follows: 

Indicator Current tax Change in deferred tax (note 21) Total
Recognition in the Income Statement, of wich: 438 (416) 22
Net tax payable on continuing operations 438 - 438
Deferred taxes - (416) (416)
- Depreciation and amortisation of property, plant and equipment and intangible assests - (336) (336)
- Provissions for pension funds and workforce reduction plants - 16 16
- Other provisions - (3) (3)
- Tax loss carryfowards - 14 14
- Unsued tax credits - 5 5
- Accelerated depreciation and amortisation of assest for tax purposes - (64) (64)
- Other - (48) (48)
Recognition in equity, of wich: - 9 9
Provisions for pension funds and workforce reduction plans - (34) (34)
Other - 43 43
Tax impact in the year 438 (407) 31
Indicator Current tax Change in deferred tax (Note 21) Total
Recognition in the Income Statement, of wich: 356 16 372
Net tax payable on continuing operations 356 - 356
Deferred taxes - 16 16
- Depreciation and amortisation of property, plant and equipament and intangible assets - (17) (17)
- Provisions for pension funds and workforce reduction plants - 20 20
- Other provisions - 19 19
- Tax loss carryfowards - (3) (3)
- Unsed tax credits - 29 29
- Amortización Fiscal Acelerada de Activos - (29) (29)
- Otros - (3) (3)
Imputación a Patrimonio Neto, de la cual: - (10) (10)
Dotaciones para Provisiones para Pensiones y Planes de Reestructuración de Plantilla - (4) (4)
Otros - (6) (6)
Impacto Fiscal en el Ejercicio 356 6 362

Datos en millones de euros

Data in million €

In 2019 tax deductions and rebates allocated to profit and loss totalled Euros 31 million, and included Euros 13 million in credits related to the production of moveable assets in the Canary Islands and Euros 12 million for deductions in respect of investments in new fixed assets in the Canary Islands (2018: Euros 16 million and Euros 14 million respectively).  

Inspections

Periods open to review by the Tax Authorities

  • In Spain, at the end of 2019 period the Tax Consolidation Group to which the Endesa Group belongs, is open to inspection on Corporate Income Tax for the periods 2006, 2015 and following years.  Additionally, Endesa and the majority of its controlled subsidiaries have open to review, in general, the periods 2015 and following years for all others taxes applicable.
  • In Portugal, France, The Netherlands and Germany, the subsidiaries and branches controlled by the Endesa Group in these countries, in general, have open to inspection the periods 2018 and following years, 2017 and following years, 2017 and following years and 2016 and following years, respectively.  

 

Inspections in Progress

  • In Spain, at the start of 2020, there are 389 inspection processes open by the Bodies of Inspection of State, Autonomous Community and Local Taxes.

The most relevant process is the one that relates to the Corporate Income Tax General Inspection for the periods 2015-2018 and VAT and Withholdings for the years 2015-2018 which affects the principal entities of the Group and started on 28 June 2019.

  • In Portugal, at the start of 2020, there are two inspection processes in progress, one related to Portuguese Electricity Tax for the periods 2016-2018 and a General Inspection process related to 2017.

Inspections Closed during 2019

  • In Spain, during 2019 339 inspection processes have been closed, the majority related to Local Taxes and Excise Taxes, which have resulted in the signing of assessments in disagreement for 2M€ and a refund request of 3M€, and assessments agreed with the Tax Authorities for an amount to be refunded of 9M€.
  • In The Netherlands, during 2019 an inspection process in relation to the Representation Office in the country for Withholding Tax for the periods 2014 – 2018 was closed in agreement with the Tax Authorities with an for an immaterial amount.

Litigations

The majority of the tax related litigation processes in the Endesa Group arise from processes of recovery of undue tax payments, whereby the Endesa Group pays the applicable taxes correctly and on time, but afterwards requests the refund of the amounts paid.  The request is generally is rejected by the Tax Authorities and the Endesa Group challenges the assessment that rejects the request giving rise the start of a judiciary process.

This generally applies in matters where the Endesa Group considers that the law in question is not in line with the Spanish Constitution o European Law, and in matters where it does not share the interpretative criteria followed by the Tax Authorities.   Following this strategy, the Endesa Group avoids the generation of contingencies in their Accounts, however, without losing the legitimate interest to defend its position in the Courts.

The most relevant processes are the following:

  • The taxes regulated in Ley 15/2012 (Tax on the Value of Electric Energy Production, Tax on the storage of used nuclear fuel and radioactive waste in the power plant installations and the Hydraulic charges).  The appeals are pending resolution in diverse judiciary authorities. 
  • Certain Autonomous Community taxes with an environmental motive (Taxes on emissions, taxes on waste, hydraulic charges, wind charges, taxes on installations that impact the environment, etc.).  The appeals are pending resolution in diverse judiciary authorities. 
  • Certain Excise Taxes that tax the consumption of fuel for electricity production (Mineral Oil Tax and Coal Tax) which a disputable environmental motive. The appeals are pending resolution in diverse judiciary authorities.  
  • Corporate Income Tax from the 2006 period due to the taxation in this exercise of income from the refund of a tax declared unconstitutional.  The refund request of undue amounts is based in the application of the Supreme Court doctrine that established the year in which the income should be computed as income for the purposes of Corporate Income Tax. The appeal is pending resolution in the National Court.

It is worth highlighting once again that for these processes, in case of loss, it would not result in a negative effect neither in terms of cash nor in terms of results for the Endesa Group, given that the taxes have been declared and paid.  Exclusively in the case of success, there would be a favourable result, both in terms of cash and in terms of results for the Endesa Group.  

 

Regarding the remainder of the processes, susceptible to generate a negative effect in the Group, the majority refer to procedures initiated by the Inspection bodies, which have been signed in disagreement by Endesa Group and have not been paid, the payment being suspended during the litigation process.

 

Before starting any litigation process of this nature, Endesa evaluates the possibility of loss in the highest court.  In those processes where it estimated that there is more probability to lose rather than win, the contingent amount in dispute is provisioned in the accounts; no provision is made in other cases.  The most relevant are highlighted below:

 

  • A litigation regarding the proceedings initiated by the Inspection in 2017 of ENEL Green Power España, S.L.U. (EGPE) is ongoing in relation to Corporation Tax for the years 2010 to 2013 as well as the 3rd prepayment of the tax related to the 2015 period.

The main issue under discussion concerns the applicability or otherwise of the tax neutrality regime to the merger of ENEL Green Power España, S.L.U. (EGPE) by absorption of ENEL Unión Fenosa Renovables, S.A. in 2011.

 

On 10 December 2019, a dismissal Resolution was obtained from the Central Economic Administrative Court on the Corporate Income Tax for 2011 (as regards the position of ENEL Green Power España, S.L.U. (EGPE) as successor to ENEL Unión Fenosa Renovables, S.A.) and it was decided to lodge an appeal with the National Court; the remaining procedures mentioned above are pending resolution.

 

The amounts in dispute amount to a total of 111M€, an accounting provision of 10M€ has been made.

 

  • A litigation regarding the proceedings initiated by the Inspection in 2018 of Endesa and its principal subsidiaries in relation to Corporate Income Tax for the years 2011 to 2014.

The principal items in dispute stem mainly from the difference in criterion applied to the Corporate Income Tax deductibility of dismantling expenses, certain financial expenses, certain losses on sales and certain retribution of administrators who simultaneously work as part of the Top Management of the company;   also the criteria of temporary imputation of income from taxes declared unconstitutional.

In 2018, the corresponding appeals where filed with the Central Economic-Administrative Court, which are pending resolution at the current date. 

The amounts in dispute amount to 49M€, an accounting provision of 20M€ has been made.

  • Litigation regarding the proceedings initiated by the Inspection in 2018 of Endesa and its principal subsidiaries in relation Valued Added Tax (VAT) of the periods 2012 to 2014. The principal items in dispute stem mainly from the application of the pro rata rule regarding financial income from derivatives.

In 2018, the corresponding appeals where filed with the Central Economic-Administrative Court, which are pending resolution at the current date. 

The amounts in dispute amount to 16M€, an accounting provision of 16M€ has been made.

 

  • Litigations regarding the proceedings initiated by various Councils related to the Public Thoroughfare Occupation Tax.

The principal issue stems mainly from requirement by certain Councils of the tax in its general modality (tax on elements) when Endesa considers that this general modality is incompatible with the special modality, for which the Company is already paying (which implies a tax of 1.5% on the invoicing of commercial and distributor entities in the Municipality where they operate).

The litigation processes are numerous and are in various levels of the judicial authorities.

The amounts in dispute amount to 14M€, an accounting provision of 2M€ has been made.

The policy of Endesa is not to carry out investments in or through territories classified ad tax havens with the aim of reducing its tax burden. Furthermore, Endesa has never made use of entities domiciled in tax havens for the purpose of hiding the true owner of incomes, activities, goods or rights.

It is true that Endesa carries out some non-relevant activities in another country, which, without being considered as a tax haven by the Spanish Tax Authority, certain externals observers consider it as a territory that benefits from a tax regime more favourable that the Spanish one, as could be the case with The Netherlands.

What is certain is that, neither the activities carried out by the company in this geographic area, nor the legal qualification given by the Spanish Tax Administration to this country, justify the inclusion in this type of list of privileged tax jurisdictions.  However, being conscious of the importance that the company appreciates that it always acts with complete transparency, Endesa considers that it is convenient to inform about the activities carried on by its subsidiary in The Netherlands.

In any event, it is important to mention that The Netherlands have signed an Agreement for the Prevention of Double Taxation with Spain with an interchange of information clause and maintains a rate of Corporate Income Tax very similar to the current Spanish rate.

Endesa´s only financial entity  in the country is International Endesa, B.V (IEBV), a company incorporated in 1993  and 100% owned by Endesa S.A. in order to raise debt funding through the debt issuance Euro Medium Term Note (EMTN) programme and the Euro Commercial Paper (ECP) programme.  The Dutch economic and legal framework at the moment of initiating these activities permitted a more efficient access to the financial markets in a legal context recognized by investors.   The recent evolution of the Spanish market has now permitted the transfer of the operation of these activities to Spain.    The Dutch company has already transferred the activity of the emissions of commercial paper to Endesa S.A. and is in the process of transferring the only EMTN in force.  When the transfer process is completed, the dissolution of IEBV will proceed.

Continue reading about our commitment

Cooperative relationship with the Tax Administration

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