The European Commission (EC) has declared that a tax break available to Spanish companies participating in corporate takeovers is illegal and should be revoked. Following an investigation initiated in 2007, the EC concluded on the 28th of October that tax breaks received by Spanish companies completing corporate takeovers of non-Spanish entities within the European Union, are illegal. Instated in 2002, the law allowed Spanish companies to deduct the goodwill element of a takeover transaction. The EC has decided that it will require ... Read More