Spain's attempts to cut its deficit are not helped by a slump in its corporate tax intake as international companies use off-shore shelters to reduce their payments and small businesses go bust. The intake from 1,400 firms last year was €16.6B, less than the €17.8B in net profit generated by five of Spain's top companies. In 2007, the intake was €44.8B.
Spain's attempts to cut its deficit are not helped by a slump in its corporate tax intake as...
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