What is hidden behind the IBEX 35 companies?

Despite the encouraging data regarding employment recovery in recent months, the number of families on the poverty line is growing in Spain. These are data from the National Institute of Statistics, which has published its 2014 Living Conditions Survey . Taking into account the income of 2013, the report warns that the poverty rate now stands at 22.2% of the resident population in Spain, compared to the 20.4% registered the previous year. That is, one in five Spaniards lives below the poverty line . The percentage was 20.8% in 2012. Despite this context, companies that are part of the IBEX 35 increased their presence in tax havens to reduce their taxation in Spain. According to a report prepared by Oxfam Intermón, all IBEX 35 companies except one have subsidiaries in tax havens , and not only that, but it is a trend that has grown more than 44% during the toughest years of the economic crisis. What are the consequences? In Spain, the consequences result in lower revenue collection, which affects the most vulnerable sectors of the population because capital escapes that could be invested in social services, education and health.

Refer to developing countries, capital evasion causes the loss of a good part of the GDP and slows down the country's progress. And the fact is that investment in education or health, in the case of developing countries, has a direct impact on the reduction of infant mortality or the illiteracy rate. ibex-35 © Pablo Tosco / Oxfam Intermón Ensure that IBEX 35 companies comply with their fiscal and social responsibility IBEX 35 companies have opted for a series of tax practices that, although they cannot be considered illegal, are Europe Mobile Number List unethical if we take into account their consequences. Do you want to know what they are? Well, first of all, the decrease in what Spain has collected through corporate tax: almost 60,000 million euros less than it should. In addition, many IBEX 35 companies carry out transactions with their subsidiaries because in this way they can benefit from tax evasion, further reducing the taxation they pay for their activities. As if that were not enough, we will also tell you that of all the investment that these companies make in tax havens, only 12% returns to Spain .



At Oxfam Intermón we believe that the time has come to say enough: we want to fight for a tax evasion law that forces IBEX 35 companies and other big brands, as well as large personal fortunes, to comply with their tax responsibility. A fair law with which to prevent fraud and combat the tax evasion that is so needed to guarantee access to basic services for the most vulnerable. Because the darkest side of tax evasion is this: that taxes are the source from which many social policies drink, and lower revenue means fewer budgets for health, for education, for unemployment benefits... And tax fraud costs Spain around 59 billion euros every year, 72% of which belongs to large companies and large fortunes. This figure is greater than the entire health budget (57 billion). In the same way, developing countries lose more than 100 billion every year due to bad practices and tax incentives for companies. This amount is four times what is needed to send all the children in the world to school. If you also want to say “enough” to tax evasion, support us in our fight: sign the petition we have created to obtain a law that pursues tax transparency for IBEX 35 companies. With your help we can achieve it! Join the cause and get it rolling! download free responsible consumption guide.