The losses that large banks recorded in the worst year of the pandemic led some of the largest entities in the country to resort to the tax credits they accumulated , according to El País . Through this means, Santander and BBVA have received 1,240 million euros from the Treasury . Although the business in Spain did not close 2020 in negative, with the consolidation of what was recorded by its corporate centers, both entities registered losses in the national territory: 1,844 million Santander and 2,635 million BBVA , according to the data consulted by the media. This allowed them to activate tax credits—an economic amount that is in favor of the subject obliged to pay a certain tax. Santander asked the Treasury for 642 million euros and BBVA, 598 million.
According to data consulted by Cinco Días
Although the collection occurred in 2022, the sources who have spoken with El País confirm that the process began in mid-2021 with the settlement of the previous year’s tax. And, according to the details provided by the Treasury, only 1.2 billion have been allocated to compensate for bank losses. Therefore, only Santander and BBVA resorted to these loans to offset their figures. He started exercising at 40 and at 83 he participates in triathlons: these are his 4 basic eating principles The entities still have more tax credits , but they cannot collect them all at once. In 2016, according to Cinco Días , a reform promoted by Cristóbal Montoro – then Minister of Finance – limited the use of negative tax bases to increase tax collection to 25% per year. , until 2022 Santander accumulated 19,440 million euros of deferred tax assets distributed throughout the world. Of these, 10,473 million can be converted into tax credits to reduce the Treasury bill.
The weekend after the FDIC takeover was crazy. At the beginning there was a list of 13 venture capital firms that were willing to sign a statement saying they supported us. We needed to increase that number. We spent an entire weekend on the phone, by email, by chat, any way we could to get in touch with VC firms, VC partners, operating partners, CFOs, anyone we could. to try to get them to join. I believe the number of supporters is 630 as of today. It’s been incredible to see the venture capital funds themselves come together and raise awareness. Many people supported us from the beginning. When they learned their money was safe again, others changed their minds. I wouldn’t even say that they were in favor of the SVB . It was so that an institution like the SVB existed, for the sake of the innovation economy.