The Green party lawmakers in the European parliament have accused the world’s biggest clothing retailer Inditex of avoiding paying at least 585 million euros in taxes between 2011 and 2014. According its report ‘Tax Shopping: Exploring Zara’s Tax Avoidance Business’, the fact that Inditex diverted bonus payments to the Netherlands has cost Spain some 218 million euros in uncollected tax revenues, Germany 25 million, Italy 57 million and France 78 million, amongst others.
The European Commission (EC) opted against imposing fines on Spain and Portugal for their non-compliance with 2015 deficit targets. So Brussels did not implement the penalties equivalent to 0.2 percent of gross domestic product included in the Stability and Growth Pact for failure to comply with budget rigour. The fines would have amounted to about 2 billion euros for Spain and around €350 million for Portugal.
MADRID | By Sean Duffy | The Greek Government is expected to apply for a bailout extension today, but it remains to be seen on whether or not Tsipras has been flexible enough to mollify the concerns of EU politicians.