Minutes of the meeting
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Large Companies Forum
PLENARY MINUTES 2/2015
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MINUTES OF THE PLENARY MEETING OF THE LARGE BUSINESS FORUM
HELD ON NOVEMBER 2, 2015
Chairperson
President of the State Tax Administration Agency - Secretary of State for Finance
Miguel Ferre Navarrete
Vice-President of the Large Companies Forum
General Director of the State Tax Administration Agency
Mr. Santiago Menéndez Menéndez
Members representing the Tax Agency
Director of the Department of Financial and Tax Inspection
Mr. Luis María Sánchez González
Director of the Tax Management Department
D. Rufino de la Rosa Cordón
Director of the Collection Department
Ms. Soledad García López
Central Delegate of Large Taxpayers
Mr. Ignacio Huidobro Arreba
Director of the Department of Aduanas and Excise Duties
Mrs. Pilar Jurado Borrego
Members representing Large Companies
ACERINOX
General secretary
Mr. Luis Gimeno Valledor
ACS
Head of the Corporate Tax Department
Mr. José Miguel Moreno Pérez
AMADEUS IT HOLDING
Deputy Secretary of the Board of Directors
Mr. Jacinto Esclapés Díaz
BANCO SANTANDER
Managing Director
Mr. César Ortega Gómez
Tax Advisor
Mrs. Carmen Alonso Peña
BANKIA
Tax Advice Director
Mr. Javier Mª Tello Bellosillo
BBVA
Tax Department
Mr. Alberto Marzal Cervantes
LA CAIXA
Tax Advisory Director
Mr. Manuel Alfonso García Rodríguez
CEPSA
Fiscal Director
Mr. Alberto Martín Moreno
COFARES
Advisor Governing Council
Mr. Luis Valdeolmos González
EL CORTE INGLÉS
Deputy to Management
Mrs. Pilar Fernández Medina
ENDESA
Tax Affairs Manager
Mrs. María Muñoz Viejo
FCC
Director of the Tax Area
Mr. Daniel Gómez-Olano González
GAS NATURAL FENOSA
Tax Director
Mr. Jaume Menéndez Fernández
GENERALI ESPAÑA
CEO
Mr. Félix Bonet Sánchez
IBERDROLA
Tax Advisory Department
Mr. José Luis Jiménez Martínez
IBERIA
Deputy Director of Tax and Consolidation
Mr. José Luis Álvarez Ánderson
INDITEX
Director of the Tax Department
Mr. Andrés Sánchez Iglesias
MAPFRE
Tax Advice Director
Mr. Antonio Lafuente González de Suso
MERCADONA
VAT Tax Manager
Mr. Francisco Muñoz Puig
NORFIN HOLDER
Fiscal Director
Mr. José Antonio Gibello Saiz
RENAULT ESPAÑA
Director of Tax and Customs Affairs
Mr. Félix Ruiz Madarro
REPSOL
Director of Indirect Taxes and Customs
Mrs. Isabel Martínez Gil
SEAT
Tax Director
Mr. Francisco Javier Baulenas Setó
SIEMENS
Tax Director
Mrs. Ana Mª Moreda Galante
TELEFÓNICA
Fiscal Director
Mr. Ángel Martín Gómez
VODAFONE
Tax Advice Director
Mr. Javier Viloria Gutiérrez
Technical Secretariat of the Large Companies Forum
Technical secretary
Mr. Ángel Rodríguez Rodríguez
In Madrid, on November 2, 2015, the eleventh plenary session of the Large Business Forum is held, attended by the aforementioned people, and in accordance with the following
AGENDA
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Session opening
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Approval of the minutes of the meeting held on June 24, 2015
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Large Companies Forum: Current situation
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Results of the working groups
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Conclusions of the Cooperative Relationship working group
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Next call
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Other considerations, requests and questions
1. Session opening
The session is opened by the Secretary of State for Finance and President of the State Tax Administration Agency, Mr. Miguel Ferre Navarrete, who welcomes the attendees and thanks them for their presence and, especially, Ms. Carmen Alonso Peña, new Collaborator of the Technical Secretariat of the Forum, offering all the support of those present. Likewise, he thanks Mr. Ángel Martín Gómez for his work and effort, who, since October 2011, had been performing the functions.
2. Approval of the minutes of the meeting held on June 24, 2015
The President gives the floor to the head of the Technical Secretariat of the Forum, Mr. Ángel Rodríguez Rodríguez, who points out that the minutes of the 10th session of the Plenary Session of the Forum were sent to the members of the Forum and adds that having received no observations and, if If there were none at this time, it would be definitively approved. Since no observations were made by those present, the minutes of the plenary session of June 24, 2015 are declared definitively approved.
3. Large Companies Forum: Current situation
The President gives the floor to the General Director of the State Tax Administration Agency, Mr. Santiago Menéndez Menéndez, who briefly presents the work carried out in the different Working Groups during the second half of 2015.
SII Project Working Group (Immediate Supply of Information)
The Director of the Agency points out that the Working Group has met once in the second half of 2015 and that the topics discussed focused on delimiting the information to be sent in special cases, which could require unique treatment. Specifically, situations have been analyzed relating to the treatment of corrective invoices, specific issues of the special regime of travel agencies and discounts to clients not linked to a specific operation, operations with reversal of the taxpayer, start date of the calculation of the deadline for sending information regarding invoices received and those issued by third parties and, in the case of exports, it has been determined that the sales invoice is identified with an export operation key.
Working Group for Analysis of Tax Regulations and Reduction of Conflict
The Director indicates the most relevant issues that have been analyzed within this Working Group, which has held a meeting during this semester:
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Deductibility of losses due to deterioration of depreciable property, plant and equipment.
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Issues relating to documentation on related entities and operations.
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Non-deductibility of expenses generated by delivering shares of the parent company to workers of the subsidiary.
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Valuation of income in kind derived from the use of motor vehicles.
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Procedural issues related to the doctrine of proper acts.
Excise Working Group
The Director points out that this Working Group has met on one occasion during the second half of 2015, and the issues discussed were the following:
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Formal obligations of refineries: The possibility has been proposed that the keeping of record books should be carried out through the electronic headquarters of the AEAT .
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Exemption from the Electricity Tax for electrical energy intended for the production, distribution and transportation of electricity: It has been reported on the modification of article 94.7 of the Special Tax Law in the General State Budget Bill for the year 2016.
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Tax treatment in the Tax on Electricity of self-consumption, within the framework of Royal Decree 900/2015, of October 9, which regulates the administrative, technical and economic conditions of the modalities of electrical energy supplies with self-consumption and production with self-consumption.
Cooperative Relationship Working Group
The Director highlights the progress achieved for both parties in this matter. He states that the Working Group has met on one occasion, but that various contacts have been maintained in order to reach a consensus on the document that will be submitted for approval by this Plenary. It states that the objective of said document is to advance cooperative compliance based on the guidelines contained in the Code of Good Tax Practices. To this end, a series of compliance behaviors have been established and a mechanism for monitoring and evaluating said behaviors has been established, as well as the measures to be adopted in case of compliance/non-compliance with the recommendations of the Code. Likewise, good tax transparency practices and work related to the dissemination and publication of the commitments acquired between companies and the Tax Agency have been reinforced.
The President of the Forum takes the floor and expresses his total agreement with the assessment of the situation made by the Director General. He then opens a speaking session and, there being no interventions, the President gives way to the different speakers who will dedicate their interventions to presenting the conclusions of the different Working Groups.
4. Results of the working groups
SII Project Working Group (Immediate Supply of Information)
Mr. Rufino de la Rosa Cordón, Director of the Tax Management Department, points out that a fundamental part of the Group's work has been to analyze the incidents related to the provision of information on the corrective invoices in order to ensure that they “fit” into the processes. companies' computer systems, subject to the Billing Regulations.
Regarding the pilot test of the project that will begin in 2016, the Director of the Tax Management Department points out that the Tax IT Department has developed a testing environment so that companies can analyze whether their IT developments are working correctly. Furthermore, in response to the request made by several companies in the sense that those that had already sufficiently developed their computer systems did not have to wait until January 1, 2017 to begin providing information, Mr. Rufino comments that it is expected that by the end of the year, not on a mandatory basis, companies that wish to do so can begin to provide the information.
Regarding exports, the Director points out that in the Draft Royal Decree for the modernization, improvement and promotion of the use of electronic means in the management of the Value Added Tax, which was submitted to public information on July 31 and which Currently pending the report of the Council of State, it is stated that the information to be provided will be the invoice data and not the DUA data.
Mr. Rufino also states that a document with the validations of the billing records requested by the software companies, with which the Tax Agency has held a meeting, is pending finalization.
Finally, Mr. Rufino states that, given that the companies have indicated that one of the elements of Project SII that introduces greater difficulties is the elimination of the summary entry in the tickets simplified, the Tax Agency has decided to establish initial flexibility, so that it is easier for companies to undertake the project.
Working Group for Analysis of Tax Regulations and Reduction of Conflict
Mr. Luis María Sánchez González, Director of the Department of Financial and Tax Inspection, comments first of all that the Working Group has met on one occasion in this second semester, with broad participation by both companies and the Administration Tax. He adds that in the last plenary meeting of this Forum, companies were asked to send to the Tax Agency a document with the issues that they considered interesting to analyze in the Working Group. In this sense, a wide variety of issues were discussed at the meeting. Specifically, the issue of the deductibility of losses due to impairment in the amortization of property, plant and equipment was discussed and the possibility of consulting the General Directorate of Taxes was raised.
The next issue under study by the Working Group was the final content of the CbC Report, incorporado ya a nuestra normativa mediante la Ley 27/2014, del Impuesto sobre Sociedades, y desarrollado por su Reglamento, y que está recogido como uno de los resultados más importantes de la acción 13 de BEPS. It indicates that the companies insisted on the preparation by the Administration of a ministerial order specifying both the content of the exchange of information and the procedures.
On this topic, the Director of the Inspection Department points out that it is likely that the Order will be issued throughout 2016, once information is available on the evolution of the actions in this matter of the different jurisdictions. Furthermore, it also indicates that at the Group meeting the convenience of the ministerial order serving to clarify the concepts included in the articles of the Regulation and that require further development was highlighted. To this end, it was agreed that the companies would prepare a document that would include the issues that they considered most doubtful or that clarification was necessary.
The Director of the Inspection Department continues by pointing out that more specific issues were also discussed at the meeting:
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In relation to the non-deductibility in certain cases of the expenses generated by the delivery of shares of the parent company to workers of the subsidiary, the Central Delegate of Large Taxpayers stated that this regularization had not occurred on a general basis and had only been carried out carried out in very specific and unusual situations, in which the lack of adequate documentary support had been detected.
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In relation to the valuation of income in kind derived from the use of motor vehicles for private purposes, it was pointed out that there is a presumption, included in the VAT Law , of impact on business activity or professional of 50%, and that at the moment no regulatory modification is planned. In addition, it was recalled that there is the possibility that the Tax Agency, upon request, dictates a prior valuation agreement regarding remuneration in kind.
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Regarding the modifications introduced in the General Tax Law, mainly in articles 66 bis and 115, the following clarifications were made: The doctrine of own acts binds the Administration, as long as the principle of legality is not being violated. The Administration always tries to respect administrative precedent, not modifying previously made qualifications, unless they were not correct due to previously unknown circumstances, in which case the liquidation proposals would be adequately motivated. A different issue is the possibility of verifying facts generated in prescribed years but that have an impact on non-prescribed years, where the work of the Administration consists of analyzing at the current moment the consequences of an operation carried out in the past, with respect to which no grading occurred. It was proposed to prepare a document that would clarify the issue of the doctrine of own acts, collecting the observations of the companies.
Excise Working Group
Ms. Pilar Jurado Borrego, Director of the Department of Customs and Excise Taxes, explains that in this second semester the Group has met on one occasion and the issues discussed were the following:
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In relation to the hydrocarbon sector, the formal obligations of the refineries were analyzed for improvement and updating and, sharing the same philosophy of the project SII , it was proposed to begin working on the study of a procedure that would allow replacing the current communication system with a standardized system through the electronic headquarters of the Tax Agency.
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Regarding the electricity sector, the latest modification of the Electricity Tax was reported, which came into force on January 1, 2015 and which means that this tax falls on consumption. The doubts that were raised were resolved based on the interpretation of the General Directorate of Taxes of article 94.7 of the Special Taxes Law, regarding the exemption in the Electricity Tax for electrical energy intended for production, distribution and electricity transportation, in the sense that it is aimed at companies that have their own generation and not at those that are buying electricity from others. On the other hand, it was also about the interrelation between the regulation of self-consumption made in Royal Decree 900/2015, of October 9, and the application of the exemption, for which we must once again refer to article 94. Finally, doubts of a managerial and census nature were also raised by the companies for the Group to study.
The President then opens a period of interventions so that the representatives of the member companies of the Forum can make the comments they consider appropriate and if none are made, he gives way to the next point on the agenda and gives the floor to Mr. Ignacio Huidobro Arreba. , Central Delegate of Large Taxpayers.
5. Conclusions of the Cooperative Relationship working group
Mr. Ignacio Huidobro begins by making a brief note about the preparation of the “Conclusions of the Cooperative Relationship working group” document: In June 2014, the Tax Agency presented to the Group a document with 34 proposals aimed at analyzing the degree of compliance with the Code of Good Practices, the consequences of compliance or non-compliance with the Code and to reinforce the greater requirements for transparency of information and good tax governance. . Since then, the Working Group has had five meetings and had the opportunity to present the document at the previous plenary session of the Forum for comment. Afterwards, the document was again sent to the Working Group for observations, reaching an agreement on it at the end of October.
The starting point for the preparation of the document was that the Code of Good Tax Practices has been an effective instrument for improving the relationship between the Tax Agency and companies. However, the need to voluntarily address actions aimed at producing progress in its implementation and development was appreciated, in line with the same keys adopted in other codes of conduct and, specifically, in the Code of Good Practices of the Listed Companies.
The Central Delegate continues by explaining that the conclusions of the Working Group have three lines of work: The first, the monitoring and assessment of the conduct of compliance with the Code, where a catalog of conduct of the Tax Agency and the companies has been determined, as well as permanent monitoring and evaluation practices during the development and completion of the procedures. and, also, the treatment of cases of compliance and non-compliance with the Code within the inspection procedure, as this is the most significant and the longest lasting. In a second line, good corporate tax transparency practices are reinforced, and the third line of work consists of a series of commitments to strengthen the Code.
Mr. Ignacio Huidobro points out that, regarding the catalog of behaviors of compliance with the Code by companies, it should be noted that: the entity's fiscal strategy is approved by the Board of Directors and is known by all of the entity's directors; that there is a risk management policy and includes measures to mitigate them; that the company has not used opaque structures or that it uses information and internal control systems for tax risks, integrated into the company's general internal control systems. Furthermore, another relevant conduct is that at the beginning of the procedures the company offers information about its business and its tax behavior.
It states that, regarding the catalog of conduct of the Tax Agency, the following must be highlighted: the establishment of a communication channel to display the administrative and jurisprudential criteria used, which the Tax Agency in its actions will endeavor to take said criteria into account in the terms provided in section 2.1. of the Code of Good Tax Practices; will inform the companies as soon as possible of the facts that may be regularized, thereby facilitating the proper discussion of them during the inspection actions and establishing in each case the most appropriate communication formula with the company to ensure this circumstance.
Likewise, the document includes monitoring and evaluation practices. Firstly, there is the possibility of requesting an evaluation of compliance with the Code during the procedure and at its conclusion. In general, the company's tax manager, the Head of the Tax and Customs Control Unit or the Head of the affected Inspection Unit and, where appropriate, the corresponding Chief Inspector and the Head of the Team or Unit that has been acting. Regarding the treatment of cases of compliance / non-compliance, the document states that the AEAT and the companies may agree to record the assessment of compliance with the Code in the scope of the procedures of tax application. In case of non-compliance with the Code in the inspection procedure, an analysis will be carried out within the scope of the DCGC or the special Delegation, with the participation of the Head of the Tax Control Unit and Customs or the affected Inspection Unit, as well as the Central or Special Delegate and the representative of the company and, if non-compliance persists, it is possible that the General Director of the Tax Agency informs the Board of Directors of this circumstance. .
In the same way, in case of non-compliance by the AEAT , the company may request the Director of the Department of Financial and Tax Inspection to adopt the pertinent measures to ensure that its problems are corrected. effects. Likewise, the document establishes that the Tax Agency and the companies will inform, at least once a year, the Monitoring Commission of the CBPT of the cases and the typology of conduct that could be considered as non-compliance with the recommendations of the Code.
Regarding the reinforcement of good practices of corporate tax transparency, the Central Delegate states that it is about promoting early knowledge and mutual evaluation of the tax policy and tax risk management by companies, anticipating the analysis of their behavior. The objective is for the company to offer information, preferably prior to the end of the regulatory deadline for submitting declarations to the extent that it is available, on the following aspects: presence in tax havens and its explanation; international tax schemes of the group with reference to financing, intangibles and management fees, así como al grado de congruencia con los principios de las acciones BEPS de la OCDE; cambios significativos en las estructuras holding y subholding; explanation of the most significant corporate operations; fiscal policy of the group approved by the governing bodies; catalog of operations to be submitted to the Board of Directors; mention of tax compliance in the Management Report or Integrated Report of the entity; etc. In addition, each company and the AEAT , by mutual agreement, will establish the content and way of providing this information.
Finally, the Central Delegate points out that the last part of the conclusions document includes other commitments to reinforce compliance with the Code, among which the following stand out: dissemination by the Tax Agency of the general criteria applied in the control procedures; establishment of a standardized format for providing documentation; adoption by the AEAT of periodic internal communication actions to disseminate the commitments of the Code; organization of periodic meetings with companies and inclusion in the Annual Activities Report of the Tax Agency of a section dedicated to the actions carried out regarding cooperative relationships.
The President of the Forum takes the floor and highlights the importance of the document, which he hopes will mark the future relationship between companies and the Tax Agency and reinforce the role of the CBPT Monitoring Commission. He also comments that the document has the approval of this Forum and that it will be published on the Tax Agency's website. Next, a turn for interventions opens so that company representatives can make any comments they deem appropriate.
Mr. Jaume Menéndez Fernández, Director of Taxation of Gas Natural, intervenes first and explains that he hopes that the Group's work will continue and that one of the points that must be worked on is legal certainty from the beginning. of an operation, without having to wait for a resolution from the General Directorate of Taxes, given that the times of a company and those of the Tax Administration are not the same.
Mr. Miguel Ferre states that he agrees, and comments on the case of Repsol as an example of a cooperative relationship. Repsol, in advance of a certain structuring of operations, presented the business model to the Central Delegation of Large Taxpayers so that the actuaries understood the tax solution they had adopted. The President adds that this is the approach, preventive control instead of a posteriori control.
Next, Ms. Carmen Alonso Peña, Tax Advisor of Banco de Santander and collaborator of the Technical Secretariat, asks to speak, who, after thanking the President and the members of the Forum for their words, proposes that companies must do reach these principles and this catalog of conduct to all affected areas, which is not just the fiscal area, and, on the part of the Tax Agency, requests greater speed and that the conclusions be transmitted to all levels of the Administration.
In relation to the Special Tax Working Group, Ms. Carmen Alonso stated that she found the work mechanics and the climate established among its members to be very efficient at the meeting she attended last October. Likewise, regarding the Working Group for Analysis of Tax Regulations and Reduction of Conflict, he points out that he agrees with the Director General that there has been very positive progress. It continues to confirm its willingness to prepare and coordinate the documents to which companies have committed in the meetings of the different Working Groups.
Mr. Miguel Ferre takes the floor to thank Carmen Alonso for joining the Technical Secretariat of the Forum as a collaborator. It also expresses the Administration's firm will that the ideas included in the conclusions document be known and incorporated into all its actions, although as it is a cultural change it takes time for it to be translated.
Mr. Jacinto Esclapés Díaz, Deputy Secretary of the Board of Directors of Amadeus It Holding, then asks to speak and asks if the Administration has the capacity to agree with each of the companies adhering to the Code of Good Tax Practices on the type of procedure for the supply of information and in what exercise it will be put into practice.
Mr. Ignacio Huidobro Arreba takes the floor and states that the Tax Agency is in a position to agree on the procedure for exchanging information before the presentation of the Corporate Tax, which will be in July 2016, with those companies that voluntarily do so. decide.
Mr. Luis Gimeno Valledor, General Secretary of Acerinox, then asks to speak, who expresses that the implementation of the content of the conclusions document seems desirable to him and that, furthermore, it can be done as soon as possible in order to include it in the next report. annual corporate governance.
The Central Delegate takes the floor and states that the letter “H” of the corporate annual report expressly includes adherence to the Code of Good Practices and can be enriched with whatever the company wishes to express regarding its behavior in this matter.
Mr. Daniel Gómez-Olano, Director of the Fiscal Area of FCC, then asks to speak, and after positively evaluating the Conclusions document of the Cooperative Relations Working Group, he states that he does not see the way in which this document expressly specifies The Tax Administration would seek to guarantee greater and effective legal security for taxpayers, in fair reciprocity to their exercise of tax transparency and good faith. Considers that this express formalization of the benefits of the cooperative relationship model would allow its benefits to be better explained to the respective Boards of Directors of the companies. Likewise, it highlights the importance of being able to count on, in relations with the Tax Agency, an interlocutor who really knows the company and acts as a mediator in certain situations, in line with the provisions of some cooperative relationship models adopted by neighboring countries.
Mr. Miguel Ferre states that this is a voluntary subscription issue but, beyond the reputational value, it allows for an early view of the possible risks and, thereby, reducing conflict, an issue that seems to him to be a good argument to present before the Boards of Directors. It states that the cooperative relationship is based on good faith and it is easily understandable that the Tax Agency is not going to allocate the scarce resources it has to re-analyze actions previously studied.
In this regard, Mr. Ignacio Huidobro states that he does see a clear benefit in the cooperative relationship, the key of which lies in the fact of having the possibility of analyzing jointly with the company, in a preventive manner, its fiscal behavior, which which will have consequences on planning and, of course, does not imply that there will always be agreement.
Next, the Director General of AEAT takes the floor and comments that he believes that considerable progress has been made by establishing mechanisms that improve the cooperative relationship. However, he adds, it is necessary to continue advancing in this matter and for companies to gain confidence in the Administration's actions. To achieve this, it is necessary for the Administration to establish clear criteria and coordinate them, which provide companies with security not only legally, but also from the point of view of the operation of the organization itself. Finally, he points out that the Administration has the unequivocal will to move forward in this matter.
Mr. Alberto Martín Moreno, Fiscal Director of CEPSA, asks to speak, who states that he values the document of conclusions very positively but that he misses greater specification of the rules in case of non-compliance and, in relation to the issue of legal certainty , points out that it would have been a good opportunity to guarantee a certain access by companies to the General Directorate of Taxes. CEPSA's experience is that the Inspection has its criteria and, in parallel, the General Directorate of Taxes has different ones.
In this regard, the Central Delegate points out that section A.2.1) of the document, which includes the catalog of compliance behaviors by AEAT in the scope of general procedure, says verbatim that “ AEAT in its actions has ensured that administrative precedents are taken into account and has applied administrative and jurisprudential criteria in its actions, in the terms of Section 2.1 of the Code”, and That in said section of the Code it is established that the Tax Agency is obliged in case of doubt and in the absence of doctrine to request a report from the General Directorate of Taxes.
The President intervenes and indicates that access to the body that according to the law has the power to interpret the norm is incorporated in the document and that he sees no sense in it being an interlocutor when what is being talked about is the application part of the system tax.
Next, Mr. Ángel Martín Gómez, Fiscal Director of Telefónica, asks to speak, stating that the document of conclusions has had a very lively preparation process and with many discussions. He also comments that it constitutes an instrument in terms of transparency and reputation that opens a new stage in the Large Companies Forum and represents a relaunch of the role of the Monitoring Commission of the Code of Good Tax Practices.
Likewise, Mr. Ángel Martín explains that a critical point, in his opinion, as has already been stated in previous meetings of this plenary session, is the figure of 5% taxation of large companies that is always highly commented on in various media. communication. Request that this Forum work, even creating a working group for this, to clarify this information, so that the Tax Agency presents it without unfair interpretations being made.
In this regard, the President states that the Tax Agency reflects this data with its corresponding explanation and that it has been calculated in the same way for a number of years, so if the way of calculating it changes, it would also have to be explained. He adds that in his opinion it is the company's job to clarify that the tax contribution is not limited to the Corporate Tax. Precisely, a company that has adhered to the Code of Good Tax Practices and that provides the Tax Agency with information on the operations it carries out, can also report on other aspects, such as, for example, that it pays taxes in other countries and surely with nominal rates. higher than that of Spain.
6. Next call
The President points out the benefits of maintaining this semiannual cadence that has been recovered in the Plenary meetings. Next, he opens a round of interventions and, none occurring, states that the 12th meeting of the Plenary Session will be convened in the next semester.
7. Other considerations, requests and questions
The President indicates that, without prejudice to some issues that may additionally be raised at this time, the fundamental issues have already been debated in the fifth point of the agenda.
As no observations were made by those attending, the President, after thanking everyone, concluded the 11th plenary session of the Large Business Forum and said goodbye until the next meeting.
THE TECHNICAL SECRETARY
ANGEL RODRÍGUEZ RODRÍGUEZ
Vº Bº
THE PRESIDENT OF THE FORUM
MIGUEL FERRE NAVARRETE