Spanish court annuls TC Spain VAT demand and penalty
TATACOMM · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 0.6 pts more than Nifty Midcap 150 and 0.1 pts less than its Telecom - Cellular & Fixed line services peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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The National Court of Spain ruled for Tata Communications Spain and annulled the Spanish Tax Agency demand of EUR 15,505,607.73 for VAT and interest, plus a penalty of EUR 18,102,272.48. The ruling is positive but is not final, as further legal or administrative steps remain possible.
Positive for shareholders: the stated tax demand and penalty are annulled at court level, but the case is not final and may still be appealed.