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Spain: Ship-leasing program misaligned with state aid law, says EU

By  |  July 29, 2013
Spain: Ship-leasing program misaligned with state aid law, says EU

Spanish maritime companies’ practice of leasing and financing ships through tax relied partially violates EU state aid rules, the European Commission announced. The practice, established in 2002, benefitted economic interest groupings and their investors, said reports. The Commission was not notified of this scheme, which needed regulatory authorization. The beneficiaries will now be required to repay the aid to the Spanish government. Repayments will not be required of aid given in 2002 and April 2007, however, as the EU acknowledged uncertainty of the time as to whether leasing and financing through tax relief could be considered as state aid.

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