Pushing the tax incentive to the limit. The Tax Agency has launched an investigation into several companies in the tourism sector for the alleged misuse of Economic Interest Groupings (EIGs) in the financing of film and series productions. These structures, originally designed for research and innovation projects, were allegedly used to obtain tax benefits illegally.
Among the affected companies are prominent names in the tourism sector, such as Lopesan, one of the main hotel chains in the Canary Islands, and OK Mobility, a car rental company that was required to provide guarantees totaling €2,46 million after appealing a ruling before the National Court. The investigation also includes other major players such as Banco Santander, Tous, Air Europa, and Binter Canarias.
Outside the tourism sector, the firm Arcano Corporate, through its subsidiary Arcano Imasde, is being scrutinized for its participation in several EIGs. The Tax Agency is focusing on corporate tax returns for the years 2018 to 2021. Arcano claims to have signed the non-conforming statements and is recalculating the expected deductions following a change in the Treasury's criteria. To manage this situation, blocked deposits have been created in EIG accounts under the supervision of consulting firms such as PWC and EY. The partners of these groups include large companies such as BNP Paribas, AXA Aurora, Bon Preu, and Exlabesa Building.
The research highlights the risks and complexity of some investment structures in the audiovisual industry, as well as the need for greater transparency and oversight over the use of tax benefits by companies in the sector.
