Telefonica wins 1.32 billion euros in tax dispute with Spain

MADRID: Spain’s high court has ordered the country’s tax agency to reimburse telecoms giant Telefonica a record amount of 1.32 billion euros ($1.31 billion), the company said on Tuesday.

Telefonica is set to receive 790 million euros in unduly paid taxes and 526 million euros in interest for late payment after being notified of the court’s order for its Oct. 29, 2021 verdict, it said in a statement.

In last year’s decision, the court upheld the operator’s tax assessment criteria.