Bungled commission message lets Spanish firms off hook

The European Commission told Spain to abolish a corporate tax scheme on Wednesday (28 October), on the basis that it gives Spanish firms an unfair advantage in European takeover deals.

But many firms appear to have escaped scot-free, as the obligation to pay back the illegal tax relief to the Spanish government will only apply to takeovers carried out after December 2007, the date when the commission announced its investigation.

As a result, no money will be paid back on the vas...