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The current economic environment has put the tax contribution of large multinationals at the centre of the debate (fair share). At Telefónica, the value of our tax contribution is a priority and a matter of prestige. The total tax contribution rose to 12,057 million euros.

Furthermore, in 2010 the Board of Directors approved our adherence to the Code of Good Tax Practices developed by the Large Businesses Forum along with the Spanish Tax Authority, in order to avoid the use of opaque structures for fiscal purposes.

Therefore, we do not use corporate structures to conceal or reduce the transparency of our activities from tax authorities or any other interested party. Nor are we present in any of the jurisdictions included in the list of tax havens legally established by Spain according to the 1st additional provision of Law 36/2006 on Measures for the Prevention of Fiscal Fraud in the wording updated by the Final Provision 2 of Law 26/2014 of 27 November.

Taxes in 2014

In 2014, our total tax contribution has risen to 12,057 million euros. Brazil and Spain were the jurisdictions that contributed most to tax payments.

This shows that for every 100 euros of our turnover, 23.9 euros were allocated to the payment of taxes, of which 7.1 euros were taxes incurred and 16.9 euros were taxes levied.

Based on the methodology of the distributed value produced by the CTT of PwC, for every 100 euros of value distributed by Telefónica in the 2014 fiscal year, 50 euros were allocated to tax payments.

According to the CTT methodology by PwC, a company's distributed value is the sum of the following elements: shareholder value (eg. dividends, reserves, etc.), wages and salaries (net of taxes collected from employees), net interest and taxes (incurred and levied).