TEF Telefonica SA

By Patrick Costello

Telefonica SA (TEF.MC) said Friday that it has received a notification from Spanish tax authorities ordering a refund to the Spanish telecoms company for tax overpayments.

The refund amounts to 702 million euros ($794 million) and upholds claims Telefonica filed against assessments of a 2008 to 2011 corporate income-tax audit, the company said.

Telefonica's claims had earlier been partially upheld by Spain's Central Administrative Economic Court in January in a preliminary ruling.

Telefonica said it is evaluating legal actions available against the notice for the lack of inclusion of "delayed interests," among other reasons.

Write to Patrick Costello at patrick.costello@dowjones.com.

(END) Dow Jones Newswires

March 15, 2019 08:08 ET (12:08 GMT)

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