Mapfre rechaza pagar 124 millones que le reclama Hacienda

The Spanish insurance company Mapfre has refused to pay €124.2 million in taxes claimed by the country's tax authority, Hacienda. The insurer, which received a notification from Hacienda on April 15, has contested €123.7 million spread across several documents it signed in disagreement. The tax authority, however, accepts Mapfre's position on the remaining €10.5 million.

The inspections conducted by the Central Delegation of Large Contributors of the Tax Agency were carried out on the group's fiscal years 2017 to 2020 for corporate tax and 2020 to 2022 for VAT. The focus was on several subsidiaries of the group, including Mapfre International, Mapfre Spain, Mapfre Life, Mapfre Re, Mapfre Assistance, Mapfre Tech, Funespa, Cesvimap, and Mapfre Global Risks, which no longer exists as a separate entity.

Mapfre's rejection of the tax claims revolves around three requirements, the largest of which amounts to €83.7 million and pertains to corporate tax for the group. The second largest claim, also for corporate tax, is €28.7 million, while the smallest, for VAT, is €11.3 million. Both of these claims include interest due to late payments presented by Mapfre in the company's annual reports.

Mapfre challenged Hacienda in May with observations that are currently pending resolution. The group has already paid the tax authority for three of the documents in agreement, mainly for the international double taxation deduction primarily in Brazil and Chile. The conformity of this deduction amounts to €17 million and obliges additional regularization for the periods 2021 to 2024 of an additional €45 million.

Mapfre has provisioned these €45 million with effect from 2025 and will soon pay this amount to Hacienda. Meanwhile, the insurer adds that procedures are underway for the total or partial recovery of the taxes incurred in Brazil, and it is also being considered to initiate similar procedures in other jurisdictions where the tax was paid.

Mapfre still has other disputes with Hacienda from previous fiscal years and has filed an appeal with the National Court after the Central Economic and Administrative Tribunal dismissed its claims. In this regard, the insurer expects to recover €110 million from Hacienda for several lawsuits. The most significant of these is tied to the deduction for technological innovation expenses in corporate tax, where Mapfre deducted €70 million between 2004 and 2016, which were later claimed by Hacienda.

Despite opting to pay this tax debt to avoid potential interest charges, Mapfre explains in its accounts that entities affected by these documents have accounted for €110 million in their assets, which the group expects to recover. The remaining €40 million that Mapfre paid and expects to recover are tax disputes related to the deductible nature of personnel, provision, and own business reserve expenses.

Venezuela, Argentina, and Turkey are considered hyperinflationary economies by Mapfre, where the insurer has a presence. Consequently, the group is recording a negative impact of €30.6 million in its results for the first half of 2026, which is 35% higher than the €22.6 million recorded in the first half of the previous year. This figure is 35% higher than the €86.7 million recorded in 2024 due to a reduction in inflation in Argentina, which dropped from 118% in the previous year to 32% in the latest period.