FAQs ›› Taxes

What is the tax on the sale of securities?

The transfer (sale of securities) that gives rise to an equity gain (capital gain) or loss (capital loss), which is determined by the difference between the sale price and the purchase price of the securities. The capital gain is included in the Savings Tax Base, regardless of the period in which it was generated. Consult your tax advisor or the Treasury.

What is the tax on dividends?

Dividends are taxed as income from movable capital and are included in the Savings Tax Base.

Scale of taxes

Savings Tax Base up to €6,000: 19%

From €6,000 to €50,000: 21%

From €50,000: 23%

What is the tax on Subscription Rights?

The sale of the rights will be considered a capital gain subject to tax withholding.

What is the tax on stock ownership?

The purchase of shares in itself is not taxable. The holding of shares is taxed in the Wealth Tax as long as it is subject to said tax according to the limits defined by law.

Administrative expenses and securities deposit

Administrative expenses and deposit of securities are deductible expenses.


Shareholders Offer and Benefits


Various dates

Espacio Fundación Telefónica

The Espacio aspires to become a key centre for Madrid’s cultural offering: exhibitions, concerts, events, activities and workshops aimed at adults, young people and children, spread over four exhibition rooms, auditorium fully equipped with all the latest technology.

Coming soon

Museo del Prado

Museo Nacional del Prado, is the main Spanish national art museum, located in central Madrid. It is widely considered to have one of the world's finest collections of European art, dating from the 12th century to the early 20th century, based on the former Spanish Royal Collection, and the single best collection of Spanish art.

Coming soon

Gran Teatre del Liceu

Barcelona's opera house, the Gran Teatre del Liceu, was founded on the Rambla in 1847 and has continued over the years to fulfil its role as a culture and arts centre and one of the symbols of the city.

Coming soon

Museo Reina Sofía

When the Museo Nacional Centro de Arte Reina Sofía opened its doors in 1990, it stood as a modern, contemporary Spanish museum on an international scale. Nevertheless, its building has gone through many challenges in order to achieve this goal.

Visit us

We want to give our shareholders the opportunity to get to know our facilities with a guided tour in Distrito Telefónica and its Demonstration Centre