Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 752

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 752
---
                                |     | -6,428 |                             |
| Temporary differences      |     | -6,462 |                              |     | -487 |                           |     | -149 |                                                                  |     |   684 |                                                              |     | -14 |                                |     | -6,428 |                             |
|                            |     | 12,978 |                              |     | -214 |                           |     |  227 |                                                                  |     | 1,381 |                                                              |     | -13 |                                |     | 14,359 |                             |

Also, the Group did not recognise deferred tax assets amounting to approximately EUR 11,200million of which EUR 6,660million relate to tax losses, EUR 3,500million to tax credits, and EUR 1,040million to other concepts.

Annual report 2024 692

| Contents |     | Auditor's report |     | Consolidated financial statements |     | Notes to the consolidated financial statements |     | Appendix |

f) Global Minimum Tax Pillar Two In December 2021, the OECD's Inclusive Framework on base erosion and profit shifting (BEPS) approved the model rules of the Global Minimum Tax, known as Pillar Two. Pillar Two applies to multinational groups with a turnover of more than EUR 750 million and entails a minimum tax of 15% calculated on adjusted accounting profit on a jurisdiction-by-jurisdiction basis. The OECD has completed these rules by approving administrative guidances and a report on Safe Harbors in order to simplify their application during the first three years. In the European Union, in December 2022, the Council adopted Directive 2022/2523 ensuring an overall minimum level of taxation for multinational groups and large domestic groups in the EU, entering into force on 1 January 2024. The Directive implements at EU level the Pillar Two rules of the OECD's Inclusive Framework, extending its application to large national groups. In Spain, Law 7/2024 was approved on 20 December 2024, establishing a complementary tax to ensure an overall minimum level of taxation for multinational groups and large domestic groups with effects from 1 January 2024. This law transposes Council Directive 2022/2523 and establishes a national complementary tax adapted to Pillar Two Rules. In other jurisdictions, the new global minimum tax is in force in the United Kingdom, Switzerland, the Bahamas and most of the EU member states, and in 2025 will enter into force in