Company: BCDRF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0000891478-25-000054
Chunk: 890

Company: Banco Santander, S.A.
Filing Date: 2025-02-28
Form: 20-F
Chunk 890
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 payable from assessments and litigation relating to these taxes.

The foregoing form part of the cash flow statement and differ from the corporate income tax expense recognized in the consolidated income statement (EUR 5,283 million in 2024, representing an effective rate of 27.8%, see note 27). This is because each country’s tax regulations establish:

• when taxes must be paid. There is often a mismatch between the payment dates and the generation of the income bearing the tax.

• their own calculation criteria to define temporary or permanent restrictions on expense deduction, exemptions and relief or deferrals of certain income, generating the differences between the accounting profit (or loss) and taxable profit (or tax loss) which is ultimately taxed; tax loss carry forwards from prior years, tax credits and/or relief, etc., must also be added. In certain cases, special regimes such as the tax consolidation of companies in the same jurisdiction are established.

e) Public subsidies

In the context of the legally-required disclosures, this was interpreted as any aid or subsidy in line with the European Commission’s Guidance on the notion of State aid. Grupo Santander did not receive significant public subsidies in 2024.

Annual report 2024 868

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

The breakdown of information is as follows:

|                          |     | 2024 |        |                        |     |         |                                |     |        |                                               |     |       |                                     |
| Jurisdiction             |     |      |        | Turnover (EUR million) |     |         | Full-time equivalent employees |     |        | Gross profit or loss before tax (EUR million) |     |       | Tax on profit or loss (EUR million) |
| Germany                  |     |      |  1,643 |                        |     |   5,268 |                                |     |    126 |                                               |     |   238 |                                     |
| Argentina                |     |      |  2,465 |                        |     |   8,217 |                                |     |    823 |                                               |     |   258 |                                     |
| Australia                |     |      |      8 |                        |     |      58 |                                |     |      2 |                                               |     |     — |                                     |
| Austria                  |     |      |    224 |                        |     |     318 |                                |