A rented office overlooking a dusty rail track near Madrid’s airport was until recently the workplace of what would appear to be the most productive worker in all of Spain.
From here a single employee presided over a company that from 2009 to 2011 made €9.9bn of net profits, all while earning an annual salary of only €55,000.
The person was working for ExxonMobil Spain SL, a holding company for the world’s largest oil group by value, which for several years used a relatively unknown part of Spanish tax law to transfer billions of euros from foreign subsidiaries to the US, helping to significantly reduce its tax bill.
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