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The consultant asks about the tax treatment under Corporate Income Tax for a judicial resolution declaring an outstanding credit with its former parent company uncollectible. The DGT states that the tax treatment will mirror the accounting treatment, as the LIS does not provide for adjustments in this case.
Question posed - In the event that the third Portuguese company does not acquire the credit that the parent company holds against the applicant; tax treatment in the Corporate Income Tax of the applicant regarding the issuance of a judicial ruling within the framework of an insolvency proceeding opened against its former parent company in which the credit is declared uncollectible.
The tax treatment of the transaction shall be the same as the accounting treatment, as the LIS does not contain rules to adjust the accounting result in this scenario. The determination of whether a financial income exists depends on whether the judicial ruling agrees to the extinction or forgiveness of the payment obligation, pursuant to NRV 9 of the PGC. The DGT is not competent to determine whether said judicial ruling will produce such an effect.
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