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V0075-14 15 January 2014 · SG de Impuestos sobre las Personas Jurídicas Criterion in force
IS · canje de valores

Possibility of applying value exchange and ETVE regimes in economically justified restructurings

A business group asks whether a value exchange restructuring to centralise management and attract investors may qualify for the special Corporate Income Tax regime. The DGT confirms it is possible if valid economic grounds exist and examines the application of the ETVE regime.

The question raised

The following questions are raised:

The DGT's ruling

The securities exchange operation is valid if the requirements of Article 87 of the TRLIS are met and there are valid economic reasons. The securities received by the acquiring entity maintain the value and the acquisition date of the contributors. Entities may apply the ETVE regime even if they hold foreign participations indirectly. For the ETVE regime, sufficient material and human resources must be available for the management of the portfolio and the exercise of shareholder rights.

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