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V0185-20 27 January 2020 · SG de Tributación de las Operaciones Financieras Criterion in force
IRNR · instrumentos financieros derivados

Derivatives income for non-residents taxed in country of residence unless economic activity or guarantees exist

A securities firm queries the treatment of income from non-resident clients using derivatives instruments (options, futures, swaps, CFDs, etc.) under IRNR. The DGT states that if no economic activity exists, such income is considered 'other income' and is taxable only in the country of residence.

The question raised

Various issues are raised regarding the treatment in the Non-Resident Income Tax of the derivative transactions indicated in the description of facts, which are detailed in the body of the response itself.

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