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The applicant inquired whether they could apply the second transitional provision of Law 35/2006 to reduce their Social Security retirement pension by 25%. The Directorate General for Taxes (DGT) ruled that this is not applicable because the contributions made to the Banking Labour Mutual Fund since 1967 are considered social security contributions in nature.
Question posed: Possibility of applying the second transitional provision of Law 35/2006, of November 28, on Personal Income Tax, and, consequently, reducing the amount received as a Social Security retirement pension by 25 percent.
The second transitional provision of Law 35/2006 is not applicable to the public Social Security pension when contributions to the Banking Labor Mutual Fund were made from January 1, 1967, onwards. Since such contributions have the nature of Social Security contributions, 100% of the amount received must be included in the Personal Income Tax (IRPF) taxable base as income from employment.
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