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A company has enquired whether it can claim the profit reinvestment deduction (Art. 37 TRLIS) for the purchase of a plot of land intended for the construction of an industrial warehouse. The Directorate General for Taxes (DGT) has ruled that land investment and construction are distinct elements, and both may qualify for the deduction in their respective tax years.
Question raised 1. Whether the entity may apply the deduction for investment of profits provided for in Article 37 of the TRLIS for the purchase of the plot of land intended for its activity through the construction of an industrial warehouse. In the event that it were not entitled to the aforementioned deduction, how should it proceed?
Investment in land and construction are distinct elements of fixed assets. The deduction for the plot of land is applicable in the tax year it is made available, provided it is used for the economic activity. The deduction for the industrial warehouse shall be applied in the tax year in which it is made available. The investment reserve must be provided for out of the profits of the tax year which are the subject of the investment.
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