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The query asks whether the loss in value of shares in a non-resident entity is deductible. The DGT responds that if the conditions for exemption under article 21 of the LIS are met, the loss is not deductible.
Question raised
Impairment losses on equity securities are not deductible if the requirements of Article 21 of the LIS are met. To this end, a holding of at least 5% must be maintained uninterruptedly during the previous or subsequent year, and the non-resident entity must be subject to an analogous foreign tax of at least 10% or reside in a country with a double taxation and information exchange treaty, without being a tax haven. If these requirements are met, the impairment must be adjusted positively outside of the accounting books.
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