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A company asks whether it can deduct losses from credit deterioration against linked entities and losses arising from the dissolution and liquidation of such entities. The DGT responds that credit deterioration against linked entities is not deductible except in insolvency, but negative income from the dissolution of the entity is deductible.
Question raised
The impairment of receivables from related parties is not deductible unless the debtor is in insolvency proceedings with an open liquidation phase. However, the negative income generated by the difference between the market value of the assets received and the tax value of the shareholding upon the dissolution of the entity is deductible. This deduction must be reduced by the dividends received in the ten years prior to the extinction, if these have not reduced the acquisition value and have been subject to an exemption or a double taxation relief.
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