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V0649-15 23 February 2015 · SG de Impuestos sobre las Personas Jurídicas Criterion in force
IS · régimen especial de fusión

Spanish fund fusion into Luxembourg SICAV may qualify for special IS regime

A fund manager asks whether the absorption of a Luxembourg SICAV by Spanish funds can apply to the special IS regime. The DGT responds that it is possible if the TRLIS requirements are met and valid economic reasons exist.

The question raised

1) Whether the aforementioned transactions may qualify for the special tax regime under Chapter VIII of Title VII of the Recast Text of the Corporate Income Tax Law, approved by Royal Legislative Decree 4/2004, of March 5.

The DGT's ruling

The transaction may qualify for the special regime under Chapter VIII of the TRLIS if it is carried out within a commercial scope and complies with Article 83.1. Income from the transfer of assets to a non-resident entity shall be included in the taxable base of the funds if the assets are not assigned to a permanent establishment in Spain. Participants resident in Spain or the EU shall not include income from the attribution of shares, but rather upon the transfer of said shares or the loss of residency. Within the scope of the ITPAJD, if the transaction is a restructuring, it shall not be subject to corporate operations nor exempt from transfers or documented acts.

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