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V0884-18 6 April 2018 · SG de Impuestos sobre las Personas Jurídicas Criterion in force
IS · canje de valores

Possibility of applying the special regime for exchange of securities subject to compliance with legal requirements and the existence of valid economic reasons

The applicant inquires whether an acquisition of shares intended to obtain a majority of voting rights may qualify for the special securities exchange regime and whether valid economic reasons exist for such a transaction. The DGT rules that this is possible provided the requirements of Article 80 of the Corporate Income Tax Act are met and the primary purpose of the transaction is not tax fraud or evasion.

The question raised

Question raised: Whether the described operation may benefit from the tax regime provided for in Chapter VII of Title VII of Law 27/2014, of November 27, on Corporate Income Tax and whether valid economic reasons exist.

The DGT's ruling

Para aplicar el régimen especial de canje de valores, la entidad debe adquirir participaciones que le permitan obtener la mayoría de los derechos de voto y cumplir los requisitos del artículo 80 de la LIS. Asimismo, la operación no debe tener como principal objetivo el fraude o la evasión fiscal, debiendo realizarse por motivos económicos válidos como la reestructuración o racionalización de actividades. Los objetivos de centralizar la toma de decisiones, facilitar la obtención de recursos y optimizar gastos estructurales pueden considerarse motivos económicos válidos.

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