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V0935-14 2 April 2014 · SG de Impuestos sobre las Personas Jurídicas Criterion in force
IS · canje de acciones

In share swaps, entity must incorporate market value difference into taxable base

An ETVE seeks advice on whether a share swap requires incorporating the value difference into its taxable base and whether the double taxation exemption applies. The DGT confirms that the difference must be incorporated and that the exemption depends on meeting the requirements of Article 21 of the TRLIS.

The question raised

1) Whether the exchange operation implies the inclusion of the difference between the market value of the shares received and the book value of the shares delivered in the Corporate Income Tax base for the 2013 fiscal year of the requesting entity.

The DGT's ruling

In exchange operations, entities shall include in their tax base the difference between the fair market value of the acquired assets and the book value of the assets delivered. Regarding the ETVE exemption, it may be applied provided that the requirements of Article 21 of the TRLIS are met. The minimum 5% participation requirement shall be deemed satisfied if the acquisition value of the participation exceeds 6 million euros.

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