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V1335-23 18 May 2023 · SG de Impuestos sobre las Personas Jurídicas Criterion in force
IS · socimi

Non-tax-deductible impairment reversals do not count towards SOCIMI dividend distribution obligations if the original expense did not reduce distributable profit

A SOCIMI has requested clarification on whether accounting income from the reversal of an impairment that was not tax-deductible should be included in distributable profit. The DGT ruled that such income must be ignored when calculating dividend distributions if the original expense did not reduce the accounting profit in the period it was recorded.

The question raised

Whether accounting income derived from the reversal of impairments (whether those recorded in the 2020 financial year or future impairments) must be considered when determining the amount of distributable profit (and therefore, fall within the scope of the dividend distribution obligation referred to in Article 6 of Law 11/2009) or whether such income should be excluded from the distribution requirements (as they do not constitute income with tax significance), thereby excluding them from the concept of distributable profit for the SOCIMI, regardless of the effect produced by the recording of the impairment on the amount of distributable profit in the financial year in which said impairment was recorded.

The DGT's ruling

The accounting income from the reversal of an impairment without tax significance must be ignored for the purposes of the profit distribution obligation under Law 11/2009. This applies provided that the reversal corresponds to an expense which, in the period it was recorded, did not reduce the amount of the accounting profit to be distributed. In the specific case, as the result prior to the impairment was negative, the reversal must not be taken into account for the distribution of dividends.

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