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V1545-14 12 June 2014 · SG de Tributación de las Operaciones Financieras Criterion in force
IRPF · rendimientos del capital mobiliario

Bank of Spain transfer fee reduces returns on Treasury Bills

A query was raised regarding whether the fee deducted by the Bank of Spain when transferring Treasury Bill redemption amounts has a specific tax treatment. The Directorate General for Taxes (DGT) ruled that this fee must reduce the redemption value when calculating the return obtained.

The question raised

Tax treatment of the transfer commission.

The DGT's ruling

Income derived from the redemption of Treasury Bills constitutes returns on movable capital. The transfer commission accrued in favor of the Bank of Spain shall reduce the redemption value for the determination of the generated return on movable capital.

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