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A query was raised regarding whether a holding in a second-tier subsidiary, whose activity is the management of other holdings, should be classified as a non-business asset for the purpose of determining Wealth Tax exemptions. The DGT ruled that these are not counted as non-business assets provided that the investee entity is not a wealth management company.
Question posed: Whether, for the purpose of determining the portion of the parent entity's assets consisting of non-business securities or assets, the aforementioned participation must be counted and whether it should be considered business assets for its economic activity.
To determine whether an entity manages movable or immovable assets, those securities or assets that grant at least 5% of the voting rights and are held to direct the participation shall not be counted as non-business assets, provided that the participated entity carries out an economic activity and is not a wealth management company. The assessment of the business use of specific assets to the economic activity of the parent company is the responsibility of the Tax Management Office.
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