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A self-employed individual inquires about the tax treatment of the donation of assets from their jet ski rental business to a company. The DGT determines that the operation generates capital gains or losses for Personal Income Tax purposes and is subject to VAT as it does not constitute an autonomous economic unit.
Question posed: Tax treatment of said operation in Personal Income Tax and Value Added Tax.
For Personal Income Tax purposes, the donation of assets used in a business generates a capital gain or loss calculated by the difference between the acquisition and transfer values. If there is a gain, it is included in the savings base; if there is a loss, as it is a lucrative transfer, it is not accounted for. For VAT purposes, the transfer is subject to the tax because the transfer of assets does not constitute an autonomous economic unit without an organizational structure of production factors.
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