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V1836-19 15 July 2019 · SG de Impuestos sobre las Personas Jurídicas Criterion in force
IS · reserva indisponible

Reversal of unavailable reserve in the special regime for shipping companies is not permitted

A shipping company inquired whether it could cease provisioning the unavailable reserve and adjust its fixed assets through a note in the financial statements. The Directorate-General for Taxes (DGT) ruled that any provision made cannot be reversed until the vessel is transferred.

The question raised

Can D now opt to leave the unavailable reserve unallocated, correcting the tangible fixed assets item and including the legally prescribed specifications in the notes to the financial statements? In the event that the change of option is possible and even if this circumstance has no influence on the income statement, must supplementary tax returns be filed for the Corporate Income Tax self-assessments for the 2016 and 2017 fiscal years on a retroactive basis?

The DGT's ruling

The allocation to the unavailable reserve provided for in Article 114.2 of the LIS may not be reversed until the transfer of the vessel occurs under the legally prescribed terms. The special regime for shipping companies requires the allocation of a reserve for the difference between the market value and the net book value of the vessels.

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