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A securitisation fund manager has enquired whether variable fees should be treated as financial income or financial expenses for the purpose of applying the deductibility limit under Article 16 of the Corporate Income Tax Act. The Directorate General for Taxes (DGT) has ruled that the portion of the fee that offsets financial income and expenses must be included in the calculation of net financial expenses.
Question posed - Confirmation of whether the Variable Commission should be considered within the scope of securitization funds as financial income or expense (depending on whether the result is positive or negative) by nature for the purposes of the provisions of Article 16.1 of the LIS regarding the deductibility of financial expenses in the IS.
The variable commission, which seeks to neutralize the accounting result of the fund to zero, must be treated for tax purposes according to the nature of the items it offsets. The portion of the variable commission corresponding to the difference between financial income and expenses must be included in the determination of the net financial expense for the fiscal year. Conversely, the portion of the commission corresponding to the difference between non-financial income and expenses will not be affected by the deductibility limitation of Article 16 of the LIS.
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