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A securitisation fund manager has enquired whether the variable fee, which neutralises the fund's accounting result, should be treated as financial income or financial expense 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 corresponding to the difference between 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 framework of securitization funds as financial income or expense (depending on whether the result is positive or negative) for the purposes of the provisions of Article 16.1 of the LIS regarding the deductibility of financial expenses in Corporate Income Tax.
The variable commission must be included in the calculation of the net financial expenses for the fiscal year to the extent that it corresponds to the difference between income and expenses of a financial nature. This avoids tax asymmetries and maintains neutrality, as these items are related to corporate indebtedness. The portion of the variable commission corresponding to the difference between non-financial income and expenses will not be affected by the deductibility limitation.
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