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V1860-24 6 August 2024 · SG de Impuestos sobre las Personas Jurídicas Criterion in force
IS · fondos de titulización

Variable fees of securitisation funds are included in net financial expenses based on their nature

A securitisation fund manager has enquired whether variable fees, which neutralise 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 DGT has ruled that such fees must be included in the calculation of net financial expenses to the extent that they correspond to the financial nature of the income and expenses they offset.

The question raised

Confirmation of whether the Variable Commission must be considered within the scope of the FT as income or expense (depending on whether the result is positive or negative) of a financial nature for the purposes of the provisions of Article 16.1 of the LIS regarding the deductibility of financial expenses in the IS.

The DGT's ruling

The variable commission must be included in the determination of the net financial expense for the fiscal year to the extent that it relates to corporate indebtedness. To avoid tax asymmetries, the treatment of this item must follow the nature of the income and expenses it offsets. Thus, only the portion of the variable commission corresponding to the difference between income and expenses of a financial nature shall be affected by the deductibility limitation set forth in Article 16 of the LIS. The portion of the commission corresponding to non-financial income or expenses shall not be affected by said limitation.

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