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A securitisation fund manager has enquired whether the variable fee, which offsets the fund's accounting result, should be treated as financial income or expense for the purpose of applying the deductibility limit under Article 16 of the Corporate Income Tax Act. The Directorate General for Taxes (DGT) ruled that such a fee must follow the nature of the items it offsets.
Question posed - Confirmation of whether the Variable Commission must be considered within the context 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 the IS.
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. To avoid tax asymmetries, the portion of the commission that offsets financial items will be subject to the deductibility limitation of Article 16 of the LIS. Conversely, the portion of the commission corresponding to the difference between non-financial income and expenses will not be affected by said limitation.
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