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A company inquires whether distributing reserves prior to 2015 affects the requirement to maintain the increase in equity for the reductions applied between 2015 and 2017. The DGT responds that the maintenance refers to the global amount of the increase and not to specific items, therefore the distribution of dividends does affect the calculation.
Question posed: Whether the decrease in equity in the 2020 financial year due to the distribution of reserves prior to 2015 affects the capitalization reserve reductions applied between the 2015 and 2017 financial years; or if, on the contrary, the requirement to maintain equity for 5 years must refer to the increase generated in each of the financial years, which continues to be maintained in equity as voluntary reserves, since the distributed reserves were generated in periods prior to 2015.
The requirement to maintain equity refers to the amount of the increase on a global basis and not to each of the items composing it. In each of the 5 years, the difference between the equity at closing (excluding current year results) and at the beginning (excluding previous year results) must be equal to or greater than the increase that originated the reduction. Therefore, the distribution of dividends charged to voluntary reserves reduces equity and must be assessed to verify whether the required global amount is maintained.
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