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An investment fund management company has enquired whether the merger of the entities it manages can qualify for the special Corporate Tax regime and if the reasons provided are considered economic in nature. The Directorate General of Taxes (DGT) responds that, provided legal requirements are met and there is no fraud, the operation may benefit from said regime and the reasons presented are deemed valid.
Question raised 1. Whether the aforementioned operations may qualify for the special tax regime under Chapter VII of Title VII of the Corporate Income Tax Act and whether the reasons set forth may be considered valid economic reasons for the purposes of Article 89.2 of the Corporate Income Tax Act.
Mergers of investment funds may benefit from the special regime of the Corporate Income Tax Act if they are carried out for commercial purposes and comply with Article 76.1. The reasons of asset concentration, improved liquidity, cost reduction, and portfolio diversification are considered valid economic motives pursuant to Article 89.2. Resident partners in Spain shall not recognize income from the attribution of values and shall maintain their tax value. These restructuring operations are not subject to the corporate operations modality of the Personal and Non-Personal Income Tax Act and are exempt in the other modalities.
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