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V2019-19 6 August 2019 · SG de Impuestos sobre las Personas Jurídicas Criterion in force
IS · canje de valores

Exchange regime applicable if LIS requirements and valid economic reasons met

The consultant asks whether an acquisition of shares to gain control of several companies may qualify for the special exchange regime. The DGT states that this is possible if Articles 76.5 and 80.1 of the LIS are met and the operation does not have fraud or tax evasion as its primary objective.

The question raised

Question posed: Whether the described operation may qualify for the tax regime provided for in Chapter VII of Title VII of Law 27/2014, of November 27, on Corporate Income Tax and whether valid economic reasons exist.

The DGT's ruling

To apply the special regime for the exchange of securities, the entity must acquire holdings that allow it to obtain the majority of voting rights and comply with the requirements of Article 80 of the LIS. Furthermore, the operation must not have the primary objective of tax fraud or evasion, and must be carried out for valid economic reasons. Reasons such as reorganization, centralization of management, financing, or family succession could be considered valid, but their classification is a matter of fact subject to administrative verification.

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