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A company has enquired whether lease payments under a lease with a purchase option can be deducted as an expense if accounted for as an operating lease. The DGT ruled that if the accounting classification is correct and the requirements to qualify as a finance lease are not met, the expense is tax-deductible.
Question posed: Whether, upon exercising the purchase option, if the 7th registration and valuation rule of the PGC for small and medium-sized enterprises is met and, consequently, the lease contract is understood to be operating, the installments paid during the 10 years would be considered a tax-deductible expense in Corporate Income Tax. Or whether, by the mere fact of exercising the option, the transaction would be classified for tax purposes as a finance lease.
If the transaction is accounted for as an operating lease, the expenses are recognized in the period in which they accrue and are tax deductible pursuant to Articles 10.3 and 19 of the TRLIS. However, the transaction shall be considered a finance lease if the amount of the purchase option is less than the value of the asset reduced by the maximum depreciation (Art. 11.3 TRLIS). In the event that the purchase option is exercised, the asset shall be recognized at its acquisition cost.
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