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A pharmacist has enquired about the deductibility of goodwill and loan interest incurred to purchase part of a pharmacy. The Directorate General for Taxes (DGT) has ruled that both are deductible and that it is not necessary to record them in the taxpayer's own accounts if accounting books for the community of property already exist.
Question posed: Deductibility of the goodwill that may arise in their case upon purchase and of the loan interest, and whether its accounting reflection or entry in the corresponding registration books is necessary for its deduction.
The amortization of goodwill is deductible with an annual limit of one twentieth of its amount. Loan interest is deductible if it correlates with the generation of income from the activity. As these are expenses of the taxpayer and not of the community of property, it is not necessary to reflect them in the accounting or registration books of the taxpayer, provided they can be substantiated by means of evidence admitted in Law.
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