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V2425-24 26 November 2024 · SG de Tributación de las Operaciones Financieras Criterion in force
IRPF · rendimientos del capital mobiliario

Treasury Bill yields held directly with the Bank of Spain are not subject to withholding tax

A query was raised regarding whether yields from Treasury Bills held directly with the Bank of Spain are subject to withholding tax and when they should be recognised. The Directorate General for Taxes (DGT) ruled that there is no obligation to withhold tax in this instance and that yields are integrated into the savings tax base upon transfer or redemption.

The question raised

1st) Subjectivity to withholding of the yield derived from said securities.

The DGT's ruling

Yields from Treasury Bills are not subject to withholding or payment on account when held in a direct account at the Bank of Spain. These yields are classified as income from movable capital and must be included in the savings tax base during the tax period in which the securities are transferred or redeemed.

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