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A taxpayer asks whether their shares in a Spanish entity are exempt from patrimony tax if they receive directorial remuneration in the entity or only in a Peruvian subsidiary. The DGT states that exemption does not apply if the required remuneration levels are not met.
Question posed: Exemption for holdings in the Spanish entity whether the holder receives remuneration for the exercise of management functions in said entity or obtains it exclusively in the second-level Peruvian entity.
For holdings in an entity to be exempt from Wealth Tax, the taxpayer must perform management functions and receive remuneration exceeding 50% of the total of their business, professional, and personal labor income. If the remuneration for management functions in the Spanish entity does not constitute the majority of their income, the exemption is not applicable. Similarly, the exemption would not apply if the holder receives no other remuneration than that obtained for functions in a Peruvian subsidiary entity.
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