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V2796-15 25 September 2015 · SG de Impuestos sobre las Personas Jurídicas Criterion in force
IS · entidades de capital riesgo

Dividends from vehicles investing in venture capital entities may be exempt from Corporate Tax

A query was raised regarding the tax treatment of dividends and income from the transfer of shares distributed by investment vehicles that, in turn, hold interests in venture capital entities. The DGT clarifies the application of Corporate Tax exemptions and the taxation under Non-Resident Income Tax.

The question raised

Question posed: Treatment in Corporate Income Tax and, where applicable, in Non-Resident Income Tax, that should be granted to dividends distributed to investors from the vehicles, which correspond to dividends distributed by the venture capital entities or to the positive income revealed in the eventual transfer of shares of A or B.

The DGT's ruling

For Corporate Income Taxpayers, dividends from vehicles participating in venture capital entities may benefit from the exemption under Article 21 of the LIS without the need to meet the shareholding percentage or acquisition value requirements, due to the joint application with Article 50 of the LIS. Regarding Non-Resident Income Tax, dividends from entities resident in Spain are considered income obtained in Spanish territory and are subject to taxation, unless specific exemptions due to residence in the EU or EEA apply.

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