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A company based in the Canary Islands has enquired whether acquiring a stake in a Joint Venture Agreement (JVA) qualifies as a way to realise its Canary Islands Investment Reserve (RIC). The Directorate-General for Taxes (DGT) has ruled that contributions to the JVA's operating fund may be considered a realisation, provided that the JVA carries out the investments required by the regulations.
Question raised 1. Whether the acquisition of the interest in the JVE is eligible for the purposes of materializing the RIC of the taxpayer. And, where applicable, whether it can be considered valid as an anticipatory materialization of the future RIC allocations made by the taxpayer.
Contributions to the operating fund of a JVE made by its members may be considered a materialization of the RIC, provided that the JVE carries out the eligible investments provided for in Article 27.4 of Law 19/1994 and all other legal requirements are met. Furthermore, these investments may be carried out prior to the allocation to the reserve. It must be ensured that the JVE's investments do not result in the application of any other tax benefit under this concept.
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