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A holding company enquired whether its subsidiary's capital reduction to offset losses would allow it to deduct previous accounting impairments. The DGT ruled that such an operation has no tax implications for the shareholder.
Question posed: Whether, as a consequence of the effective loss of the financial participation, this can be considered a deductible expense in the Corporate Income Tax of 2014, potentially reversing the accumulated positive temporary differences.
The reduction of capital for the purpose of offsetting losses, and not for the return of contributions, does not determine positive or negative income for the partners pursuant to Article 15.8 of the TRLIS. Therefore, the operation has no tax impact on the holding company.
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