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V3424-15 10 November 2015 · SG de Impuestos Patrimoniales, Tasas y Precios Públicos Criterion in force
OTRO · actos jurídicos documentados

Promissory notes used to structure loans are subject to ITPAJD but exempt from taxation

A taxpayer queried whether promissory notes issued by companies to repay financing are subject to the Stamp Duty (ITPAJD). The DGT ruled that while the issuance is subject to the tax, these instruments are exempt as they represent the formalisation of a loan.

The question raised

Whether promissory notes issued by corporate debtors (companies), as a means of instrumenting the financing granted by the applicant in the course of its habitual financing activity, must be subject to taxation under the Documented Legal Acts, Commercial Documents, modality of the Tax on Transfers and Documented Legal Acts.

The DGT's ruling

The issuance of series, discount, and transferable promissory notes used to repay a loan received is subject to the documented legal acts modality of the ITPAJD pursuant to article 33 of the TRLITPAJD. However, said promissory notes are exempt from the tax in accordance with article 45.I.B).15 of the same text, as the exemption applies to loans regardless of the manner in which they are instrumented.

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