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A query was raised regarding whether the total forgiveness of a loan between two companies with the same partners generates income for the companies or for the individual partners. The DGT has determined that there are no tax implications for Corporate Tax or for the partners' Personal Income Tax.
Question posed: Whether the total forgiveness by company A of the loan held with company B generates any type of income in the companies or in their individual shareholders.
In Corporate Income Tax, the creditor company does not incur an expense nor does the debtor company generate income, as it constitutes a decrease and increase in equity. Regarding Personal Income Tax, the forgiveness of a loan between companies does not produce effects on the income of individual shareholders, as they are external to the loan made between the two entities.
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