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A real estate development company has enquired whether a capital reduction aimed at returning liquidity to its partners can qualify for the dividend exemption under Article 21 of the Corporate Income Tax Act (LIS). The Directorate General of Taxes (DGT) has ruled that if it is demonstrated that the liquidity corresponds to tax income already included in the company's taxable base, the transaction is treated as a dividend distribution rather than a capital reduction.
Question posed: Whether the proposed transaction would be entitled to the application of Article 21 of Law 27/2014, without the restriction established in paragraph 4 of said article being applicable.
Si se puede justificar que la liquidez distribuida se corresponde con rentas fiscales generadas en la entidad e integradas en su base imponible, su distribución es asimilable a una distribución de dividendos. En este caso, se aplica la exención del apartado 1 del artículo 21 de la LIS y no las restricciones de los apartados 3 y 4. Para ello, se tiene en cuenta que dichas rentas tienen consideración de ingreso en sede de los accionistas y no minoran el valor de su participación.
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