Lease-back: tax impact of financial leasing operations

Lease-back operations are mechanisms used by companies to obtain liquidity by selling an asset for its subsequent lease. The legal and economic nature of these transactions determines their tax treatment, an aspect that the General Directorate of Taxes (DGT) has recently clarified.

What the DGT has ruled

The ruling establishes that, if the economic conditions of the operation imply that it is a financial lease, the transfer of the asset generates neither accounting nor tax income. This means that the entity must not recognize a profit or loss from the sale of the asset.

Furthermore, the criteria confirm that the entity will continue to depreciate the asset under the same conditions and based on the same value it had before the transfer. Regarding financing, the financial expenses derived from the resulting financial liability will be deductible, provided that the general requirements and the limit established in Article 16 of the Corporate Income Tax Law (LIS) are met.

What it means for you

For companies using lease-back as a financing tool, this criterion provides certainty regarding the tax neutrality of the operation in terms of the transfer. Since it is not considered a real sale with effects on the taxable base, it avoids the appearance of income that would increase Corporate Income Tax at the time of the operation.

The cost structure remains stable, as the depreciation of the asset is not altered, allowing for predictability in the management of depreciation expenses. The tax benefit is shifted to the cost of financing, allowing for the deductibility of the interest generated.

What should be done

It is fundamental to analyze the economic conditions of the lease-back contract before formalizing the operation. Classification as financial leasing depends on the economic substance of the transaction and not just the contractual form. It is recommended to evaluate the structure of the operation to ensure it aligns with this criterion and to verify compliance with the financial expense deductibility limits provided in current regulations. Each case requires a specific technical analysis to determine its tax fit.