Doctrine by topic · DGT Observatory

Treasury Shares: DGT doctrinal evolution

How the DGT's position on this topic has evolved, and the rulings it rests on.

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How the DGT's position has evolved

Refined position High confidence 8 rulings · 2016–2026

Current position

To determine the increase in equity and its maintenance pursuant to Article 25.2 of the LIS (Corporate Income Tax Law), shareholder contributions and capital increases through treasury share transactions are not taken into account. In the case of acquiring treasury shares for cancellation, the items representing contributions (share capital or share premium) must not affect the calculation. The maintenance requirement is assessed based on the increase in equity in global terms and not by individual items.

The DGT's position has shifted from addressing the nature of treasury shares across various taxes (Corporate Income Tax, Wealth Tax, Inheritance and Gift Tax) to focusing on their technical impact on the calculation of the Capital Investment Reserve (RIC). The most recent rulings specify that transactions involving treasury shares do not count toward the increase in equity required for the RIC.

Turning points

  1. V1815-21

    Establishes that the acquisition of treasury shares decreases accounting and tax equity, which may reduce the allocation to RIC reserves.

  2. V0391-26

    Clarifies that the equity maintenance requirement refers to the global amount and not to individual items, excluding shareholder contributions.

Analysis based on 8 of 8 rulings with a stated position. Updated 1 October 2026.

Rulings on this topic

8
V0422-26 26 Feb 2026

Societal contributions and share transactions do not count as equity

SG de Impuestos sobre las Personas Jurídicas
reserva de capitalizaciónfondos propiosconsolidación fiscalreducción de capitalprima de emisión LIS — Ley 27/2014 del Impuesto sobre Sociedades art. 10LIS — Ley 27/2014 del Impuesto sobre Sociedades art. 11.12
Affects CompanyExpat · Non-residentIndividual
V0391-26 25 Feb 2026

Share buyback and amortisation do not affect capital reserve requirement

SG de Impuestos sobre las Personas Jurídicas
reserva de capitalizaciónfondos propiosacciones propiasreducción de capitalmantenimiento de fondos propios LIS — Ley 27/2014 del Impuesto sobre Sociedades art. 25.1.aLIS — Ley 27/2014 del Impuesto sobre Sociedades art. 25.2.a
Affects CompanyExpat · Non-residentIndividual
V0999-23 24 Apr 2023

Exemption for share buybacks applies to CDI purchases

SG de Tributación de las Operaciones Financieras
impuesto sobre las transacciones financierascertificados de depósitoacciones propiasprograma de recompraexención Ley 5/2020 LITFReal Decreto 1362/2007
Affects CompanyExpat · Non-residentIndividual
V2194-16 20 May 2016

Acquisition of treasury shares may be taxed as capital gains or capital reduction

SG de Impuestos sobre la Renta de las Personas Físicas
ganancias o pérdidas patrimonialesrendimientos del capital mobiliarioreducción de capitaldevolución de aportacionesacciones propias LIRPF — Ley 35/2006 del IRPF art. 25.1.aLIRPF — Ley 35/2006 del IRPF art. 33.1
Affects CompanyExpat · Non-residentIndividual

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