Doctrine by topic · DGT Observatory

Capitalization of Credits: 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

Settled doctrine High confidence 9 rulings · 2014–2016

Current position

The capitalization of credits through capital increases is valued at the amount of the capitalized debt, which does not generate income in the tax base of the debtor entity, regardless of whether an income exists for accounting purposes. The transferring entity must include the difference between the amount of the capital increase and the tax value of the capitalized credit.

The position of the DGT remains constant throughout all the analyzed rulings. No changes are observed in the tax treatment of the debtor entity nor in the obligation of the transferring entity to include the difference between the tax value of the credit and the capital increase.

Analysis based on 7 of 9 rulings with a stated position. Updated 30 September 2026.

Rulings on this topic

9
V2712-16 15 Jun 2016

No income recognised from debt capitalisation via share premium capital increase

SG de Impuestos sobre las Personas Jurídicas
capitalización de créditosprima de emisiónaportación no dinerariacanje de valoresrégimen especial LIS — Ley 27/2014 del Impuesto sobre Sociedades art. 10.3LIS — Ley 27/2014 del Impuesto sobre Sociedades art. 17.2
Affects CompanyExpat · Non-residentIndividual
V3872-15 3 Dec 2015

Assessment of credit capitalisation and share swap requirements under special regime

SG de Impuestos sobre las Personas Jurídicas
capitalización de créditoscanje de valoresvalor razonableaumento de capitalmotivos económicos válidos LIS — Ley 27/2014 del Impuesto sobre Sociedades art. 10.3LIS — Ley 27/2014 del Impuesto sobre Sociedades art. 17.2
Affects CompanyExpat · Non-residentIndividual

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