Doctrine by topic · DGT Observatory

Securitization Funds: DGT doctrinal evolution

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

← DGT Observatory

How the DGT's position has evolved

Settled doctrine High confidence 8 rulings · 2019–2024

Current position

The variable commission of securitization funds must be included in the calculation of the net financial expense for the fiscal year to the extent that it corresponds to the difference between income and expenses of a financial nature. This treatment seeks to avoid tax asymmetries and maintain neutrality regarding corporate indebtedness. The portion of the commission that offsets non-financial income and expenses is not affected by the deductibility limitation of article 16 of the Law on Corporate Tax (LIS).

The DGT's position has moved from addressing operational aspects of VAT (IVA) and SII in 2019 to focusing on the tax neutrality of Corporate Tax (IS) in 2024. The 2024 rulings establish a uniform criterion regarding the treatment of the variable commission according to the nature of the items it offsets. There are no changes between the 2024 rulings, but rather a consolidation of this segregation method.

Turning points

  1. V1858-24

    Introduces the need to treat the variable commission according to the nature of the items it offsets, integrating the financial portion into the net financial expense to maintain neutrality.

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

Rulings on this topic

8

Apply this to your case

Corporate tax advisoryTalk to the team applying this doctrine daily.
Talk to the tax teamWe check whether this criterion affects you and what it means in your situation.
Email
Contact