Doctrine by topic · DGT Observatory

Financial Transactions Tax: 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 8 rulings · 2021–2023

Current position

Acquisitions of shares in accelerated private placements are exempt as they derive from a capital increase, including the instrumental operations of the underwriters. Certificates of Deposit of Shares (CDI) are considered share acquisitions for the application of exemptions in buyback programs. Acquisitions in one's own name for hedging or immediate delivery are subject to the tax if they meet the requirements of Law 5/2020.

The DGT's position remains constant regarding the application of exemptions for capital increase operations and instrumental character in private placements. The doctrine has been extended to equate CDIs to shares for the purposes of exemptions in buyback programs. No changes in criterion are observed, but rather a uniform application of the exemptions provided in Law 5/2020.

Turning points

  1. V0999-23

    Establishes that the acquisition of CDIs representative of shares is considered an acquisition of shares for the application of the exemption in buyback programs.

Analysis based on 7 of 8 rulings with a stated position. Updated 2 October 2026.

Rulings on this topic

8
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
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