Doctrine by topic · DGT Observatory

Primary Market: 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 · 2014–2021

Current position

Primary market operations, such as capital increases through the issuance of new shares, are not subject to the exemption or avoidance rules of Article 108 of the LMV (or its equivalent in the TRLMV). This is because said provision exclusively regulates the transfer of securities carried out in the secondary market. In the scope of IVA (Value Added Tax), the issuance of shares to increase equity does not constitute a provision of services for consideration.

The DGT's position remains constant throughout the analyzed sequence. From 2014 to 2021, the administration has reiterated that the regime of Article 108 of the LMV is inapplicable to primary market operations. No changes or nuances are observed in the interpretation of the nature of these operations.

Analysis based on 9 of 9 rulings with a stated position. Updated 29 September 2026.

Rulings on this topic

9
V1625-17 22 Jun 2017

Capital increases to reduce debt are not subject to VAT

SG de Impuestos sobre el Consumo
ampliación de capitalprestación de servicioscompensación de créditosmercado primariosujeción al impuesto LIVA — Ley 37/1992 del IVA art. 4.1LIVA — Ley 37/1992 del IVA art. 4.2
Affects CompanyExpat · Non-residentIndividual
V1044-15 6 Apr 2015

Merger may qualify for special IS regime if commercial and economic conditions are met

SG de Impuestos sobre las Personas Jurídicas
fusión por absorciónrégimen especial de fusionesmotivos económicos válidosunidad económica autónomareestructuración societaria LIS — Ley 27/2014 del Impuesto sobre Sociedades art. 76.1LIS — Ley 27/2014 del Impuesto sobre Sociedades art. 77
Affects CompanyExpat · Non-residentIndividual

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