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Form 200. Corporate Income Tax Declaration 2018

4.2.40 Keys 00345 and 00346 accounting revaluations (Art. 17.1 LIS)

In the second paragraph of article 17.1 of the LIS it is established as a general rule that the value variations originated by the application of the fair value criterion have no fiscal effects, insofar as they should not be allocated to the profit and loss account, except:

  • the provisions of article 15.l) of the LIS, for tax periods beginning on or after 1 January 2017 (see in this chapter the explanation of keys [01808] and [01812] "Decrease in value caused by the fair value criterion (article 15 l) LIS)"),

  • or as long as they should not be charged to a reserve account if so established by a legal or regulatory rule, for tax periods beginning on or after 1 January 2018 (see in this chapter the explanation of keys [02129] and [02130] "Adjustments for the first application of Circular 4/2017 of the Bank of Spain, to credit institutions ( DT 39 LIS)").

Likewise, in the second paragraph of article 17.1 of the LIS, it is established that the amount of accounting revaluations will not be included in the tax base except when they are carried out by virtue of legal or regulatory norms that require their amount to be included in the profit and loss account. The amount of the revaluation not included in the gross tax base shall not establish a value, for tax purposes, greater than the elements being revalued.

Therefore, if the taxpayer makes an accounting revaluation not covered by a legal or regulatory standard:

  • In the tax period in which the revaluation of the element has been accounted for in the results of the year, the amount of the same must be included in the [00346] reduction key.

  • In the tax period that records expenses related to revalued assets, the amount of the same must be included in the [00345] increase key. In the case that what is recorded is income, said amount must be included in the [00346] decrease key.