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Form 200. Corporate Income Tax Declaration 2018

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

The second paragraph of article 17.1 of the LIS establishes as a general rule that changes in value caused by the application of the fair value criterion do not have tax effects, as long as they should not be imputed in the profit and loss account, except:

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

  • or as long as they must not be allocated to a reserve account if this is established by a legal or regulatory rule, for tax periods that begin on or after January 1, 2018 (see in this chapter the explanation of the 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 rules 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 carries out 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 thereof must be included in the reductions key [00346].

  • In the tax period that records expenses related to the revalued assets, the amount thereof must be included in the increases key [00345]. In the event that what is recorded is income, this amount must be included in the decreases key [00346].