8.10.1 Deduction

For tax periods beginning on or after January 1, 2015, in order to mitigate the effects of the reduction in tax rates on the limitation on the deduction of amortizations corresponding to the years 2013 and 2014, the thirty-seventh transitional provision of the LIS in its first section, established a new deduction on the full amount for taxpayers who pay taxes at the general corporate tax rate.

Thus, in accordance with the provisions of the aforementioned provision, taxpayers who pay taxes at the general tax rate provided for in article 29.1 of the LIS and to whom the limitation on amortizations established in article 7 of Law 16/2012, of December 27, by which various tax measures aimed at consolidating public finances and boosting economic activity are applied, will be entitled to a deduction in the total amount of 5 percent of the amounts that they make up in the taxable base for the tax period in accordance with the third paragraph of the aforementioned article, derived from the amortizations not deducted in the tax periods that began in 2013 and 2014.

This deduction, together with that established in section 2 of the thirty-seventh transitional provision of the LIS, will be applied after the other deductions and bonuses that are applicable by the Corporate Tax.

Finally, it should be noted that amounts not deducted due to insufficient full tax quota may be deducted in subsequent tax periods.