11.4.1.2 Entities to which the regime applies

The international tax transparency regime will apply to corporate tax payers provided that the following circumstances are met:

1. That they have a stake equal to or greater than 50% of the capital, equity, results or voting rights on the date of the closing of the financial year of an entity not resident in Spanish territory. Participation will be computed alone or jointly with related persons or entities within the meaning of article 18 of the Corporate Income Tax Law.

   The amount of positive income to be attributed will be determined in proportion to the participation in the results, and, failing that, in proportion to the participation in the capital, equity or voting rights.

2. That the amount paid by the non-resident entity, for the income that must be included in the tax base, for a tax of an identical or analogous nature to the Corporate Tax, is less than 75% of that which would have corresponded in Spain.

This regime will not apply when the entity not resident in Spanish territory is resident in another Member State of the European Union, provided that the taxpayer proves that its incorporation and operation respond to valid economic reasons and that it carries out economic activities, or it is a collective investment institution regulated in Directive 2009/65/EC of the European Parliament and of the Council, of July 13, 2009, by which the legal, regulatory and administrative provisions relating to certain undertakings for collective investment in transferable securities are coordinated, other than those provided for in article 54 of the LIS , incorporated and domiciled in a Member State of the European Union.