11.4.1.2 Entities to which the regime applies

The international tax transparency regime will apply to Corporate Tax taxpayers provided that the following circumstances are met:

1. That have a participation equal to or greater than 50 percent of the capital, own funds, results or voting rights on the date of the closing of the fiscal year of an entity not resident in Spanish territory. The participation will be computed alone or jointly with related persons or entities within the meaning of article 18 of the Corporate Tax Law.

   The amount of positive income to be imputed will be determined in proportion to the participation in the results, and, failing that, in proportion to the participation in the capital, own funds 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 constitution and operation responds to valid economic reasons and that it carries out economic activities, or it is a a collective investment undertaking regulated by Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 coordinating the laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities, other than those provided for in article 54 of the LIS , incorporated and domiciled in a Member State of the European Union.