8.11.1 Requirements and amount of the deduction

For tax periods beginning on or after January 1, 2015, in order to mitigate the effects of the reduction in tax rates in the 2012 financial year balance sheet update, section 2 of the thirty-seventh transitional provision of the LIS established a new deduction on the full amount for taxpayers who pay 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 who have benefited from the balance sheet update provided for in article 9 of Law 16/2012, of December 27, by which various tax measures aimed at consolidating public finances and boosting economic activity, will be entitled to a deduction in the full amount of 5 percent of the amounts that make up the tax base for the tax period derived from the amortization corresponding to the net increase in value resulting from that update.

This deduction will be applied after the other deductions and bonuses that are applicable under Corporate Tax, so the joint limit does not apply to them.

Amounts not deducted due to insufficient full tax may be deducted in subsequent tax periods, without time limitation.