2. Refund of amounts derived from loan interest rate limitation clauses (floor clauses) that would have been considered a deductible expense in previous years

Regulations: Additional Provision forty-fifth Law PIT

It will not be included in the tax base of the PIT the return, in cash or through other compensation measures, of the amounts previously paid to financial institutions as interest for the application of clauses limiting loan interest rates (the so-called floor clause), together with the corresponding compensatory interest, arising from both agreements entered into with financial institutions and compliance with judgments or arbitration awards.

For a detailed commentary on the " floor clauses " see Chapter 2.

When such amounts subject to refund have been included in declarations of previous years as deductible expenses, they will lose such consideration and a complementary self-assessment corresponding to such years must be carried out, without penalty, nor late payment interest, nor any surcharge in the period between the date of the agreement and the end of the following deadline for filing self-assessment by the PIT.

This adjustment will only affect the years for which the Administration's right to determine the tax debt through the appropriate liquidation has not expired.

However, if these are amounts derived from the application of floor clauses that had been paid by the taxpayer in 2020 and the agreement to return them with the financial institution or as a result of a court ruling or arbitration award occurs before the deadline for filing the self-assessment of the PIT of 2020 (June 30, 2021), will not be taken into account as a deductible expense in said fiscal year.

Note: If the supplementary declaration responds to this circumstance, the taxpayer must mark with an "X" the box [109] of the "Supplementary declaration" section of the declaration.