Income not subject to imputation

Regulations: Art. 91.3.i), 4, 5 and 9 Law IRPF

Without prejudice to the above, the following incomes are not eligible for imputation:

• Positive income corresponding to income derived from credit, financial, insurance or service provision activities, when at least two thirds of the income corresponding to them has been made with persons or entities not related in the terms of article 18 of the LIS .

• The positive income referred to in the previous section " Income susceptible to imputation " when the sum of their amounts is less than 15% of the total income obtained by the non-resident entity.

  However, the income referred to in letter i) of the previous section shall be imputed in all cases, without prejudice to the fact that they shall also be taken into consideration for the purposes of determining whether the sum of their amounts is less than 15% of the total income obtained by the non-resident entity.

• The amount of the tax or taxes of an identical or similar nature to the Corporate Tax actually paid by the non-resident company for the portion of income to be included.

• Dividends or profit shares, including interim dividends, in the part that corresponds to the positive income that has been imputed.

  In the event of distribution of reserves, the designation contained in the corporate agreement will be observed, with the last amounts paid being understood to be applied to said reserves.

Note: The same positive income may only be imputed once, regardless of the form and entity in which it is manifested.