7. Financial expenses
Delimitation of deductible or non-deductible financial expenses:
All expenses derived from the use of external financial resources are included to finance the company's activities or its assets. Among others, the following have such consideration:
Expenses for discounting bills and financing the company's operating credits.
Surcharges for postponement of payment of debts corresponding to the activity.
Interest corresponding to deferrals and installments of tax debts, provided they are directly related to the activity and correspond to the year.
On the contrary, are not considered deductible financial expenses :
Those that involve a higher cost of acquiring assets.
Those derived from the use of own capital.
Limitation on the deductibility of net financial expenses
The limit on the deductibility of net financial expenses will be the greater of the following amounts:
30 percent of the operating profit for the year.
1 million euros when the previous limit exceeds one million euros
Up to this amount, that is, up to 1 million euros, the net financial expenses will, in any case, be deductible.
However, when the duration of the activity is less than one year, the amount, in any case, deductible will be the result of multiplying one million euros by the proportion between the duration of the activity in the tax period with respect to the anus.
See the Resolution of July 16, 2012, of the General Directorate of Taxes, in relation to the limitation on the deductibility of financial expenses in the Corporate Tax ( BOE of 17).