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Practical manual for Income Tax 2022.

3. Other special rules

a. Loans with interest rates lower than the legal rate of money, arranged after January 1, 1992

The valuation will be made based on the difference between the amount of interest actually paid and the amount that would result from applying the legal interest rate in force for each financial year. For the year 2022, the legal interest rate on money has been set at 3 percent.

See the Forty-sixth Additional Provision of Law 22/2021, of December 28, on the General State Budget for the year 2022 ( BOE of December 29).

However, loans with an interest rate lower than the legal rate of money agreed before 1 January 1992 and the principal amount of which was made available to the borrower also before that date are not considered remuneration in kind. See in this regard the Second Additional Provision of the Personal Income Tax Law .

b. Other benefits in kind that are valued at the cost to the employer, including taxes levied on the operation

  • Benefits in the form of maintenance, lodging, travel and similar .

  • Premiums or fees paid under insurance contract or similar.

  • Amounts intended to cover study and maintenance expenses of the taxpayer or other persons related to him by kinship ties, including those related by marriage, up to the fourth degree inclusive.

c. Contributions paid by pension plan promoters, contributions paid by promoter companies regulated in Directive (EU) 2016/2341 of the European Parliament and of the Council of December 14, 2016, amounts paid by employers to meet pension commitments and amounts satisfied by employers to dependency insurance

The valuation will coincide with the amount of the contributions or amounts paid that have been attributed to the recipient.

Accuracy : Please note that, with effect from January 13, 2019, Directive (EU) 2016/2341 of the European Parliament and of the Council of December 14, 2016, repealed Directive 2003/41/EC referred to in the article 43.1.1.e) of the Personal Income Tax Law .

d. Special rights of economic content reserved by the founders or promoters of a company as remuneration for personal services

Regulations: Articles 47 Regulation Income Tax

When the rights consist of a percentage of the entity's profits, they will be valued at a minimum of 35% of the equivalent value of the share capital that allows the same participation in the profits as that granted to the aforementioned rights. However, subsequent returns for the holding of these rights will constitute income from movable capital.

The combined value of these special rights may not exceed 10% of the net profits obtained according to the balance sheet, after deducting the amount allocated to the legal reserve and for a maximum period of 10 years, in accordance with the provisions of article 27 of the revised text of the Capital Companies Act, approved by Royal Legislative Decree 1/2010, of July 2.

e. Cautionary valuation rule: price offered to the public

Regulations: Art. 43.1.1 f) Law IRPF and 48 Regulation IRPF

When the performance of work in kind is satisfied by companies whose usual activity is the performance of the activities that give rise to it, the valuation may not be lower than the price offered to the public of the good, right or service in question.

The price offered to the public will be considered to be that provided for in article 60 of the consolidated text of the General Law for the Defense of Consumers and Users and other complementary laws, approved by Royal Legislative Decree 1/2007, of November 16 ( BOE of November 30), deducting ordinary or common discounts. The following are considered to be such:

  1. Discounts offered to other groups with similar characteristics to the company's workers.

  2. Promotional discounts that are general in nature and in force at the time of payment of the remuneration in kind.

  3. Any other than the above, provided that they do not exceed 15% or 1,000 euros per year.

    See in this regard the Second Additional Provision of the Regulations of IRPF which regulates the prior agreements for the valuation of remuneration in kind for personal work for the purposes of determining the income on account of IRPF .

In the case of transfer of the use of vehicles considered energy efficient , the resulting valuation may be reduced by up to 30 percent , under the terms and conditions discussed in this Chapter.