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Practical Handbook for Companies 2021

Special levies

1.Special tax on distributed profits

  1. Tax rate

    The SOCIMI will be taxed at a special rate of of 19 per cent on the full amount of dividends or profit shares distributed to shareholders when:

    • The shareholding in the entity's share capital is 5 per cent or more, and

    • Such dividends are exempt or taxed at a rate of less than 10 per cent.

    This levy shall be considered as corporate income tax liability.

    This tax does not apply when the shareholder receiving the dividend is an entity to which Law 11/2009 applies.

    Nor will it be applicable when the dividends or shares in profits are received by non-resident entities whose main corporate purpose is to hold shares in the capital of other SOCIMIs or in the capital of other entities not resident in Spanish territory that have the same corporate purpose as the former and which are subject to a regime similar to that established for SOCIMIs in terms of the mandatory legal or statutory profit distribution policy, with respect to those shareholders who:

    • Hold a stake of 5 per cent or more in their share capital, and

    • Tax such dividends or profit shares at least at the rate of 10 percent.

  2. Liability

    This tax shall become payable on the day of the profit distribution resolution by the general meeting of shareholders or the competent body.

  3. Self-assessment and payment

    The amount of the special levy must be self-assessed and paid through the model 217 approved by Order HFP/1922/2016, of 19 December, within two months from the date of accrual.

    Its presentation will be made compulsorily by electronically.

    This special tax does not apply and, therefore, there will be no obligation to file form 217 in the following cases:

    • When the dividend is received by an entity to which Law 11/2009 applies.

    • When the dividends or shares in profits are received by non-resident entities whose main corporate purpose is the holding of shares in the capital of other SOCIMIs or in that of other entities not resident in Spanish territory that have the same corporate purpose as the former and which are subject to a regime similar to that established for SOCIMIs in terms of the mandatory legal or statutory profit distribution policy, with respect to those shareholders who:

      • Hold a stake of 5 per cent or more in their share capital, and

      • Tax such dividends or profit shares at least at the rate of 10 percent.

2.Special tax on undistributed profits

  1. Tax rate

    With effect for tax periods beginning on or after 1 January 2021, the SOCIMI will be taxed at a rate of 15 per cent on the amount of the profits obtained in the year that is not subject to distribution, in the part that comes from income that has not been taxed at the general corporate income tax rate and is not income subject to the 3-year reinvestment period regulated in letter b) of Article 6.1 of Law 11/2009.

    This levy shall be considered as corporate income tax liability.

  2. Liability

    This special tax shall become payable on the day of resolution of the general meeting of shareholders, or equivalent body, to apply the result of the financial year.

  3. Self-assessment and payment

    The amount of the special tax must be self-assessed and paid through the model 237 approved by Order HFP/1430/2021, of 20 December, within two months from the date of accrual.

    Its presentation will be made compulsorily by electronically.