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Practical Manual of Companies 2021.

Reversal of impairment losses on assets

article 11.6 of the LIS establishes that the reversal of an impairment or value correction that has been tax deductible , will be charged to the tax base of the tax period in which said reversal occurred, whether in the entity that carried out the correction or in another entity linked to it. The same rule will be applied in the event of losses derived from the transfer of assets that have been acquired again.

Filling in form 200

In application of the provisions of this article, a series of adjustments will have to be made that will be included in boxes [00359] and [00360] "Reversal of the impairment of value of assets (art. 11.6 LIS)" on page 12 of model 200:

  • When the value of an element is recovered whose depreciation at a previous moment led to the provision of an impairment or value correction that was tax deductible at the time, it must be included in box [00359] the amount corresponding to the reversal of the impairment or correction of value of the asset element.

  • In the event that an entity transfers to a related entity , an asset element on which the allocation of an impairment or value correction that was tax deductible had been computed, and the reversal of the impairment or correction of the value, occurs at a time after said transmission, the acquiring entity must include in box [00359] the amount corresponding to said reversal.

    On the other hand, if the transmission is made to an unrelated entity , in the tax period corresponding to the transmission, the transferring entity must include in the box [00360] , the amount that, on the occasion of the reversal of the impairment of the asset, was included in box [00359] in a previous tax period.

  • In the event that an entity transmits an asset item to a third party generating a loss in said transmission, and subsequently reacquires it, producing a recovery of its value, the transferring entity must enter the amount corresponding to said reversal in box [00359] .