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Practical Manual of Companies 2021.

Impairment losses on debt securities

article 13.2 c) of the LIS establishes the non-tax deductibility of losses due to impairment of debt securities.

Filling in form 200

In application of the provisions of the aforementioned article, the taxpayer must make the following adjustments in boxes [00327] and [00328] «Loss due to impairment of securities representing debt (art. 13.2.c) and DT 15 LIS)» on page 12 of model 200:

  • The taxpayer must include in the box [00327] of increases, the amount corresponding to the losses due to impairment of debt securities recorded in the tax period being declared, which are not tax deductible according to the provisions of article 13.2 c) of the LIS.

  • However, when in a tax period subsequent to the accounting of the aforementioned impairment losses that caused a positive adjustment to the accounting result (box [00327]) because it was not tax deductible, value recovery occurs of the deterioration , the taxpayer must include in box [00328] the amount corresponding to said reversal.

  • In relation to the provisions of article 13.2 c) of the LIS, the fifteenth transitional provision of the LIS , establishes a transitional regime according to which the reversal of impairment losses, securities representing debt that would have been tax deductible in tax periods beginning prior to January 1, 2015, will be integrated into the corporate income tax base of the tax period in which the recovery of its value in the accounting field. For these purposes, said integration will be included in the box [00327] of increases.