REIT

With effect for tax periods beginning on or after 1 January 2021, the Second Final Provision of Law 11/2021, of 9 July, on measures to prevent and combat tax fraud, modifies the special tax regime applicable to Listed Real Estate Investment Companies (SOCIMI), introducing in section 4 of article 9 of Law 11/2009, of 26 October, a special tax of 15 percent on the amount of 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 tax rate nor is it income subject to the 3-year reinvestment period regulated in letter b) of article 6.1 of Law 11/2009.

This special tax will be considered as quota of the Corporate Tax and will be accrued on the day of the agreement to apply the result of fiscal year by the general meeting of shareholders, or equivalent body. This special tax must be subject to self-assessment and payment in form 237 approved by Order HFP /1430/2021, of December 20, within two months from the accrual date.

Finally, due to the introduction of this special tax, section 1 of article 11 of Law 11/2009, of October 26, which regulates the information obligations in the annual accounts report, is modified to add the obligation to distinguish in said information, the part of the income subject to the special tax rate of 15 percent. ##