Tax system for certain leasing contracts

In article 106 of the LIS a special tax regime is established for certain financial leasing contracts, in which, with the conditions and requirements provided therein, the assignee is allowed the accelerated tax amortization of the assets subject to said contracts, without the need to impute them to the profit and loss account.

Filling in form 200

Taxpayers covered by this special regime must make the following adjustments in boxes [00317] and [00318] "Financial leasing: special regime (art. 106 LIS)» on page 13 of form 200:

• The application of this special regime entails for the transferee under it a faster tax amortization of the element and, therefore, a greater tax expense than an accounting expense, the difference of which must be recorded in box [00318] of decreases, in the period subject to declaration.

• In subsequent tax periods, said amounts will revert as a higher accounting expense than tax expense, to be recorded in box [00317] of increases, once the item is fully amortized from a tax point of view, or as a higher tax income in the event of sale, deterioration, loss or permanent uselessness of the item, unless in the latter case it was due to a cause not attributable to the taxpayer and duly justified.