Income derived from waivers and forbearance operations resulting from insolvency proceedings

Article 11.13 of the LIS establishes that the income corresponding to the accounting record of reductions and waiting periods as a consequence of the application of Royal Legislative Decree 1/2020, of May 5, which approves the revised text of the Bankruptcy Law, will be imputed in the debtor's tax base as financial expenses derived from the same debt are subsequently recorded and up to the limit of said income.

In accordance with the provisions of said provision, in the event that the amount of income is greater than the total amount of financial expenses pending registration , derived from the same debt, the imputation of the latter in the tax base will be carried out proportionally to the financial expenses registered in each tax period, with respect to the total financial expenses pending registration derived from the same debt.

Filling in form 200

In application of the provisions of this precept, the following adjustments must be made in boxes [ ] and [00272] "Adjustments for income derived from operations with reduction or waiting (art. 11.13 LIS)" on page 12 of form 200:

• The recorded income, provided that there is no financial expense, will generate the corresponding negative tax adjustment, the amount of which must be recorded in box [00272] of decreases.

• Subsequently, as a consequence of the temporary imputation rule, you proceed to record the financial expenses derived from the debt , these amounts must be included up to the limit of the aforementioned income in the box [01514] of increases.