Impairment losses on debt securities

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

Filling in form 200

In application of the provisions of the aforementioned article, the taxpayer must make the following adjustments in boxes [ ] and [00328] "Impairment loss on debt securities (art. 13.2.c) and DT 15 LIS)" on page 12 of form 200:

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

• However, when in a tax period after the accounting of the aforementioned impairment losses that gave rise to a positive adjustment to the accounting result (box [00327]) because it was not tax deductible, the recovery of the value of the impairment occurs, 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 on debt securities that would have been tax deductible in tax periods beginning before January 1, 2015, will be integrated into the taxable base of the Corporate Tax of the tax period in which their value is recovered in the accounting field. For these purposes, said integration will be recorded in box [00327] of increases.