Minimum taxation of cooperatives (page 14 bis of form 200)
Regulation: Article 30 bis LIS
Minimum taxation also applies to cooperatives whose net turnover is at least 20 million euros during the 12 months prior to the date on which the tax period begins or which are taxed under the fiscal consolidation regime regulated in Chapter VI of Title VII of said Law, regardless of their net turnover.
In the case of cooperatives, the net quota may not be less the result of applying percent on the full quota, that is, on the tax quota determined in accordance with article 23 of Law 20/1990, of December 19 on the Tax Regime of Cooperatives, and reduced by the compensation of negative quotas referred to in article 24 of said Law.
For the calculation of the amount of minimum taxation , cooperatives must take into account the following rules :
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Firstly, the full rate will be reduced by the amount of the applicable bonuses (in particular, the bonuses applicable to specially protected cooperatives), including those regulated by Law 19/1994, of July 6, amending the Economic and Fiscal Regime of the Canary Islands, and by the amount of the deduction for investments made by port authorities in article 38 bis of the LIS.
Secondly, the deductions for double taxation regulated in articles 31, 32, 100 and the twenty-third transitional provision of the LIS will be applied, as well as the deduction for double taxation applicable to cooperative returns obtained by cooperatives, respecting the limits that are applicable in each case.
If, as a result of the provisions in the two preceding paragraphs, the amount is less than the minimum net quota (60 percent of the full quota calculated in accordance with the provisions of Law 20/1990, of December 19), that amount will be considered the minimum net quota.
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In the event that after reducing the bonuses and deductions referred to in letter a) above, the amount is greater than the amount of the minimum net quota , the remaining deductions that are applicable will be applied, with the limits applicable in each case, up to the amount of said minimum net quota.
Deductions whose amount is determined in accordance with the provisions of Law 20/1991, of June 7, amending the fiscal aspects of the Economic Fiscal Regime of the Canary Islands, and Law 19/1994, of July 6, amending the Economic and Fiscal Regime of the Canary Islands, will be applied, respecting their own limits, even if the resulting net quota is less than the aforementioned minimum net quota.
In the event that, due to the application of the minimum net rate, deductions remain pending to be applied, these may be deducted in the following tax periods in accordance with the regulations applicable in each case.