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Practical Manual of Companies 2023.

Income not subject to withholding

With effect from April 25, 2023 and indefinite validity, Royal Decree 249/2023, of April 4, modifies letter y) of article 61 of the RIS, to exclude from the obligation to retain to income from the redemption or transfer of units or shares in listed investment funds or companies to equivalent collective investment institutions in other States, regardless of the market in the that they quote.

In this way, it is established that there will be no obligation to withhold or deposit on account with respect to the income derived from the reimbursement or transfer of units or shares issued by the following collective investment institutions:

  • Listed funds and listed variable capital investment companies regulated by article 79 of the Regulations for the development of Law 35/2003, of November 4, on collective investment institutions, approved by the Royal Decree 1082/2012, of July 13.

  • Collective investment institutions established abroad analogous to those mentioned in the previous number and different from those provided for in article 54 of the Tax Law , whether listed on a regulated market or in a multilateral trading system, whatever the composition of the index that they reproduce, replicate or take as a reference, provided, furthermore, that the redemption or transmission is not carried out in a market located in a country or territory considered a non-cooperative jurisdiction.

Furthermore, with effect from December 7, 2023 and indefinite validity, Royal Decree 1008/2023, of December 5, modifies letter e) of article 61 of the RIS, to exclude from the obligation of withhold or deposit on account the interest received by the securities companies as a result of the credits or loans granted in relation to the purchase or sale of securities to which they make Reference is made to article 126.b) of Law 6/2023, of March 17, on Securities Markets and Investment Services, as well as the interests received by investment services companies with respect to active loan operations. or deposits mentioned in article 70.1 of Royal Decree 813/2023, of November 8, on the legal regime of investment services companies and other entities that provide investment services.

There will also be no obligation to practice withholding in relation to the interests received by the central counterparty entities, as well as by the entities that have the status of member of a central counterparty entity, as consideration for the guarantees constituted in application of the provisions of the article 97.2 of the Securities Markets and Investment Services Law of articles 41 and 42 of Regulation (EU) number 648/2012 of the European Parliament and of the Council, of July 4, 2012, relating to over-the-counter derivatives , the central counterparty entities and the transaction records, and in the Regulations of the central counterparty entity itself and in its development circulars.

Likewise, there will be no obligation to practice withholding in relation to the interests received by the managing entities of the payment systems recognized in accordance with Law 41/1999, of November 12, on payment and securities settlement systems, as well as by the entities that have the status of participants in these systems, coming from guarantees constituted in application of the provisions of letter d) of article 2 of said law, or from the accounts exclusively affected by the performance of the operations of the corresponding system. of payments.