Approach

In the case of personal obligation to contribute , and without prejudice to the provisions of the International Treaties or Agreements, the amount of this tax will be deducted, based on the assets that reside and rights that could be exercised or had to be fulfilled outside Spain, the lesser of the following two: 

1. The effective amount of what was paid abroad due to a personal tax that affects the assets counted in the tax.
2. The result of applying the average effective tax rate of tax to the part of the taxable base taxed abroad.

   The average effective tax rate (TMG) is the result of multiplying by 100 the quotient of dividing the full amount of the tax by the taxable base. The average effective tax rate will be expressed with two decimal places. The average effective tax rate is determined according to the following formula:

   TMG = Full fee x 100 divide Liquidable base

The determination of the part of the taxable base taxed abroad (BLE) will be determined as follows:

1. From the value of the asset located abroad, the amount of the deductible debts corresponding to it will be subtracted, as well as the proportional part of the debts that, being equally deductible, are not linked to any asset element, thus obtaining the asset amount. net corresponding to said element (PN).
2. The net asset amount thus determined (PN) will be reduced by the proportional part of the reduction due to the exempt minimum. This operation can be represented with the following formula:

   BLE = PN x Taxable base divided Taxable base

Note: When the taxable person has more than one asset or right located outside of Spain, the calculation of the deduction will be made individually for each asset or right, transferring the sum of the prevailing amounts to box [41] of the declaration. in each and every one of the individual calculations made.