2. Assets and rights relating to economic activities

Regulations: Art. 11 Wealth Tax Act

The assets and rights associated with economic, business or professional activities may be exempt from the tax if the holder of the same meets the requirements established for this purpose and discussed in the section corresponding to "Withholdings" within "business and professional assets" of this Chapter.

However, they are exempt or not exempt, they must be declared using the following valuation rules:

• Valuation rules for economic activities with accounting in accordance with the Commercial Code

  The assets and rights of individuals engaged in the exercise of business or professional activities according to the Personal Income Tax rules, except real estate assets will be calculated by the value resulting from their accounting by the difference between the real asset and the required liability, provided that the accounting is in accordance with the provisions of the Commercial Code.

• Valuation rules for economic activities without accounting in accordance with the Commercial Code

  In this case, the valuation of the assets and rights assigned will be carried out, element by element, applying the rules for the valuation of the Wealth Tax corresponding to the nature of each element.

• Special case: Valuation of properties used for economic activities

  Regardless of whether or not the accounting is carried out in accordance with the Commercial Code, the value of each of the real estate assets used for economic, business or professional activities, carried out by the holder, will be determined by applying the valuation rules indicated for the real estate in section 1 above , unless they are part of the working capital of business activities whose purpose is exclusively in the construction or development of real estate, in which case these assets will be valued with the rules mentioned in this section.

  Note: In the event of marriage, whether the assets or rights relating to economic, business or professional activities are exclusive to the spouse who exercises the activity, as if, in accordance with the provisions or agreements governing the corresponding marital regime, are common to both spouses, the valuation of the same will be carried out by applying the rules mentioned in this section. In the latter case, the value thus determined will be attributed by half in the Wealth Tax return of each of them, unless another payment other than participation is justified.

  If, for the performance of the activity, the assets or rights (premises, machinery, etc.) belonging to the company are set up privately the spouse who does not carry out the activity will be fully counted in their tax return, valuing them in accordance with the rules contained in the tax regulations for non-taxable assets and rights included in the remaining sections of this heading.