Is there a minimum tax on Corporate Tax?
In the Corporate Tax there is a minimum taxation. Find out more here
With effect for tax periods beginning on or after January 1, 2022, taxpayers whose net turnover is at least 20 million euros during the 12 months prior to the date on which the tax period begins or that are taxed under the special consolidation regime, regardless of their net amount of turnover, the net amount may not be less than result of applying 15 percent to the tax base, reduced or increased, where appropriate and as appropriate, by the equalization reserve, and reduced in the reserve for investments regulated in article 27 of Law 19/1994, of 6 July, modification of the Economic and Fiscal Regime of the Canary Islands. This fee will have the character of a minimum liquid fee.
The minimum liquid quota will not be applied to taxpayers who pay taxes at the tax rates provided for in sections 3, 4 and 5 of article 29 of Law 27/2014 or to tax entities. Law 11/2009, of October 26, which regulates Listed Investment Companies in the Real Estate Market.
Taxpayers who pay taxes at the rate of 15 percent according to the provisions of section 1 of article 29 of Law 27/2014, as they are newly created entities, the minimum net amount will be 10 percent of the tax base.
Taxpayers who pay taxes at the tax rate provided for in the first paragraph of section 6 of article 29 of Law 27/2014, that is, credit institutions, as well as entities that dedicated to the exploration, research and exploitation of underground hydrocarbon deposits and storage in the terms established in Law 34/1998, of October 7, on the hydrocarbon sector, the minimum liquid quota will be 18 percent of the tax base.
In cooperative entities, the minimum liquid quota may not be less than the result of applying 60 percent to the full quota calculated in accordance with the provisions of Law 20/1990, of 19 December, on the Fiscal Regime of Cooperatives.
For the entities of the Canary Islands Special Zone, the positive tax base on which the percentage is applied will not include the part of it corresponding to the operations carried out materially and effectively in the geographical scope of said Zone that is taxed at the special tax rate regulated in article 43 of Law 19/1994, of July 6, modifying the Economic and Fiscal Regime of the Canary Islands.