Regulatory developments 2017

Royal Decree 683/2017, of 30 June, which modifies the Corporation Tax Regulations approved by Royal Decree 634/2015 of 10 July, regarding credit risk hedging by financial institutions

On 1 July 2017, the Official State Gazette published Royal Decree 683/2017, of 30 June, modifying the Regulation on Corporation Tax, approved by Royal Decree 634/2015, of 10 July, in relation to credit risk coverage in financial institutions.　

The main reason this regulation was modified was to adapt it to Circular 4/2004, of 22 December, by the Bank of Spain, which was significantly modified in 2016 by Circular 4/2016, of 27 April, by the Bank of Spain, whereby Circular 4/2004 of 22 December, on public and reserved financial information standards and financial statement forms, and Circular 1/2013, of 24 May, on Spain's Risk Information Centre, were modified.　

Among other aspects, this modification to Circular 4/2004 led to the approval of a new appendix IX, which introduced conceptual and methodological changes for quantifying credit risk coverage.　

This modification will come into force on the same day it is published in the Official State Gazette, i.e. 1 July, and will be effective for tax periods beginning after 1 January 2016.

por el que se modifica el Reglamento del Impuesto sobre Sociedades, aprobado por el Real Decreto 634/2015, de 10 de julio, en relación con la cobertura del riesgo de crédito en entidades financieras.(BOE, 01-julio-2017)