News published in INFORMA 2017

New features introduced in INFORMA during the months of JULY and AUGUST

In the event of winding up and liquidation, entities must include in the gross tax base of the Corporation Tax for the tax period in which they are wound up, the difference between the market value of the elements transferred and their value for tax purposes.

Entities resident in Spanish territory that are the dominant entities of a group and that are not at the same time dependent on another entity must submit form 231, as set out in article 14 of the RIS. Moreover, entities resident in Spanish territory, which are direct or indirect subsidiaries of a non-resident company in Spanish territory that is not, at the same time, a subsidiary of another, or permanent establishments of non-resident companies, provided that one of the circumstances set forth in article 13.1 of the Corporation Tax Regulation applies. This information shall be required when the net amount of the turnover of all persons or companies that form part of the group, in the 12 months preceding the start of the tax period, is at least 750 million euros.

As a general rule, equity items shall be valued in accordance with the criteria established in the Spanish Code of Commerce, adjusted in application of the precepts established in the Spanish Corporation Tax Act.

Income and expenses due to changes in fair value should not be included in the gross tax base until the year in which they are recorded in the income statement, with the exception of the items listed in section l) of article 15 of the Spanish Corporation Tax Act, with effect for the tax periods commencing on or after 01/01/2017.

The reduction of shareholders' equity due to a financial demerger which meets the requirements for the neutral tax regime set forth in chapter 7, title VII of the Spanish Corporation Tax Act, would not lead to the loss of the tax benefit of the capitalisation reserve.

For payments by instalment with a filing period commencing after 01/04/2017, it shall be compulsory for taxpayers with a net turnover of less than 10 million euros in the 12 months prior to the start date of the corresponding tax period, to provide notification of additional data.

The Company should file the Corporation Tax return for the period between 1 January and the date of winding up of the company. The return should be filed within the 25 calendar days of the 6 most following the winding up date, which marks the end of the tax period.