Here we refer the main innovations introduced by Law 27/2014, of 27 November, Corporation Tax.
This Act is divided into 9 titles, with a total of 132 articles, 12 additional provisions, 37 transient, a derogatory and 12 finals. Mentioned below the main innovations introduced by this Act in relation to the above.
• In the regulation of the taxable event, the concept of economic activity, no significant differences with respect to that used in personal income tax is incorporated.
• They join the Corporate Tax civil societies that have commercial form, which taxed as personal income taxpayers through income allocation scheme. This measure requires a transitional regime. Tax rates of tax are amended:
• The standard tax rate:
Decrease in overall rate of 30% to 28% in 2015 and 25% from 2016.
'Nevertheless, in the case of newly created entities, the tax rate remains at 15 percent for the first tax period in which obtained a positive tax base and the next.
He created two reserves for SMEs, so if both apply, may be reduced the tax rate to 20%, so:
-type Stands at 22.5% by applying leveling reservation.
If the reservation also applies capitalization stands at EL20%.
Credit institutions and exploitation of hydrocarbons: 30%.
• developments affecting the determination of the tax base are introduced:
He updates the accrual for the temporary assignment, the expenses are not deductible had not included in the tax base.
He simplify amortization tables, various traditional assumptions remain free depreciation, highlighting, above all, the one linked to the R D i.
He establishes new non-deductibility of any deterioration, with the exception of inventories and receivables and receivables.
• News on deductibility of certain expenses:
-Different accounting and tax treatment of equity, equity, hybrid instruments and disposable non-voting shares. Their accounting treatment has the characteristic of a liability and the cost is a financial cost, but tax is passed considered as equity and the cost will not be deductible.
He limits the tax deductibility of care to clients, to 1 percent of net revenues of the entity.
He limits the tax deductibility of interest expense.
• In the field of related party transactions:
- The documentation is a simplified entities or groups whose turnover is less than 45 million euros content.
- Restricting the scope of linking the concept of operation between partner and society linked to 25% of capital is limited
- The assumption made linking is recovered or, in other words, the exercise of power of decision of an entity over another
- The hierarchy of valuation methods containing the above regulation to determine the market value is removed, admitting additionally other alternative valuation methods and techniques, while respecting the principle of free competition. This law establishes specific valuation rules for the operations of the partners
professional societies, adjusted to reality
- Penalty system was modified by a less burdensome.
- Treatment of offsetting tax losses without time limit is modified, but with a general restriction of 60% of pre-tax basis to offset them with a minimum amount of 1,000,000 euros.
• New treatment of double taxation:
-This Act incorporates a system of general exemption for significant shareholdings, applicable both domestically and internationally, in this second area eliminating the requirement for the realization of economic activity, although a requirement of minimum tax that is established is incorporated at 10 percent nominal rate.
He equates to equate the treatment of income from participations in resident and non-resident entities, both in terms of dividends and transferring them.
• En materia de incentivos fiscales,
- The deduction for environmental investments.
- The reinvestment of extraordinary income.
- The deduction for investment in benefits.
- Tax incentives applicable to the events of exceptional public interest.
Ending the reinvestment of extraordinary income and deduction for investment profits, capitalization reserve which implies that companies can allocate to an exempt tax provision, own resources, up to 10% of the benefit achieved in listed fiscal year. This will promote entrepreneurial self-financing and reduce dependence on external resources.
Is maintained, and improvement:
– La deducción por I+D+i,
– La deducción por creación de empleo,
– La deducción por trabajadores con discapacidad,
- The deduction for investment in film productions and
audiovisuals. (2 flights 20% to a million and a 18% excess).
- For large international productions (15%). It can
monetizing as R & D
- Deduction for donations: The fidelizadas donations made by
legal persons shall be entitled to a deduction of 40
percent, while in 2015, that percentage is fixed at 37.5
• Special tax regimes are also subject to review
-Improvements In the tax consolidation regime.
-In The regime restructuring operations, is obliged to notify the Directors to carry out these operations, the tax treatment of goodwill melting away, the subrogation of the acquirer is set to the tax losses generated by a industry.
-The System of entities of small size is still setting on the net amount of turnover, but a reservation leveling tax losses representing a reduction of 10% thereof, with a limit of one million is created euros.
Entry into force January 1, 2015.
We hope it is of interest
HERRERA ECONOMISTS AND LAWYERS