Tax update 3rd Quarter 2021

Tax update 3rd Quarter 2021
CORPORATE INCOME TAX (“CIT”)
> Spanish Supreme Court judgment on the deduction of advertising costs to promote events of exceptional public interest
> Spanish Supreme Court judgment on offsetting tax loss carryforwards
> Central Economic and Administrative Tribunal (“TEAC”) resolutions refining the criteria on offsetting tax loss carryforwards
> General Directorate of Taxes (“DGT”) resolution on the effects on the capitalization reserve of distributing interim dividends charged against the profits for the financial year
> DGT resolution on transferring shares in a company engaging in the production, transmission and distribution of electricity
> TEAC resolutions on the maximum amount for offsetting tax loss carryforwards in corporate income tax payments on account
PERSONAL INCOME TAX (“PIT”)
> Spanish Supreme Court judgment on the calculation base for the deductible expense of annual depreciation of a property acquired free of charge
> Judgment of the National High Court. Residence of spouse and underage children
PROPERTY TRANSFER TAX AND STAMP DUTY (“ITPAJD”)
> Binding resolution of the DGT on the taxable base for stamp duty on novations of mortgage loans involving the extension of the maturity date
> Spanish Supreme Court order on canceling a financial lease due to the early exercise of the purchase option
VALUE ADDED TAX (“VAT”)
> Spanish Supreme Court judgment on banning the vertical direct effect of EU directives
> TEAC resolution extending to collective investment funds its doctrine on the unlawfulness of including pension funds in the Register of Large Enterprises (Registro de Grandes Empresas) CJEU judgment on Case C-294/2020, of September 9
OTHER DEVELOPMENTS Form 720: potential breach of EU law
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