The Ministerial Order approving the tax forms for the filing of Spanish Corporate income tax returns has recently been passed. It applies to fiscal years starting as of Jan. 01. 2014.
All companies having a fiscal year coinciding with the calendar year, will have to file these returns between the 1st and the 25th of July this year. This term is shortened to July 20th for companies electing for a direct debit of the tax due.
✔The approved forms are based on the regulations in force on Jan. 01, 2014: Form 200 (of general application) and Form 220, (applying to groups of companies having elected the special tax consolidation system).
As in previous years, it is mandatory to:
- File the Spanish corporate income tax returns electronically, (an electronic certificate is required).
- To inform, previously to the filing, of negative corrections to the result as well as of certain tax credits, with a minimum amount of 50,000.00 €.
✔The Spanish corporate income tax returns reflect the changes undergone in the tax regulations and applying to fiscal years 2014. We highlight the following ones:
- The extensions of certain tax measures to fiscal year 2014: the limitation to the offsetting of net operating losses to certain taxpayers; the limitation to the deduction of the so-called financial goodwill; the limitation to the deduction of goodwill arising from asset deals and mergers; the reduction of the limits to the tax quote applying on certain tax credits (reinvestment of extraordinary benefits) and the limitation of the deduction of intangible assets with indefinite useful life.
- The application of a reduced tax rate for micro companies maintaining or creating employment.
- The absence of taxation in debt capitalization, providing there has not been any previous acquisition by the lender, for a value different from their nominal value.
- The compatibility of the Social security costs reduction with the R&D tax credits, for small and reduced sized companies, having the obligation to file an annexed form.
✔ Given the short time-frame provided by the Spanish tax authorities between the approval of the forms and their filing deadline, it is highly advisable to know their regulations and functioning far in advance as possible.