{"id":21372,"date":"2023-03-02T09:14:48","date_gmt":"2023-03-02T09:14:48","guid":{"rendered":"https:\/\/www.pbs.es\/?p=21372"},"modified":"2023-03-02T10:43:23","modified_gmt":"2023-03-02T10:43:23","slug":"spanish-encashment-of-tax-credits","status":"publish","type":"post","link":"https:\/\/www.pbs.es\/en\/spanish-encashment-of-tax-credits\/","title":{"rendered":"Good news for the Spanish encashment of tax credits"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/www.pbs.es\/wp-content\/uploads\/2023\/03\/deducciones-tributacion-minima.jpg\" alt=\"Good news for the Spanish encashment of tax credits\" width=\"1200\" height=\"450\" class=\"aligncenter size-full wp-image-21368\" srcset=\"https:\/\/www.pbs.es\/wp-content\/uploads\/2023\/03\/deducciones-tributacion-minima.jpg 1200w, https:\/\/www.pbs.es\/wp-content\/uploads\/2023\/03\/deducciones-tributacion-minima-980x368.jpg 980w, https:\/\/www.pbs.es\/wp-content\/uploads\/2023\/03\/deducciones-tributacion-minima-480x180.jpg 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) and (max-width: 980px) 980px, (min-width: 981px) 1200px, 100vw\" \/><\/p>\n<p>Spanish Corporate Income Tax requires large enterprises and tax consolidation groups to pay a minimum taxation of 15%, which limits the application of tax credits to foment certain economic activities (such as R&#038;D and Technological Innovation, film productions, audio-visual series, and live shows).<\/p>\n<p>The Spanish General Directorate of Taxes has clarified, through its recent binding resolutions V0308 \u2013 23 and V0309 \u2013 23, that the encashment of such tax credits is compatible with the minimum taxation. This is good news, given the interpretation doubts that the wording of this Law had generated.<\/p>\n<ul>\n<li>With effect for fiscal years starting as of January 1st, 2023, a minimum effective rate applies in Spanish Corporate Income Tax (CIT) for taxpayers whose turnover is, at least 20 million euros during the 12 months prior to the fiscal year beginning or that are subject to the tax consolidation scheme, regardless of their net turnover. In such cases, Spanish CIT cannot be lower than the result of applying 15% to the taxable result, increased or decreased due to the application of certain reserves. It should be recalled that the standard CIT rate in Spain is 25%.<\/li>\n<li>Certain tax reliefs (such as those for companies engaged in the rental of dwellings), as well as tax credits to avoid double taxation, may be applied, even if the CIT quote (\u201cNet tax\u201d) after such deductions is lower than 15%.<\/li>\n<li>However, tax credits for R&#038;D and TI, incentives for film productions, audio-visual series, and live shows, as well as for the creation of employment, shall only apply if such net tax exceeds 15% of the taxable base and only up to such 15%. Because of this, this new measure has meant a limitation in the application of these tax incentives. <\/li>\n<li>Now that most of the affected companies are completing their fiscal year closing, the Spanish General Directorate of Taxes has clarified, in two binding consultations, that taxpayers electing to be paid back the tax credits fomenting certain business activities (R&#038;D and TI, film productions, audio-visual series, and live shows) shall not be affected by this minimum tax. Hence, when the net tax is calculated, taxpayers shall be entitled to apply the tax credits (in the case of R&#038;D and TI, with a 20% discount) and apply to the tax authorities for the encashment of the non-deducted tax credit amount due to insufficient tax liability.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Spanish Corporate Income Tax requires large enterprises and tax consolidation groups to pay a minimum taxation of 15%, which limits the application of tax credits to foment certain economic activities (such as R&#038;D and Technological Innovation, film productions, audio-visual series, and live shows). The Spanish General Directorate of Taxes has clarified, through its recent binding [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":21369,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1337,1348],"tags":[1359,1372],"class_list":["post-21372","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","category-taxation","tag-fiscalidad","tag-fiscalidad-en"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Good news for the Spanish encashment of tax credits - PBS.ES<\/title>\n<meta name=\"description\" content=\"Spanish Corporate Income Tax requires large enterprises and tax consolidation groups to pay a minimum taxation of 15%, which limits the application of tax\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.pbs.es\/en\/spanish-encashment-of-tax-credits\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Good news for the Spanish encashment of tax credits - 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