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Source: Arrabe Asesores 31 August 2011

New tax measures approved

RD-Law 9 / 2011 of 20 August

INCOME TAX

• Percentage calculated installments - TRLIS Art.45.3 MODE

Exhibition grounds: "temporarily raise the percentage to calculate the installments to be undertaken by large companies that billed more than 20 million euros, although in fact this rise is most noticeable in the case of those whose annual turnover exceeds the number sixty million euros "

Measures with exclusive tax periods that start in the years 2011, 2012 and 2013:
Trading Volume for the 12 months beginning pi: MODE PERCENT ART.45.3 installment payment calculation
NO exceeds € 6,010,121.04 optional Multiply by 5 / 7 the tax rate rounded down
OVER € 6,010,121.04 net mandatory business figure in the 12 months beginning pi
<€ 20 million => 20 million € e <€ 60 million => 60 million €
Multiply by 5 / 7 Multiply by 8 / 10 Multiply by 9 / 10

The provisions of this paragraph shall not apply to installment payments which the reporting period has expired the entry into force of this Royal Decree-law (20-08-211)

• Limits of application in time to offset Tax losses from prior years - TRLIS Art.45.3 MODE

Measures with exclusive tax periods that start in the years 2011, 2012 and 2013:
Trading Volume for the 12 months beginning pi: LIMITATION ON COMPENSATION OF art.25 Tax losses TRLIS
OVER € 6,010,121.04 net business figure in the 12 months beginning pi
<€ 20 million => 20 million € e <€ 60 million => 60 million €
Unlimited 75% limit b.i. limit such compensation prior to 50% bi prior to such compensation

• Extension of the limit of compensation of tax losses of 15 to 18 years

Modifying effects TRLIS art.25.1 for taxable periods beginning on or after 01/01/2012

Reason: "this extension will benefit all types of entities, including small size Companies"

Art.25.1. "The tax loss carryforwards that have been liquidated or self-assessment can be offset against positive income of the tax periods ending in the immediate and subsequent 18 years"

• Limit application to deduct temporary financial goodwill in non-residents:

Measures with unique effects for p.i. are initiated within the years 2011, 2012 and 2013:

Reason: "a limit, also temporary in application to the deduction of financial goodwill, which for three years may be deducted at a rate lower than usual but, given the legal drafting, the deduction will not prevent final those amounts at a later time. "

The deduction of the difference referred to the art.12.5 TRLIS (Value adjustments, impairment loss on revalued assets, securities representing the share capital of non-resident in Spanish territory, whose income eligible for exemption in art. 21 of this Act), which is deducted from the taxable income in the tax periods beginning in 2011, 2012 or 2013, is subject to annual limit of one hundredth of the amount.

VALUE ADDED TAX

Rate applicable to the delivery of housing (4%)

Reason: "... adopting a measure that temporarily ... Thus, in effect exclusive to December 31, 2011 deliveries of residential properties will benefit from the tax the super-reduced rate of 4% instead of the usual 8%.

With effect from the entry into force of this Royal Decree-Law (20-08-2011) and effect only until 31.12.2011 will apply the reduced rate of 4% VAT on supplies of goods to which referred art.91.Uno.1.7 of Law 37/1992.

The Art.91.Uno.1.7 º refers to:

"The buildings or parts thereof suitable for use as dwellings, including garages, with a maximum of two units, and annexes which are located to be transmitted together.
With regard to this Act shall not be regarded exhibits to the local business houses, but are transmitted together with the buildings or part thereof for housing.
Buildings will not be considered suitable for use as housing buildings intended for demolition to in Article 20, paragraph one, number 22, part A, letter c of this Act ".

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