Key points of the new Tax Fraud Law

nueva ley fraude fiscal

Law 11/2021 of 9 July 2021 was published on 10 July 2021, but many companies still have doubts about the measures taken. What are the key points to bear in mind regarding the new Tax Fraud Law? Find out about some of the points relating to this current regulation and its implications for companies.

3 key points about the new Tax Fraud Law

1. Income from real estate capital: reduction for the rental of property used as a home

The law establishes a 60% reduction for the determination of the net yield of real estate capital, in cases of rental of housing in the IRPF (Personal Income Tax). One of the novelties is that the new tax fraud law clarifies the meaning of ‘declared income’.

The reduction can only be applied to the positive net yield calculated by the taxpayer in his tax return or self-assessment and cannot be applied to the positive net yield determined by the Administration in the processing of a verification or inspection procedure, even when the taxpayer has collaborated with his declaration or acceptance during the processing of the procedure.

2. Open-ended investment companies (SICAV): New requirements for applying the reduced rate of 1% and transitional regime applicable to their winding-up and dissolution

Article 29.4.a) of the Corporate Tax Law is amended, which establishes the application of a 1% rate to SICAVs that comply with the minimum number of shareholders required by their regulatory rules (in general, 100 shareholders).

How are shareholders counted? Only those who hold shares of 2,500 euros or more will be taken into account. In addition, in the case of compartment SICAVs, only those who hold shares of EUR 12,500 or more will be counted.

In addition, the requirement regarding the minimum number of shareholders must be met for at least three quarters of the tax period. The new rules exclude from these new rules companies that are not listed on the stock exchange (Corporate Tax Law), companies whose shareholders are exclusively other CISs (Master-Feeder) and ETFs.

3. Regulatory change affecting the accrual of interest for late payment

Article 26.2 f) of Law 58/2003 of 17 December 2003 on General Taxation, hereinafter GTL, has been amended to read as follows:

“When the taxpayer has obtained an unjustified refund, unless they voluntarily regularise their tax situation without prejudice to the provisions of section 2 of article 27.2 of this law relating to the filing of extemporaneous returns without prior request”.

With the new wording, since the entry into force of the Law, the surcharge of Article 27 of the GTL is required as follows:

– For the part of the refund, from the date of reimbursement.

– For the remainder, from the end of the tax return period.

Under the regime prior to the entry into force of the law, interest was charged on the part of the refund (i.e. on the part of the unduly obtained refund) and surcharges under article 27 of the GTL for the excess.

These are just some of the key points to bear in mind, but there are many more that can be seen in the full regulations. To resolve the most common doubts, it is possible to consult this official Tax Agency document with answers to frequently asked questions.

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