Law 14/2013, dated 27 September, on supporting entrepreneurs and their internationalisation (Official State Gazette of the 28th)

Law 14/2013, dated 27 September, on supporting entrepreneurs and their internationalisation, establishes a new deduction for investment of profits for those organisations that have the status of small companies, linked to the creation of an unavailable commercial reserve.This measure means reduced taxation for the part of the business' profits that is destined for investment, compared to those profits that are distributed, and therefore the former will, generally, be subject to a tax rate of fifteen percent.The purpose of this measure is to encourage business capitalisation and investment in new tangible assets or property investments related to economic activities.

Additionally, taking into account the need to improve the practical application of tax incentives linked to research and development activities, the option has been established to apply this deduction without any limit in the total tax due of the Corporation Tax, and, if applicable, proceed to its payment, with a total maximum limit of 3 million euros annually, although with a discount rate with regard to the amount first provided for in the deduction.This possibility requires a continued maintenance in the carrying out of these research and development activities and of the level of staff, with the aim of being available for those organisations that are true pioneers in this type of activity in our country.

Likewise, the tax system applicable to income proceeding from specific intangible assets is modified, so as to be similar to existing systems in neighbouring countries.Thus, we intended for the incentive to fall on the net income derived from the transferred assets and not on the income proceeding from said assets, preventing possible cases of a lack of taxation unwanted by the regulation.Also, the application of the tax system is extended substantially for assets that are generated in the transferring entity and for cases of transfer of intangible assets.Finally, for the sake of providing legal security in the application of this incentive, taxpayers may request from the Tax Agency previous agreements on the qualification of assets as valid for the purpose of this tax system as well as the valuation of income and expenses related to its transfer, or only on the valuation of the aforementioned income and expenses.

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