Regulatory Alerts2020-12-30
Royal Decree 1178/2020, of December 29, amending the Corporate Tax Regulation approved by Royal Decree 634/2015
The Spanish Ministry of Finance issued Royal Decree 1178/2020 to amend the Corporate Tax Regulation, aligning it with Bank of Spain Circular 4/2017 and EU Directive 2016/881 regarding country-by-country reporting. The decree updates the deductibility rules for impairment losses on credit risks for financial entities and clarifies the obligations for multinational groups to submit country-by-country information to Spanish tax authorities. These changes ensure compliance with international standards on automatic information exchange and provide precise regulatory definitions for credit risk coverage and asset impairment deductions.
Share