Regulatory Alerts2020-12-30
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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.
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