Amount of deduction

For tax periods beginning on or after January 1, 2015, in order to mitigate the effects of the reduction in tax rates in the 2012 financial year balance sheet update, section 2 of the thirty-seventh transitional provision of the LIS established a new deduction on the full amount for taxpayers who pay taxes at the general corporate tax rate.

Thus, according to the provisions of the aforementioned provision, taxpayers who pay taxes at the general tax rate provided for in article 29.1 of the LIS who have benefited from the balance sheet update provided for in article 9 of Law 16/2012, of December 27, by which various tax measures aimed at consolidating public finances and boosting economic activity, will be entitled to a deduction in the full amount of 5 percent (2 percent for tax periods beginning in 2015) of the amounts that they include in the tax base of the tax period derived from the amortization corresponding to the net increase in value resulting from that update.