Limits of offsetting negative tax bases

Negative tax bases that have been subject to liquidation or self-assessment may be offset against positive income from tax periods with a limit of 70 percent of the base prior to the application of the capitalization reserve and its offset.

As established in the Fifteenth Additional Provision of the LIS , for taxpayers whose net turnover is at least 20 million euros during the 12 months prior to the date on which the tax period begins, the 70 percent limit will be replaced by the following:

• 50 percent , when in the referred 12 months the net amount of the turnover is at least 20 million euros, but less than 60 million euros.

• 25 percent , when in the referred 12 months the net amount of the turnover is at least 60 million euros.