New tax measures in Corporate Income Tax to revive economic activity.

The Royal Decree-Law 23/2020, of June 23, approving measures in the field of energy and other areas for economic reactivation, was published in the Official State Gazette (BOE) on June 24, 2020. This decree introduces two measures in the Corporate Income Tax: an increase in the deduction for technological innovation activities in production processes in the value chain of the automotive industry and freedom of depreciation in investments made in the value chain of electric, sustainable or connected mobility.

We inform you that in the Official State Gazette (BOE) of June 24, 2020 (and with effect from June 25) Royal Decree-Law 23/2020, of June 23, has been published, approving measures in the field of energy and in other areas for economic reactivation.

As regards the tax field and, specifically, Corporate Income Tax, two measures are introduced: an increase in the deduction for technological innovation activities in production processes in the automotive industry value chain and freedom of depreciation in investments made in the electric, sustainable or connected mobility value chain.

1. Deduction in Corporate Income Tax for technological innovation activities in production processes in the automotive industry value chain

With effect for tax periods beginning in 2020 and 2021 and with the aim of promoting investment in process innovation in the value chain of the automotive industry in Spain, the percentage of deduction for technological innovation is increased from 12 to 25%on the expenses made in carrying out these activities when their result is a technological advance in obtaining new production processes in the value chain of the automotive industry or substantial improvements to existing ones.

It is established as a necessary requirement for the application of this deduction that the entity has obtained a reasoned report on the qualification of the activity as a technological innovation whose result is a technological advance in obtaining new production processes in the value chain of the automotive industry or substantial improvements of those already existing.

2. Freedom of amortization on investments made in the electric, sustainable or connected mobility value chain

• Made available to the taxpayer in 2020
• In the 24 months following the start of the tax period in which they become operational, the average workforce must be maintained compared to that of 2019
• This does not apply to real estate
• The maximum investment amount to which the incentive applies is 500,000 euros
• The freedom of depreciation can be applied from the date the elements become operational, which must occur no later than the end of 2021
• A reasoned report issued by the Ministry of Industry, Tourism and Trade is required. This report must be requested within one month of the item being made available and must be issued within two months of the request. If the report was requested on time but is not yet available when the tax return is filed, the incentive may still be applied. If the incentive is ultimately denied, the corresponding tax plus late payment interest must be paid in the tax year in which the report is issued
• If the staff maintenance requirement is not met, it will be rectified in the year of non-compliance, and the corresponding amount amortized in excess plus late payment interest must be added to the quota

You can contact this professional office for any questions or clarifications you may have.

Warm regards,

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MGI Àmbit

A Àmbit Assessor, SL has 40 years dedicated to the tax, comptable and labor consultancy of the Pime.

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