Investment in films and events: the new financing agreement of article 39(7) of the Corporate Income Tax Act

February 22, 2021

By: Ismael GonzálezJorge Monclús y Luis Miguel Trasanco

To apply tax deductions in Spanish audiovisual productions and live events more effectively, Republican Party Esquerra Republicana submitted amendment 3090 to the draft bill of the 2021 General State Budget Act(LPGE), currently going through parliamentary process. This amendment introduces an innovative transfer scheme for tax credits governed by articles 36(1) and 36(3) of the Corporate Income Tax Act (CIT Act) by introducing alternative schemes already applicable in territories with a special tax status like Navarre (including audiovisual productions) and the provincial councils of Bizkaia and Gipuzkoa (regarding tax deductions for R&D&I) in the Spanish general tax regime.

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