The approval of the amending taxation measures, among others, income tax and corporation tax: Law 16/2013, of 29 October

The economic reality shows that, despite the efforts made during 2012 in order to lay the foundations for the consolidation of public finances, the achievement of this goal requires even additional measures, supplementing those already implemented, and help to advance the path begun.

To this end, this Act introduced several changes in the tax regulations, primarily in the regulation of corporate income tax, which affect, in addition to the aforementioned tax, in the field of Income Tax of Individuals, Resident Income Tax, Wealth Tax and certain local taxes.

In relation to income tax, as a new substantial, establishing the non- deductibility of the impairment of shares in the capital or equity of entities as well as negative income generated during the maintenance term permanent establishments located in abroad . Both measures aim to avoid double deductibility of losses, at first, the seat of the entity or permanent establishment that produces them, and, in a second, the seat of the investor or home centre. With this measure, the tax legislation of income tax approaches that of neighbouring countries, allowing greater comparative and tax competitiveness on these.

This change is accompanied by a transitional regime that provides for the recovery in taxable corporate income tax impairments of value of units and the negative income of permanent establishments that have been tax deductible, through increased funding own or distribution of results, in the first case , and obtaining positive income similar to the previous regime , in the second case .

Additionally, the commitments agreed Stability, require an extension, for the years 2014 and 2015, a portion of the temporary measures already incorporated by Royal Decree -Law 12/2012, of March 30 , laying introducing various tax and administrative measures aimed at reducing the budget deficit , and Royal Decree -Law 20/2012 , of July 13 , of measures to ensure fiscal stability and promoting competitiveness . This is the case of the limitation on compensation of tax losses, the limitation on tax deductibility of goodwill in its different versions and intangible assets with indefinite useful lives , and the limit in the application of tax credits to encourage certain activities, in each tax period.

For the same reasons, renewing for the same years, the inclusion in the basis of partial payments to be made in the aforementioned exercises, 25 percent of the dividends and income that come from the transfer of shares that are entitled to the regime exemption and establishing certain minimum payment by instalment based on the accounting profit, but only for large companies. It are also extended to 2014, the corresponding to the increased rate instalments.

Moreover, establishing the indefinite term of investment tax credits in film and audiovisual series, and extending the basis of this deduction, including prints and advertising costs charged to the producer.

It also alters the current regulation bonus income obtained in Ceuta and Melilla, in order to equate to that in the field of natural persons and establishing minimum rules to facilitate practical application of the bonus.

Apart from the above , provides an extension to the lease contracts whose duration is annual periods beginning on the years 2012-2015, the exemption under VAT legislation regarding the character constant or increasing of the party corresponds to well- cost recovery in leasing fees , as the current situation is forcing the tenants of these contracts to modify its terms.

Finally, imposing a specific tax regime for the Asset Management Company Bank Restructuring, in order to equate, in the application of certain tax measures, with credit institutions, thereby eliminating distortions generated in the operations of the entity, as a result of not having this configuration from the point of view of substantive regulation .

Regarding the Income Tax of Individuals , introduced various modifications in tune with others that are included in this Act in the area of income tax, as well as those resulting from the regulation for establishing called " omnibus accounts " latter reason also explains the modifications are incorporated into the Income Tax non-Resident. The amendments, applicable from January 1, 2014, affecting the following articles of Law 35/2006 of 28 November:

- Article 30.2 is added a section 6: Do not be applicable to the provisions of letter k) of Article 14.1 of the Consolidated Text of the Corporate Income Tax Act.

- Amending letter b ) of paragraph 2 of Article 96, which shall read as follows: b) Income from capital upright and capital gains subject to withholding or payment on account , with the limit set of 1,600 per year .

- Is amended third paragraph 4 of Article 100, which reads as follows: "They will also be subject to this reporting requirement management companies of collective investment institutions and trading companies in respect of such shares and institutions included in their records of unit holders.”

- Amendment of paragraph 1 of the thirteenth additional provision, which reads as follows: "1. Regulations may establish obligations to supply information to the managers of collective investment schemes , investment societies , to the distributors in Spanish territory shares or units of collective investment schemes domiciled in Spain or abroad , and to representative appointed in accordance with the provisions of Article 55.7 and the second additional provision of Law 35/2003 , of 4 November, on Collective Investment Schemes , acting on behalf of the management company operating under the freedom to provide services , regarding transactions in shares or units of such institutions , including information available on the outcome of the buying and selling of those . "