For taxpayers whose tax coincides with the calendar year (most companies), the deadline for filing the corporate income tax return (forms 200 and 220) will be from July 1 to July 25, 2025, both inclusive.
If the payment is made by direct debit, it must be made between July 1 and July 20.
Filing is mandatory, even if no activity has been carried out or no income has been obtained during the year.
Main new regulations applicable for the fiscal year 2024
- Freedom of amortization for green investment
The possibility of freely amortizing investments in energy self-consumption facilities (electric or thermal) using renewable sources is extended, if they replace facilities with fossil origin. This measure, initially foreseen with accelerated amortization, has been modified by Royal Decree-Law 4/2024, granting greater tax flexibility to this type of investment.
- Minimum rate of 15% for large groups
Multinationals and large groups with revenues equal to or greater than 750 million euros must apply, as a minimum, an effective rate of 15% in the consolidated IS.
- Limitation on the deductibility of financial expenses.
- The exception that allowed mortgage securitization and asset securitization funds to deduct financial expenses without restrictions is eliminated.
- Changes in the deduction for donations (Patronage Law)
The deduction percentages are increased: from 35 % to 40 % in general, and up to 50 % in the case of recurring donations. In addition, the deduction limit on the taxable base increases from 10 % to 15 %.
- Reintroduction of tax measures annulled by the TC
Law 7/2024 reintroduces with effect from January 1, 2024 some measures of RDL 3/2016 that had been declared unconstitutional. They affect, among others, the compensation of negative tax bases and the reversal of impairments of fiscally deductible values in periods prior to 2013.
- Limit to the compensation of individual BIN in tax groups.
The 50% limit on the integration of individual tax losses within tax groups is extended until 2025, with exceptions for foundations. The amounts not computed must be integrated by tenths in successive periods starting from 1-1- 2025 and 1-1-2026.
Tax recommendations to optimize the liquidation
Check of tax adjustments
Review the differences between accounting and tax regulations to avoid surprises in the off-accounting adjustments, especially in income and expenses with different treatment.
Depreciation
Free depreciation is allowed for new tangible fixed assets with a unit value of less than €300, up to an annual maximum of €25,000, and for tangible and intangible fixed assets, excluding buildings, used for R&D.
Non-deductible expenses
Check the accounting expenses that are not deductible for tax purposes or whose deductibility is limited (remuneration of shareholders’ equity, donations and gifts, financial expenses, etc.). Expenses for services to customers or suppliers are limited to a deduction of 1% of the net turnover of the tax period itself. The compensation to directors for the performance of senior management functions, or other functions derived from an employment contract with the entity, will be deductible.
Capitalization and equalization reserves
Entities taxed at the general rate may apply the capitalization reserve, reducing their taxable income by 10% of the amount of the increase in their equity to the extent that this increase is maintained for a period of 5 years and a reserve is set aside for the amount of the reduction, duly separated and unavailable during these 5 years, except in the case of accounting losses.
Small companies can also apply the equalization reserve, reducing up to 10% of their taxable income with a maximum of 1 million euros.
Compensation of negative taxable income (BIN)
Although the time limit has disappeared, there are still restrictions depending on the size of the company:
Up to 1 million euros: free compensation. From that amount, 70% of the taxable income prior to the application of the capitalization reserve.
- Between 20 and 60 million INCN: limit of 50%.
- More than 60 million: 25% limit.
Deductions for incentivized activities
Check if you can apply deductions for R&D&I, job creation, live shows or audiovisual productions. The general limit is 25%, extendable to 50% if the R&D expenses exceed 10% of the gross tax liability.
For more information, please consult with Tax consulting
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