Spain Gazettes Law Introducing New Rules of Interest Deduction Limitation, Amending Various Tax Measures

The Spanish Official Gazette May 25 published Law No. 13/2023, introducing new interest deduction limitation rules, and amending various tax measures. The decree includes measures: 1) allowing deduction on net financial expenses with a limit of 30 percent of the operating profit for the year; 2) providing that the net financial expenses of the tax period amounting to 1 million euros (US$1.06 million) will be deductible; 3) allowing taxpayers to carry forward the amount not deducted to the following tax periods, and difference for up to five years; 4) amending implementation of DAC6 to provide that an intermediary subject to ...