Tax Law

Balance sheet regulation under state and Basque charter regulations. Pedro San Jose Belmonte. Attorney at law. Consolidated Group Tax Department. BC Barcelona and Patxi Azpiri Albistegui. Attorney at law. Tax Department. BC Bilbao

BALANCE SHEET REGULATION UNDER STATE REGULATIONS

The BOE of 21 December 1996 published the statutory rules on balance sheet regulation, in Royal Decree 2607/1996, of 20 December, developing article 5 of Royal Decree-Law 7/1996, of 7 June.

On 15 January 1997, the BOE also published the Order of 8 January 1997, approving the declaration/assessment forms for the single tax on reappraisal which must be paid by Corporate Income Taxpayers (form 208).

The objective of this article is to provide information on the essential aspects of balance sheet regulation for 1996, without going into subjective considerations of whether or not it is of interest to reappraise, since this will depend on each particular case and is basically a question of "doing sums".