The Spanish law 11/2021 of 9 July on measures to prevent and
counter tax fraud, transposing Council Directive (EU) 2016/1164 of
12 July 2016 laying down rules against tax avoidance practices that
directly affect the functioning of the internal market, amending
various tax rules and on the regulation of gambling (the
"Law"), entails a substantial change for Spanish
open-ended investment companies with variable capital (SICAVs).
This Law, among other things, introduces new requirements for
Spanish SICAVs to continue to benefit from the 1% corporate income
tax rate.
Prior to the transposition of the Law, SICAVs with at least 100
shareholders benefited from a 1% corporate income tax in accordance
with article 29.4.a) of the Spanish law 27/2014, of 27 November, on
Corporate Income Tax (Ley del Impuesto sobre Sociedades),
the verification of which was the responsibility of the CNMV.
