## [Tax Commentary 7-2014](/en_GB/new/tax-commentary-7-2014) # Tax Commentary 7-2014 11 / 27 / 2014 - - [](https://www.linkedin.com/sharing/share-offsite/?url=https://www.garrigues.com/en_GB/new/tax-commentary-7-2014) - []() - []() Previous Next [Download Tax Commentary 7-2014 ![](/themes/custom/garriguestheme/img/iconos/arrow-right.svg)](Tax-Commentary-7-2014.pdf) TAX REFORM The new Corporate Income Tax Law Corporate Income Tax Law 27/2014, of November 27, 2014 (“Law 27/2014” or the “New Law”) was published in the Official State Gazette on November 28, 2014 and replaces the former law on this tax, the revised Corporate Income Tax Law (the “Revised Law”), approved by Legislative Royal Decree 4/2004, of March 5, 2004. Unlike what has occurred with other taxes, the much-discussed corporate income tax reform has not translated into the amendment of certain articles in the existing law but rather into the emergence of a completely new law repealing the former one. Corporate income tax is a direct tax of a personal nature that is levied on the income of legal entities. The New Law maintains the basic structure of the tax, in which the tax base is determined by income/loss per books. As indicated in its preamble, Law 27/2014 stems from an overhaul of the former law, which was full of ad hoc amendments introduced, particularly in recent years, and includes a raft of new provisions. Because of its significance, we have been following this new law’s passage through parliament and we have published a commentary with the main new features contained in its preliminary bill and another with the new features included in the bill. In this commentary we now take a look at the definitive wording of the law. ### Contacts ![Eduardo Abad Valdenebro - Garrigues](/sites/default/files/styles/medium/public/team/photo/Eduardo_Abad_Valdenebro_en_20260611.jpg?itok=XJmuqiG8) [Eduardo Abad](/en_GB/team/eduardo-abad-valdenebro) ![](/themes/custom/garriguestheme/img/iconos/email-contacto.svg)[Contact]() - +34 91 514 52 00 [Madrid](https://www.garrigues.com/en_GB/office/madrid) ![Foto del socio](/sites/default/files/styles/medium/public/team/photo/abigail_blanco_vazquez_en_20230601.jpg?itok=CLrUmt_-) [Abigail Blanco](/en_GB/team/abigail-blanco-vazquez) ![](/themes/custom/garriguestheme/img/iconos/email-contacto.svg)[Contact]() - +34 91 514 52 00 [Madrid](https://www.garrigues.com/en_GB/office/madrid) [Find more professionals](../team) ### Related services - [Tax ](/en_GB/services/tax) - ## Find a publication - [Administrative and Constitutional Law](/en_GB/markdownify/node/4866?f%5B0%5D=service%3A1422) - [Agribusiness and Food](/en_GB/markdownify/node/4866?f%5B0%5D=service%3A1417) - [Automotive](/en_GB/markdownify/node/4866?f%5B0%5D=service%3A1419) - [Banking and Finance](/en_GB/markdownify/node/4866?f%5B0%5D=service%3A1443) - [Corporate and M&A](/en_GB/markdownify/node/4866?f%5B0%5D=service%3A1441) - [Corporate Governance and Sustainable Development](/en_GB/markdownify/node/4866?f%5B0%5D=service%3A12823) - [Criminal Law and Internal Investigations](/en_GB/markdownify/node/4866?f%5B0%5D=service%3A1434) - [Data Economy, Privacy and Cybersecurity](/en_GB/markdownify/node/4866?f%5B0%5D=service%3A10913) - [Dispute Resolution: Litigation and Arbitration](/en_GB/markdownify/node/4866?f%5B0%5D=service%3A1412) - [Energy](/en_GB/markdownify/node/4866?f%5B0%5D=service%3A10916) - [EU and Antitrust Law](/en_GB/markdownify/node/4866?f%5B0%5D=service%3A1416) - [Family Business](/en_GB/markdownify/node/4866?f%5B0%5D=service%3A1413) - [Fashion Law](/en_GB/markdownify/node/4866?f%5B0%5D=service%3A1435) - [Financial Regulation](/en_GB/markdownify/node/4866?f%5B0%5D=service%3A10915) - [G-advisory](/en_GB/markdownify/node/4866?f%5B0%5D=service%3A12821) - [Human Capital Services](/en_GB/markdownify/node/4866?f%5B0%5D=service%3A1431) - [Infrastructure](/en_GB/markdownify/node/4866?f%5B0%5D=service%3A10914) - [Insurance](/en_GB/markdownify/node/4866?f%5B0%5D=service%3A1438) - [Intellectual Property](/en_GB/markdownify/node/4866?f%5B0%5D=service%3A1421) - [Labor and Employment](/en_GB/markdownify/node/4866?f%5B0%5D=service%3A1424) - [Life Sciences and Healthcare](/en_GB/markdownify/node/4866?f%5B0%5D=service%3A1429) - [Media and Entertainment](/en_GB/markdownify/node/4866?f%5B0%5D=service%3A1433) - [Planning, Zoning and Environment](/en_GB/markdownify/node/4866?f%5B0%5D=service%3A1444) - [Private Equity](/en_GB/markdownify/node/4866?f%5B0%5D=service%3A1439) - [Real Estate](/en_GB/markdownify/node/4866?f%5B0%5D=service%3A10927) - [Restructuring and Insolvency](/en_GB/markdownify/node/4866?f%5B0%5D=service%3A1420) - [Securities Markets](/en_GB/markdownify/node/4866?f%5B0%5D=service%3A1442) - [Sports](/en_GB/markdownify/node/4866?f%5B0%5D=service%3A1430) - [Startups & Open innovation](/en_GB/markdownify/node/4866?f%5B0%5D=service%3A1426) - [Sustainability](/en_GB/markdownify/node/4866?f%5B0%5D=service%3A10921) - [Tax](/en_GB/markdownify/node/4866?f%5B0%5D=service%3A1425) - [Technology, Communications and Digital](/en_GB/markdownify/node/4866?f%5B0%5D=service%3A1436) - [Tourism and Hotels](/en_GB/markdownify/node/4866?f%5B0%5D=service%3A1432) - [Transport, Logistics and Shipping](/en_GB/markdownify/node/4866?f%5B0%5D=service%3A1428) Facet Services detail - [Publications](/en_GB/markdownify/node/4866?f%5B0%5D=publication_type%3A794) - [Newsletters](/en_GB/markdownify/node/4866?f%5B0%5D=publication_type%3A107) - [Garrigues collection](/en_GB/markdownify/node/4866?f%5B0%5D=publication_type%3A101) - [Laws: amendments at a glance](/en_GB/markdownify/node/4866?f%5B0%5D=publication_type%3A104) - [News](/en_GB/markdownify/node/4866?f%5B0%5D=publication_type%3A105) Facet Publication type detail Min Max ## News search engine