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Tax Newsletter - December 2020

Spain - 

Late-payment interest charged by the tax authorities is deductible

For some years the tax authorities and the courts have upheld as a general rule that late-payment interest was not deductible for corporate income tax purposes before the current Corporate Income Tax Law (Law 27/2014, of November 27, 20109) whereas it was deductible after that law came into force. The National Appellate Court has now come to the opposite conclusion.

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