The European Commission has approved a Spanish tax system for the early depreciation of the cost of certain assets acquired through finance leasing.

The Commission has ruled that the scheme, which allows the cost of certain assets acquired through leasing to become tax deductible as soon as their production begins rather than when they begin commercial use, is not in breach of EU rules on state aid as it is not selective.

The system is in addition to the current scheme which allows Spanish taxpayers to accelerate the deduction of costs in line with lease payments.

The new rules apply to all types of assets acquired through leasing, regardless of where they are manufactured, provided they are not mass-produced but are made according to the customer’s specifications and take at least a year to produce.

Joaquín Almunia, Commission vice president in charge of competition policy, said: "This new, non-selective scheme will, in particular, make it possible to address the concerns of the Spanish shipbuilding sector without distorting competition in the EU Single Market".

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.