25% of hydrocarbon sales and storage services, limited to 50% of the taxable income prior to this reduction.
40% of the taxable income prior to this reduction.
depletion allowance: requirements
Investment in exploration, research and production activities of fields or storage sites within Spanish territory in the subsurface of Spanish territorial waters or on the parts of the seafloor under jurisdiction of the Kingdom of Spain, within ten years counting from the conclusion of the tax period in which the taxable base income was reduced.
Increase of the reserve funds of the company each tax period by the amount of the reduction of the taxable income.
defletion allowance: noncompliance
If the company, in ten years´ time, has not invested, at all or has done so insufficiently, the amount faulting will be added to the taxable base of the tax period in which the end of the time limit for the investment falls and will also be liable for paying all corresponding late payment interests.
amortisation of immaterial investmeNts and research (exploration) expenses
Maximum 50% annually. There is no limit to the amortisation period.
compensation of negative taxable income
Negative taxable income may be compensated for by reducing the taxable income of the following tax years up to a limit of 50% of each of them.
Note: the above information is a summary of the main tax and economic principles taken from current Spanish legislation and is only meant to orientate the reader. SHESA is not responsible the use or interpretation of these data.
