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.
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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".
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