La no sujeción a operaciones societarias de las reestructuraciones empresariales y su influencia en la aplicación del artículo 108 de la Ley del Mercado de Valores

Abstract

Law 4/2008 declares does not hold the operations of restructuring to the tax of Companies Operations Tax while the General Direction for Taxes defends the application of the clause of the article 108 of the Law of the Market of Values to the transmissions of shares in the operations of restructuring.
The article 108 of the Securities Market Act is a special anti-avoidance clause that determines the application of the modality of Patrimonial Onerous Transmissions Tax to the transmission of certain values. The interpretation of the Administration according to which this clause can be applied to operations taxed in the modality of Companies Operations is opposite to the nature of a special clause and to the Community Law.