LAS DEDUCCIONES AUTONÓMICAS EN EL IRPF PARA INCENTIVAR LA ADQUISICIÓN DE ACCIONES O PARTICIPACIONES EN SOCIEDADES, LOS BUSINESS ANGELS Y EL MERCADO ALTERNATIVO BURSÁTIL

• Main Author: Lilo Piña Garrido
• Format: Article
• Language: Catalan
• Published: Institut d'Estudis de l'Autogovern 2011-04-01
• Series: Revista d'Estudis Autonòmics i Federals
• Subjects: autonomous communities; fi nancial autonomy; regulatorypowers; IRPF; business angels; Alternative Investment Market; freedom of establishment; free circulation of capital; State assistance
• Online Access: http://www10.gencat.cat/drep/binaris/_reaf13_Pina_tcm112-152634.pdf

The autonomous communities common system includes in its system of personalincome tax (IRPF) regulatory powers to govern deductions in the contributionfor carrying out “non-company investments”. Catalonia, Madridand Andalusia have made use of this possibility – and Galicia has announcedits intention to do so in the near future. The three autonomous communitiesmentioned above have approved a very similar measure to promote theactivities of business angels in their respective regions, and Catalonia andMadrid have added another to support investments in companies that arefl oated on the Alternative Investment Market. The two incentives consist inreduction in the contribution – 20% of the amount invested – which is recognisedfor physical persons who buy shares or social interests in the capital ofcertain types of organisation, with the aim of encouraging a certain classof investments and companies in the regions of the respective autonomouscommunity. The indirect and ultimate benefi ciaries are therefore the companies.This enables us to question whether this has gone beyond what ispermitted under the laws of tax cession of the State and the autonomouscommunities and if the important rules of Community Law such as thoseregulating freedom of establishment and circulation of capital (art. 49 y 63of the TFUE) and the prohibition of State assistance (art. 107 and ss. TFUE)have been respected.