The accounts of participants in sicavs fall 61% in 2022 and their assets 45%

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The accounts of participants in investment companies (sicavs) they fell 61.4% in 2022to stand at 139,962 compared to 362,909 at the end of the previous year, while its assets fell 45%, to 16,092 million, compared to 29,247 million in 2021according to the latest data published by Inverco.

This situation is a consequence of the entry into force on January 1, 2023 of the Law on measures to prevent and combat tax fraud, which establishes new conditions for sicavs to continue paying 1% corporate tax, such as each of its at least 100 members reach a minimum investment of 2,500 euros. If this requirement is not met, they will have to pay 25% of their benefit.

The regulatory change established a transitional regime during the past year by which the dissolution and liquidation of these companies can be agreed without tax costs and defer the taxation of the profits derived from the liquidation, provided that the shareholders reinvest all of their liquidation quota in other Spanish collective investment institutions (IIC).

Specifically, the companies had until December 31, 2022 to agree to their dissolution and until June 30, 2023 to carry out the legal acts and transactions necessary to liquidate the company until its registration cancellationbeing able to extend until July 31, 2023 the reinvestment of the quotas if they accept the transitional regime.

According to the calculations of the National Securities Market Commission (CNMV) at the end of March of last year, 77% of variable capital investment companies (sicav) planned to liquidate or transform before the new tax change, while 20.4% planned to continue as a sicav and 3% had not yet taken any decision on that date.

In October, the body urged 1,803 sicavs to cancel their records “with the as far in advance as possible” after having shown their intention to carry out this procedure. As of that date, only 507 companies had been dissolved.

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