To all who present it and understand it.

Sabed: That the General Courts have approved and I come to sanction the following Law.

PREAMBLE

I

The search for constant improvements in the well-being of citizens requires the impetus of new investment models that provide an adequate response to the constant needs of the market, in order to maintain its dynamic and minimize the negative impacts of economic cycles, in a way that favors the continued economic integration of our country in a globalized environment. The real estate market is one of the most developed and mature of the Western economies, and demands with more intensity measures that allow, as far as possible, to provide liquidity to the real estate investments, being this a market It is a percentage of the gross domestic product of the advanced economies of the advanced economies by a percentage of about 10 percent, although in Spain this percentage increases to about 16 percent.

This Law seeks to establish the legal framework necessary for the so-called "Listed Companies of Investment in the Real Estate Market" ("IM-MI"), companies that set up a new investment instrument for the real estate market and, more specifically, the rental market. The IMs are companies whose main activity is the direct or indirect investment in real estate assets of an urban nature for their rent, including both houses, commercial premises, residences, hotels, garages or offices, between others. In order to allow indirect investment, it is permissible for the IMs to participate in other IMs or in entities that meet the same investment and profit distribution requirements for those, resident or non-resident. Spanish, coticen or not on regulated markets.

The creation of this new type of commercial companies requires to establish for the same certain requirements relating to the investment assets, to the income that this investment generates and to the obligation of distribution of results, in such a way that their compliance allows these companies to opt for the application of a special tax regime. Thus, the combination of a specific substantive regime together with a special tax regime has as fundamental objectives, to continue with the impulse of the rental market in Spain, increasing its professionalization, facilitating the access of citizens to real estate, increase competitiveness in the Spanish stock markets and boost the real estate market, obtaining the investor a stable return on investment in the capital of these companies through the mandatory distribution of profits to its shareholders.

II

The special tax regime of these IMCs is built on the basis of taxation at a rate of 18 percent in the Company Tax, provided that certain requirements are met. Among them, it is worth noting the need for their assets, at least 80 per cent, to be made up of urban buildings for leasing and purchased at full ownership or for holdings in companies that comply with the The same requirements for investment and distribution of results, whether Spanish or foreign, are used in organized markets. Similarly, the main sources of income of these entities must come from the real estate market, either from the rental, the subsequent sale of real estate after a minimum period of rent or from the income from the participation in entities of similar characteristics. However, the tax accrual is carried out in proportion to the distribution of dividends made by the company. Dividends received by the partners shall be exempt, unless the recipient is a legal person subject to the Company Tax or a permanent establishment of a foreign entity, in which case a deduction is established in the quota In such a way that these rents are taxed at the level of the partner's tax. However, the rest of the income will not be taxed as long as they are not distributed to the partners. It is thus established, a tax regime with similar economic effects to those existing in the traditional REITS (Real Estate Investment Trusts) regime in other countries, based on an absence of taxation in society and effective taxation. at the partner's headquarters.

In addition, this figure is preferably aimed at small and medium-sized shareholders, making investment in real estate assets affordable, with a portfolio of diversified assets and enjoying the first the moment of minimum profitability by requiring a distribution of dividends to the company in a very significant percentage. In addition, in order to ensure investor liquidity, these companies are required to be listed on regulated markets, which is an essential requirement for the application of the special tax regime.

Finally, special rules for the entry and exit of companies under this special scheme are laid down, in order to ensure adequate taxation of the income generated, in particular, in the transmission of property which has belonged to the company both in tax periods in which it has been taxed in this special scheme and in tax periods in which it has been taxed in another tax system.

Article 1. Object and scope of application.

1. The purpose of this Law is to establish the specialties of the legal regime of the Quoted Anonymous Companies of Investment in the Real Estate Market (hereinafter referred to as "IM-MI").

For the purposes of this Law, it is considered to be for the purpose of this Law to include those listed public limited companies whose principal social object is the one established in Article 2 of this Law and which comply with the other requirements laid down in this Law. itself. These companies may choose to apply the special tax regime established in this Law.

2. These companies will be governed by the Recast Text of the Law of Companies, approved by the Royal Decree of Law 1564/1989, of December 22 and the Law 24/1988, of July 28, of the Market of Securities, without prejudice to the provisions special provisions laid down in this Law.

Article 2. Social object of the IMs.

1. The IMs will have as their main social object:

(a) The acquisition and promotion of real estate of an urban nature for its lease. The promotion activity includes the rehabilitation of buildings in the terms laid down in Law 37/1992, of December 28, of the Value Added Tax.

(b) The holding of shares in the capital of other undertakings or in other entities not resident in Spanish territory having the same social object as those which are subject to a scheme similar to that established for the IMs in terms of the mandatory, statutory or statutory policy of profit distribution.

(c) The holding of shares in the capital of other entities, residents or not in Spanish territory, that have as their principal social object the acquisition of real estate of an urban nature for their lease and which they are subject to the same arrangements as those laid down for the purposes of the IMs in respect of the compulsory, statutory or statutory policy for the distribution of profits and fulfil the investment and financing requirements referred to in Articles 3 and 7 of this Regulation. Law.

The entities referred to in point (c) may not have shares in the capital of other entities or carry out the promotion of real estate. The shares representing the capital of these institutions shall be nominative and the whole of their capital must belong to other non-resident entities or entities referred to in point (b) above. In the case of entities resident in Spanish territory, they may opt for the application of the special tax regime under the conditions laid down in Article 8 of this Law.

d) The holding of shares or units of Real Estate Collective Investment Institutions governed by Law 35/2003 of 4 November of Collective Investment Institutions.

2. Non-resident entities referred to in the previous paragraph should be resident in countries or territories with which there is effective exchange of tax information, in the terms set out in the additional provision of the Act. 36/2006, of 29 November, of measures for the prevention of tax fraud. The immovable property located abroad of the non-resident entities referred to in point (b) of the previous paragraph shall be of a similar nature to those located on Spanish territory.

3. The effects of this Law are excluded from the consideration of immovable property:

(a) The real estate of special characteristics for cadastral purposes regulated in Article 8 of the Recast Text of the Law of the Real Estate Catastro, approved by Royal Legislative Decree 1/2004, of 5 March, and,

(b) Real estate whose use is transferred to third parties through contracts that meet the requirements to be considered as a financial lease for the purposes of Corporate Tax.

4. The acquired real estate must be owned. In particular, the property resulting from surface, flight or under-construction rights, registered in the Land Registry and during its term, as well as the properties owned by the company under contracts which are comply with the requirements to be considered as financial leasing for the purposes of Corporate Tax.

5. The activity of property promotion and the leasing activity shall be subject to separate accounting for each property promoted or acquired with the breakdown that is necessary to know the income corresponding to each property or property register in which it is divided. Transactions arising from other activities shall also be separately accounted for in order to determine the income derived therefrom.

6. In addition to the economic activity derived from the main social object, the IMs will be able to carry out other ancillary activities, in the understanding that their income accounts for less than 20% of the income of the company in each tax period.

Article 3. Investment requirements.

1. The IMs shall have at least 80% of the value of the asset in immovable property of an urban nature intended for the lease, in land for the promotion of immovable property to be used for that purpose. the promotion is initiated within three years of its acquisition, as well as in shares in the capital or assets of other entities referred to in Article 2 (1) of this Act.

This percentage shall be calculated on the consolidated balance sheet in the event that the company is dominant in a group in accordance with the criteria laid down in Article 42 of the Trade Code, irrespective of the residence and the the obligation to draw up consolidated annual accounts. This group shall be composed exclusively of the IMs and the other entities referred to in Article 2 (1) of this Law.

The value of the asset shall be determined by the average of the individual or, where applicable, quarterly consolidated balance sheets of the financial year, the company being able to calculate that value by replacing the book value with that of the the market for the components of such balance sheets, which would be applied on all the balance sheets of the financial year. For this purpose, no account shall be taken of any money or credit rights arising from the transfer of such buildings or units which have been carried out in the same or previous financial year, provided that in the latter case there is no after the period of reinvestment referred to in Article 6 of this Law.

For the purposes of this calculation, the case of immovable property located abroad, including those held by the entities referred to in Article 2 (1) (c) of this Law, must be of a similar nature to the located in Spanish territory and there shall be effective exchange of tax information with the country or territory in which they are located, in the terms laid down in the first provision of Law 36/2006 of 29 November measures for the prevention of tax fraud.

2. Also, at least 80% of the income from the tax period for each financial year, excluding those arising from the transfer of the shares and the immovable property both to the fulfilment of its social object principal, after the expiry of the maintenance period referred to in the following paragraph, shall come from the lease of real estate and from dividends or shares in profits from such holdings.

This percentage shall be calculated on the basis of the consolidated result if the company is dominant in a group according to the criteria laid down in Article 42 of the Trade Code, irrespective of the residence and the the obligation to draw up consolidated annual accounts. This group shall be composed exclusively of the IMs and the other entities referred to in Article 2 (1) of this Law.

3. The real estate that is part of the company's assets must remain leased for at least three years. In the case of immovable property which has been promoted by the company, the period shall be seven years. For the purposes of the calculation, the time that the buildings have been offered for lease shall be added up to a maximum of one year.

The deadline will be computed:

(a) In the case of immovable property which is listed in the company's assets before the date of application of the scheme, from the date of commencement of the first tax period in which the special tax scheme is applied in this Law, provided that at that date the good will be found leased or offered on lease. Otherwise, the following letter will be available.

(b) In the case of real estate promoted or acquired after the company, from the date on which they were leased or offered for the first time.

In the case of shares or units of entities referred to in Article 2 (1) of this Law, they shall be kept in the company's assets for at least three years from their acquisition or, where appropriate, from the the beginning of the first tax period in which the special tax regime established in this Law applies.

4. In order to ensure adequate diversification of real estate investments, institutions must have at least three properties in their assets without any of them being able to represent more than 40 percent of the entity's assets at the time of the acquisition. This calculation shall be determined on the consolidated balance sheet of the group referred to in paragraph 1 of this Article, with the option of replacing the accounting value by the market value of the members of that balance sheet.

Article 4. Trading obligation on a regulated market.

The shares of the IMs must be admitted to trading on a Spanish regulated market or in that of any other Member State of the European Union or the European Economic Area in an uninterrupted manner throughout the tax period. This same obligation shall be required for shares representing the capital of the non-resident entities referred to in Article 2 (1) (b) of this Act.

Article 5. Social capital and the name of society.

1. The IMs will have a minimum social capital of 15 million euros.

2. Non-cash contributions for the formation or extension of capital that are made in immovable property shall be assessed at the time of their contribution in accordance with the provisions of Article 38 of the recast of the Companies Act. Anonymous, and to that end, the independent expert appointed by the Commercial Registrar shall be one of the valuation companies provided for in the legislation of the mortgage market. It shall also be required to be assessed by one of the valuation companies identified for non-cash contributions to be made in buildings for the formation or extension of the capital of the entities referred to in Article 2.1 (c) of the Treaty. this Act.

3. There can be only one class of actions.

4. When the company has opted for the special tax regime established in this Law, it must include in the name of the company the indication "Company of Investment in the Real Estate Market, Company Anonymous", or its abbreviation, "SMístico, S.A.".

Article 6. Distribution of results.

1. The IMs and entities resident in Spanish territory in which they participate as referred to in Article 2 (1) (c) of this Law, who have opted for the application of the special tax regime established in this Law, shall be required to distribute in the form of dividends to its shareholders, once the commodification obligations correspond, the profit obtained in the financial year, and its distribution must be agreed within six months after the the conclusion of each financial year, as follows:

(a) At least 90% of the profits which do not come from the transfer of the real estate and shares or shares referred to in Article 2 (1) of this Law, as well as the profits that correspond to the income from ancillary activities.

(b) At least 50% of the profits arising from the transfer of buildings and shares or units referred to in Article 2 (1) of this Law, carried out after the time limits have elapsed; refers to Article 3 (3) of this Law, which affects the fulfilment of its principal social object. The remainder of these benefits shall be reinvested in other buildings or units concerned with the fulfilment of that purpose within three years of the date of transmission. In the absence of such benefits, they shall be distributed in full together with the benefits, if any, from the financial year in which the reinvestment period ends. Where the reinvestment elements are transmitted before the maintenance period laid down in Article 3 (3) of this Law, those benefits shall be distributed in full together with the benefits, if any, which come from the exercise in which they were transmitted.

The obligation to distribute does not, where appropriate, reach the share of these benefits attributable to exercises in which the company was not taxed by the special tax regime established in this Law.

(c) 100 per 100 of the profits from dividends or shares in profits distributed by the entities referred to in Article 2 (1) of this Act.

The dividend must be paid within the month following the date of the distribution agreement.

The distribution obligation does not reach the share of profits from income that are subject to the general tax rate.

2. Where the distribution of the dividend is carried out from the profit reserves of an exercise in which the special tax regime has been applied, its distribution shall be compulsory in accordance with the agreement referred to in Article 1 (2) of the Previous section.

3. The legal reserve of the companies that have opted for the application of the special tax regime established in this Law may not exceed 20 percent of the share capital. The statutes of these companies may not establish any other reservation of an unavailable character other than the previous one.

Article 7. Foreign funding.

The balance of foreign financing may not exceed 70 percent of the entity's assets. The calculation of such a limit shall not include the amount of funding which may be obtained under the provisions of the rules of the public housing protection scheme.

This percentage shall be calculated on the basis of individual or consolidated balance sheets, on the same terms as set out in Article 3 (1) of this Law, with the option of replacing the book value with the market value of the property elements of such balance sheets.

Article 8. Special tax regime.

1. The IMs and the entities resident in Spanish territory referred to in Article 2 (1) (c), which comply with the requirements laid down in this Law, may opt for the application in the Company Tax Special tax on this Law, which will also apply to its partners. However, in the case of the first tax period for the application of the special tax scheme, the trading obligation laid down in Article 4 of this Act shall be required from the date of the option to apply that scheme.

The option must be taken by the general meeting of shareholders and must be communicated to the Delegation of the State Tax Administration Agency of the entity's tax domicile, before the last three months prior to the conclusion of the tax period. Communication outside this period shall prevent the application of this tax regime in that tax period.

2. The special tax regime shall apply in the tax period ending after that communication and in subsequent years to be concluded before the waiver of the scheme is communicated.

3. The option for the application of the scheme established in this Law is incompatible with the application of any of the special schemes provided for in Title VII of the Recast Text of the Companies Tax Act, approved by the Royal Decree of the European Communities. Legislative Decree 4/2004 of 5 March, except for mergers, divisions, contributions of assets, exchange of securities and exchange of registered office of a European Company or a European Cooperative Society of one Member State to another of the Union European, the international tax transparency and the one for certain tenancies financial.

4. As expressly not provided for by this Law, it will apply what is established in the general tax rules, in particular, in the Recast Text of the Law on Corporate Tax, in the Recast Text of the Law on Income Tax. Residents, approved by the Royal Legislative Decree 5/2004 of 5 March, and Law 35/2006 of 28 November of the Tax on the Income of the Physical Persons and the partial modification of the Laws of Taxes on Societies, on Income of non-residents and on the Heritage.

Article 9. Special tax regime of the company in the Corporate Tax.

1. Companies which have opted for the application of the tax regime established in this Law shall be governed by the provisions of the recast of the Law on Company Tax without prejudice to the special provisions laid down in this Law, and determine the tax base of the tax period in accordance with the rules in force on the last day of that period.

However, income from the rental of homes will be exempt by 20 percent provided that more than 50 percent of the company's assets, determined according to their individual balance sheets established in Article 3 (1) of this Law, it consists of dwellings.

2. The tax shall be payable in accordance with the provisions of Article 27 of the recast of the Company Tax Act.

The reverse charge will be made on the taxable amount of the tax period that is proportionally corresponding to the dividend whose distribution has been agreed in relation to the profit obtained in the tax. exercise, taking into account, where appropriate, the quantities allocated to it. For these purposes, the taxable amount and profits shall not include income from income subject to the general rate of charge.

When the distribution of the dividend is made from reserves or the latter is available for a purpose other than loss compensation, from profits of an exercise in which it has been applied the special tax scheme shall be carried out on the taxable amount of the tax period corresponding to that financial year in the proportion between the amount of the dividend whose distribution is agreed or the reserves and the benefit obtained in that financial year. For these purposes, the taxable amount, reserves and profits shall not include income from income subject to the general rate of charge.

Self-settlement shall be unique and shall include the taxable amount corresponding to the distributed profits and reserves, the reserves as well as the other income referred to in this Article which are subject to the general rate lien.

3. The tax rate of these companies will be 18 percent.

However, they shall be taxed at the general rate of taxation of income:

(a) The transfer of the immovable property or units concerned to its principal social object where the requirement of permanence referred to in Article 3 (3) of this Law has been breached, as well as when the acquirer is a related entity that is part of the same group within the meaning of Article 16 of the Consolidated Corporate Tax or Reside Text in a country or territory with which there is no effective exchange of tax information, in the terms set out in the first provision of Law 36/2006, of 29 November, of measures for the prevention of tax fraud.

(b) The lease of such buildings when the lessee is an entity that is part of the same group within the meaning of Article 16 of the recast of the Corporate Tax Act or residing in a country or territory, in the terms set in the letter above.

(c) Operations that do not determine a result by application of accounting rules.

4. The total total quota resulting from the application of the rates of the preceding paragraph may be reduced by the deductions and allowances provided for in Chapters II, III and IV of Title VI of the recast of the Tax Act on Companies.

However, the deduction for reinvestment of extraordinary profits shall apply, under the conditions and conditions laid down in Article 42 of the recast of the Company Tax Act, exclusively with respect to the transfer of immovable property and units concerned to its principal social object after the maintenance periods referred to in Article 3 (3) of this Law have elapsed, the deduction being the amount resulting from the apply the 6% to the income generated in those operations which has been integrated into the base the taxable amount of the company as a result of the distribution of dividends corresponding to the profits derived from those transactions.

Dealing with income derived from the transfer of assets subject to the general rate of charge, the deduction for reinvestment of extraordinary profits may be applied in the terms and conditions set out in the Article 42 of the Recast Text of the Corporate Tax Act.

5. The declaration shall be submitted within 25 calendar days following the six months following the end of the tax period. This statement must also be made even if losses have been incurred in the financial year corresponding to the tax period or if there is no deliverable benefit, in which case the positive tax base obtained during that period shall be the subject of self-settlement in that statement which shall be taxed at the general rate of corporation tax.

6. The companies which have opted for the application of the tax regime established in this Law are obliged to make the payments broken down in accordance with the procedure laid down in Article 45 (2) of the recast of the Law of the Corporation Tax.

7. Failure to comply with the requirement to remain within the meaning of Article 3 (3) of this Law shall mean, for each property, that the amount of the tax period in which the non-compliance occurred must be paid resulting from the application of the percentage of 12% or, in the case of partially exempt income, of 15%, to the income generated by those buildings which formed part of the taxable amount of the whole of the tax periods in which the this special tax regime would have been applied, without prejudice to the interests of late payment; result. The income from the lease of such immovable property in the tax period in which the non-compliance occurs, shall be taxed at the general rate of charge, as well as the income corresponding to the undistributed profits derived from the lease of those buildings in previous years which will be integrated into the self-settlement of the tax period in which the non-compliance occurs.

This same regularization would proceed in the event that the company, whatever its cause, is taxed by another different regime in the Corporation Tax before the three or seven year period is met, as appropriate.

8. Dividends distributed by the company shall not be subject to withholding or entry into account, whichever is the nature of the shareholder who receives the dividends.

9. The income referred to in this Article shall be integrated for each building or participation for the full income obtained, which is mined in the expenses directly related to the obtaining of such income and in the part of the general expenses that corresponds proportionally to the said income.

Article 10. Special tax regime of the partners.

1. Dividends distributed from benefits or reserves of exercises in which the special tax regime established in this Law has been applied, will receive the following treatment:

(a) Where the recipient is a taxable person of the Company Tax or a non-resident income tax taxpayer with permanent establishment, the income to be included in the tax base corresponding to the dividend distributed from income or reserves from income subject to the tax rate of 18 percent, will be the result of multiplying by 100/82 the income accounted for the dividends received.

On that income, the deduction will not be applied to avoid double taxation under Article 30 of the Recast Text of the Companies Tax Law. In this case, the full quota may be deducted from 18%, or the taxable amount of the taxable person from being lower, from the income integrated in the tax base.

This deduction shall not apply when any of the cases referred to in Article 30 (4) are manifest, except in the case of point (e) of that paragraph, where the deduction shall be 18 per cent of the dividend perceived. For the purposes of the proof referred to in that paragraph, where the acquisition of the holding has been made to an institution, it shall also be understood as a deduction for double taxation of capital gains as laid down in paragraph 2 (a). of this same article.

To dividends distributed from income from income subject to the general rate of charge, the general scheme of such tax shall apply.

b) When the recipient is a taxpayer of the Income Tax of the Physical Persons, the perceived dividend is considered to be exempt from the tax.

(c) Where the recipient is a non-resident income tax payer without permanent establishment, the perceived dividend shall be considered as an income exempt from that tax, except that it resides in a country or territory with which there is no effective exchange of tax information, in the terms laid down in the first provision of Law 36/2006 of 29 November, of measures for the prevention of tax fraud.

2. The income obtained in the transfer of the participation in the capital of the companies which have opted for the application of this scheme shall be treated as follows:

(a) Where the transferor is a taxable person of the Company Tax or a non-resident Income Tax taxpayer with permanent establishment, the deduction in the full quota may be applied in the conditions laid down in Article 30.5 of the recast of the Company Tax Act on the part of surplus value which corresponds, where appropriate, to the undistributed profits generated by the company throughout the period of holding of the share transmitted from income subject to the general rate of charge.

The share of capital gain that corresponds, where appropriate, to the non-distributed profits generated by the company during the entire holding time of the share transmitted from income that would be subject to the type of The income to be included in the tax base will be the result of multiplying the amount of those benefits by 100/82, with a deduction of the full 18 percent, or the tax rate of the taxable person of being less than the amount resulting from such integration.

This deduction shall also apply to the assumptions referred to in Article 30.3 of the recast of the Company Tax Act.

The loss generated in the transmission of the participation will not be deductible in the event that a person or entity is acquired in the terms set out in Article 16 of the recast of the Law of the Corporation tax, up to the amount of the exempt income that such person or entity obtained in the transmission of such participation.

(b) Where the transmitte is a taxpayer of the Income Tax of the Physical Persons, the wealth gain or loss shall be determined in accordance with the provisions of Article 37.1 (a) of Law 35/2006, of 28 November, of the Tax on the Income of the Physical Persons and of partial modification of the Laws of the Taxes on Societies, on the Income of Non-Residents and on the Heritage, with the following specialties:

1. If a wealth gain results, it shall be exempt with the limit of the positive difference between the result of multiplying the 10 percent of the acquisition value by the number of years of holding the holding during which the entity has applied this tax regime, and the amount of the exempt dividends provided for in paragraph 1 (b) of this Article that have been received during the holding time of the transmitted share.

However, the wealth gain generated by the transfer of the holding shall not be exempt in the event that it was acquired from a related entity in accordance with the terms laid down in Article 16 of the recast the Companies Tax Act, up to the amount of the loss that such entity obtained in the transmission of such participation.

2. If a loss of assets is incurred, only the part exceeding the amount of the exempt dividends provided for in paragraph 1 (b) of this Article which have been received during the year preceding the transmission of the participation.

(c) Where the transferor is a non-resident Income Tax taxpayer without permanent establishment, the exempt income shall be determined in the form set out in the preceding letter, except that it resides in a country or the territory with which there is no effective exchange of tax information, in the terms laid down in the first provision of Law 36/2006 of 29 November, of measures for the prevention of tax fraud. The rest of the income shall be subject to the terms set out in that Tax.

Article 11. Reporting obligations.

1. In the memory of the annual accounts, the companies that have opted for the application of the special tax regime established in this Law, will create a section with the name " Information requirements derived from the condition of the 11/2009 ", in which the following information will be included:

(a) Benefits applied to reserves from prior years of application of the tax regime established in this Law.

b) Benefits applied to reserves of each financial year in which the special tax regime established in this Law has applied, differentiating the part from income taxed at the general rate of taxation, from income which they are subject to the 18% tax rate, as well as the rate applicable to the transfer of immovable property and shares to their principal social object, with each financial year mentioning the amount of reinvestment and the reinvestment. The exercise of which the profits are derived must be separately identified, the amount of the total profit for the financial year as well as the tax base, differentiating between that benefit and the taxable amount from partially exempt income. and those subject to the general rate of charge.

(c) Dividends distributed from the profit of each financial year in which the tax regime established in this Law has applied, differentiating the part from which, where appropriate, the income is taxed at the general rate of charge. The profit obtained in the same way as the tax base must be identified, differentiating in that profit and tax base from income subject to the general rate of charge.

(d) In the case of distribution of dividends from reserves, designation of the financial year from which the reserve applied from the two to which, by the class of profits from which they come, refer to points (a) and (b) as well as the tax base associated with those dividends.

e) Date of distribution agreement of the dividends referred to in points (c) and (d) above.

(f) Date of acquisition of the immovable property for the lease which produces income under this special scheme and of the shares in the capital of entities referred to in Article 2 (1) of this Act.

g) Identification of the asset that counts within the 80 percent referred to in Article 3 (1) of this Act.

(h) Reserves from exercises in which the special tax regime established in this Law has applied, which have been disposed of in the tax period, other than for distribution or to compensate for losses. The financial year to which these reserves come shall be identified, the amount of the total profit for the financial year as well as the tax base and deductions in the full share of the tax period for that financial year.

2. The entries in the annual report set out in points (a) and (b) of the previous paragraph shall be made as long as there are reservations referred to in those letters.

3. Companies shall also provide, at the request of the tax authorities, detailed information on the calculations made to determine the outcome of the distribution of the expenditure between the various sources of income.

4. The company must provide its partners with the information necessary to enable them to comply with the tax regime established in this Law, which must be supplied jointly with the payment of the dividend. In the event of a loss of the special tax regime, this fact must be communicated to the partners in the tax period itself in which the circumstances that determine such loss occur.

5. It constitutes a tax breach of the non-compliance, in respect of each financial year, of the reporting obligations referred to in the preceding paragraphs. This infringement shall be serious and shall be sanctioned in accordance with the following rules:

(a) A pecuniary penalty of EUR 1,500 shall be imposed for each data item and EUR 15,000 per set of data omitted, inaccurate or false, in respect of each of the reporting obligations set out in points (a), (b), (c) and (d) of the paragraph 1 of this article.

This is a data item each of the information contained in the letters mentioned in the previous paragraph.

The information referred to in each of the letters referred to in point (a) is different from data sets.

(b) A financial penalty of EUR 3,000 shall be imposed for each data or set of data omitted, inaccurate or false for the information referred to in points (e), (f), (g) and (h) of paragraph 1 of this Article.

This is a data item each of the information contained in the letters mentioned in the previous paragraph.

The information referred to in each of the letters referred to in point (b) is different from data sets.

(c) A financial penalty of EUR 30,000 shall be imposed for failure to comply with the obligation referred to in paragraph 3 of this Article.

(d) The non-compliance with each of the reporting obligations referred to in paragraph 4 of this Article shall be punishable by EUR 15,000.

Article 12. Tax regime for the entry-exit of this special tax regime.

1. Companies that opt for the application of this special tax regime, which are taxed by a different regime, will apply the following rules:

(a) The negative tax bases which are pending compensation at the time of application of this scheme shall be compensated by the positive income obtained during the subsequent tax periods in the terms of the set out in Article 25 of the recast of the Corporate Tax Act.

(b) The income derived from the transfer of immovable property held prior to the application of this scheme, carried out in periods in which the scheme is applied, shall be understood as being generated in a linear manner, except in contrary, during the entire time of ownership of the transferred property. The portion of that income attributable to the preceding tax periods shall be taxed at the rate of the tax rate and the tax system prior to the application of this special tax system. This same criterion shall apply to income from the transfer of the shares in other companies referred to in Article 2 (1) of this Act and to the other assets.

(c) Deductions in the full fee to be applied shall be deducted in the terms set out in Title VI of the recast of the Company Tax Act.

2. The following rules shall apply to companies which are taxed under this special tax regime and who are taxed by another different regime:

(a) The negative tax bases which were pending compensation from tax periods in which the special tax regime established in this Law was applied, will be compensated by the positive income obtained in the tax periods in which the company is taxed by another different regime, in the terms laid down in Article 25 of the recast of the Companies Tax Act.

b) The taxable bases that correspond to undistributed profits of the company generated in tax periods in which this special tax regime was applied that do not correspond to income subject to the type (a) the general tax system shall be integrated into the tax base of the first tax period in which the company is taxed by another different tax system, except that those benefits are distributed in the latter period within the time limit laid down in the Article 6 of this Law, in which case, the tax regime established in the articles would be applicable 9 and 10 of this Act.

However, the benefits obtained in the last financial year in which this special tax regime is applied which do not correspond to income subject to the general rate of charge must be distributed in the the terms set out in Article 6 of this Law, the tax regime laid down in Articles 9 and 10 of this Law being applicable. Otherwise, the general tax regime shall be applied in the tax period for that financial year.

Case that in the first tax period in which the company ceases to be taxed by this special tax regime, it acquires the status of dependent on a group that is taxed in a fiscal consolidation regime, will not be subject to elimination of the distributed dividends referred to in the preceding two paragraphs of this point (b).

(c) The income derived from the transfer of real estate held at the beginning of the tax period in which the company is taxed by another different tax regime, carried out in periods in which that other scheme applies, It shall be generated in a linear manner, unless otherwise proved, during the entire time of ownership of the transferred property. The share of that income attributable to the tax periods in which this special scheme was applied to the company shall be taxed as laid down in Article 9 of this Law on condition that it is distributed in the form of dividends. the total profit attributable to that income within the time limit laid down in Article 6 of this Law, the tax regime laid down in Article 10 of this Law being applicable to those dividends. This same criterion shall apply to income from the transfer of shares in other entities referred to in Article 2 (1) of this Act.

d) The deductions in the full quota to be applied, shall be deducted in the terms set out in Title VI of the recast of the Company Tax Act.

e) The income generated in the transfer of shares in the capital of institutions, carried out in tax periods in which this special tax regime is not applicable, shall be subject to the general tax regime. of the tax corresponding to the nature of the partner. The above would be equally applicable for dividends distributed from reserves whatever the exercise of which they come from, except that it is applicable in any of the preceding letters of this paragraph.

3. For the purposes of Article 96 (2) of the recast text of the Company Tax Act, mergers, divisions, transfers of assets and exchanges of securities under the scheme shall be presumed to have been Special provisions laid down in Chapter VIII of Title VII of that recast are made on a valid economic basis where the purpose of such operations is the creation of one or more companies which are eligible for the tax regime (a) special provisions of the provisions of this Law, or the adaptation, for the same purpose, of previously existing societies.

Article 13. Loss of special tax regime.

The entity will lose the special tax regime established in this Law, going on to be taxed by the general corporate tax regime, in the tax period itself in which one of the circumstances manifests itself. following:

a) The exclusion of trading on regulated markets.

(b) Substantial non-compliance with the reporting obligations referred to in Article 11 of this Law, except that in the memory of the following immediate exercise that non-compliance is remedied.

(c) The lack of distribution agreement and payment, in whole or in part, of the dividends in the terms and time limits referred to in Article 6 of this Law. In this case, the taxation of the general scheme will take place in the tax period corresponding to the exercise of which the profits would have been paid.

d) Waiver the application of this special tax regime.

e) Failure to comply with any other of the requirements set out in this Act so that the entity may apply the special tax regime, except that the cause of non-compliance is restored within the following immediate financial year. However, failure to comply with the deadline referred to in Article 3 (3) of this Law shall not result in the loss of the special tax regime.

The loss of the scheme will mean that the application of the special tax regime laid down in this Law cannot be re-applied, until at least five years have elapsed since the end of the last period. the tax on which the scheme was applied.

Additional disposition first. Transformation of Limited Investment Listed Companies into the Real Estate Market in Real Estate Investment Institutions and vice versa.

The Real Estate Investment Institutions will be able to be transformed into Limited Companies Listed for Investment in the Real Estate Market, regulated in this Law, and these in those, through compliance with the regulations Article 25 of Law 35/2003, of 4 November, of Collective Investment Institutions, and its implementing rules.

Additional provision second. Scope of the term "analogous works" for the purposes of the concept of rehabilitation in Value Added Tax.

The Government shall, before the end of the financial year, adopt a regulatory standard, after agreement with the Autonomous Communities, specifying the scope of the term "analogous works" referred to in the fourth paragraph of the Article 20.uno.22º of Law 37/1992, of December 28, of the Tax on Value Added, in order to extend the objective scope of the concept of housing rehabilitation for the purpose of the application of the said tribute.

Additional provision third. Review of the rules of application of Article 108 of the Law 24/1988, of July 17, of the Stock Market.

The government will analyse, in the light of the resolution of the infringement file, opened by the European Commission, the adequacy of Article 108 of the Law 24/1988, of July 17, of the Market of Values to European harmonizes the tax on the concentration of capital and the value added tax, after consulting the Autonomous Communities, in their condition of managing tax administrations and to those who correspond the income of the tax On Heritage Transmissions and Documented Legal Acts.

Additional provision fourth. Extension of the maximum coverage limit for new procurement on behalf of the State through CESCE.

The maximum coverage limit for new contracting by the State through the Spanish Export Credit Insurance Company, Sociedad Anonima, CESCE, excluding the Open Policy of Management of the exports (PAGEX), the policy 100 and the Polyza Master, which will be able to secure and distribute the Spanish Company of Credit Insurance to Export, Company Anonymous (CESCE) in the financial year 2009 up to 9 billion euros.

First transient disposition. Option for the application of the special tax regime.

The application of the special tax regime may be applied in the terms set out in Article 8 of this Law, even if the conditions required therein are not met, provided that such requirements are met within the of the two years following the date of the option to apply the scheme.

The failure to comply with this condition will mean that the company will be taxed by the general corporation tax regime from the tax period itself in which the failure to comply. In addition, the company will be obliged to enter, together with the quota for the said tax period, the difference between the share of the tax resulting from the application of the general scheme and the revenue entered in the tax system. special in the preceding tax periods, without prejudice to the interest on late payment, surcharges and penalties which, where appropriate, result from them.

Dealing with partners who are taxpayers of the Income Tax of the Physical Persons or the Income Tax of non-residents without permanent establishment, the tax regime provided for in Article 10 of this Law it shall apply if the company meets the requirements of this Law at the time when the taxpayer presents the self-settlement for such taxes. If those requirements are met after the date of the release of the authorization and before the end of the period referred to in the first subparagraph above, the taxpayer may request the amendment of the same to the object of power. apply the said tax regime.

Dealing with partners who are taxable persons in the Tax on Companies or Taxpayers of Non-Resident Income Tax with permanent establishment, they shall apply the tax regime provided for in Article 10 of this Regulation. Law even if the company does not meet the requirements of this Law at the time when the taxable person or taxpayer presents the self-settlement for such taxes. If those requirements are not met within the period referred to in the first subparagraph, the taxable person or taxpayer may request the correction of the same in order to be able to apply the applicable general tax regime.

Second transient disposition. Lease period.

Until 31 December 2010, the three-year lease period provided for in Article 3 (3) of this Law shall be two or one year for those immovable property which would have remained in the company's assets. and would have been leased or offered on lease in the previous five or ten years, respectively, to the date of the option for the application of the special tax regime established in this Law.

Transitional provision third. Transitional arrangements for the amendment to Article 108 of the Law 24/1988 of 28 July 1988 on the Stock Market.

The amendment introduced by this Law in Article 108 of Law 24/1988 of 28 July of the Stock Market shall apply to acquisitions or transmissions whose accrual for the purposes of the Transmissions Tax Heritage and Documented Legal Acts will be produced from 29 March 2009.

Repeal provision.

1. The additional provision, sixth bis of Law 54/1997 of 27 November 1997, of the Electrical Sector and any provisions of equal or lower rank, shall be repealed as set out in the sixth provision of that Law.

2. The provisions of this Law shall also be repealed as many provisions of the same or lower rank.

Final disposition first. Amendment of the Recast Text of the Corporate Tax Law, approved by the Royal Legislative Decree 4/2004 of 5 March 2004.

The following amendments are made to the Recast Text of the Corporate Tax Law, approved by the Royal Legislative Decree 4/2004 of 5 March 2004:

One. The fourth subparagraph of Article 12 (3) is worded as follows:

" Under the conditions set out in this paragraph, the said difference shall be fiscally deductible in proportion to the share, without the need for its accounting imputation in the profit and loss account, when the securities represent holdings in the capital of group entities, multigroup and associated in the terms of the commercial law, provided that the value of the holding, which is undermined by the amounts deducted in previous tax periods, exceeds the value of the institution's own funds involved at the close of the financial year; corresponds to the participation, corrected in the amount of the tacit capital gains existing at the time of the acquisition and that remain in that of the valuation. The amount of the deductible difference cannot exceed the amount of the excess. For the purposes of applying this deduction, the amount of the equity of the investee shall be reduced or increased, by the amount of the deductions and the positive adjustments, respectively, which the latter entity has practised by application. of the provisions set out in this paragraph for participations held in other entities of the group, multigroup and associated. '

Two. Article 27 is worded as follows:

" Article 27. Tax accrual.

1. The tax shall be due on the last day of the tax period.

2. In the case of companies which have opted for the application of the tax regime laid down in Law 11/2009, for which the Quoted Anonymous Companies for Investment in the Real Estate Market are regulated, the tax shall be payable on the day of the the general meeting of shareholders of distribution of the profits of the financial year corresponding to the tax period and, where applicable, of the reserves of previous years in which the special tax regime was applied.

However, the tax shall be due on the last day of the tax period, whether or not there is a profit distribution agreement, on the income subject to the general rate of the charge, as well as when the company has obtained losses, there has been a deliverable benefit or has reservations differently than its distribution. "

Three. Article 28 (5) (c) is worded as follows:

" (c) Real estate investment companies and real estate investment funds regulated in that Act, other than those provided for in point (d) below, provided that the number of shareholders or shareholders required is, as a minimum, that provided for in Articles 5.4 and 9.4 of that Law and which, with the character of non-financial collective investment institutions, have as its exclusive object investment in any type of immovable property of an urban nature for its purposes lease.

The application of the tax rates provided for in this paragraph shall require that the immovable property which is the asset of the Collective Investment Institutions referred to in the preceding paragraph shall not be used until the at least three years have elapsed since its acquisition, except where, exceptionally, it mediates the express authorisation of the National Securities Market Commission.

The transfer of such buildings before the minimum period referred to in point (c) shall determine that the income derived from such transfer shall be taxed at the general rate of charge of the tax. In addition, the entity shall be required to enter, together with the fee for the period in which the goods were transmitted, the amounts resulting from the application of the income corresponding to the property in each of the periods (c) the difference between the general rate of taxation in force in each period and the rate of 1%, without prejudice to the interest on late payment, surcharges, in respect of which the tax rate is applicable and penalties which, where appropriate, are derived.

As set out in this letter (c) is conditional on the entity's statutes providing for the non-distribution of dividends. "

Four. Article 67 (2) (b) is worded as follows:

" (b) Having a direct or indirect participation of at least 75% of the share capital of another company or other companies on the first day of the tax period in which this taxation scheme applies, or less than 70% of the share capital, in the case of companies whose shares are admitted to trading on a regulated market. '

Five. Article 69 is worded as follows:

" Article 69. Determining the indirect domain.

1. Where a company has at least 75% of its share capital or at least 70% of the share capital in another company, it is a company whose shares are admitted to trading on a regulated market and, in turn, are the second is in the same situation in respect of a third, and so on, to calculate the indirect participation of the first on the other companies, the percentages of participation in the capital, respectively, will be multiplied (a) the result of these products must be at least 75% or, at least, 70% of the total In the case of companies whose shares are admitted to trading on a regulated market, in order for the indirectly involved company to be able to and should be integrated into the tax group, it will also be necessary to intermediate companies integrate the tax group.

2. If, in a fiscal group, there is a co-existence of direct and indirect participation, in order to calculate the total participation of a company in another, directly and indirectly controlled by the first, the percentages of direct participation and indirect. In order for the participating company to be able and to be integrated into the corporate tax group, that sum must be at least 75% or, at least, 70% of the share capital, in the case of companies whose shares are admitted to trading on a regulated market.

3. If there is a relationship of reciprocal, circular or complex participation, the participation of at least 75% of the share capital, or at least 70% of the share capital, should be proved with objective data, if any, with objective data. companies whose shares are admitted to trading on a regulated market. '

Six. A transitional trumpteenth provision is added which is worded as follows:

" Transient disposition. Annual amount of the lease fees corresponding to the recovery of the cost of the good.

1. In the case of leasing contracts in force for which the annual periods of duration are initiated within the years 2009, 2010 and 2011, the requirement laid down in Article 115 (4) of this Law shall not be required for the amount of the part of the lease. lease fees corresponding to the recovery of the cost of the good.

2. The annual amount of the part of those shares in those periods shall not exceed 50% of the cost of the good, the case of movable property, or 10% of that cost, in the case of immovable property or industrial establishments. '

Final disposition second. Amendment of the Recast Text of the Law on the Tax on Heritage Transmissions and Documented Legal Acts, approved by the Royal Legislative Decree 1/1993, of 24 September.

The following amendments are made to the Recast Text of the Law on the Tax on Heritage Transmissions and Documented Legal Acts, approved by the Royal Legislative Decree 1/1993, of 24 September:

One. Article 45.I.B. 20.3 is worded as follows:

" 3. The property collective investment institutions regulated in the Law cited above, which, with the character of non-financial collective investment institutions, have exclusive social object the acquisition and promotion, including the purchase of land, of any type of immovable property of an urban nature for its lease, shall have the same taxation regime as that provided for in the previous two paragraphs.

Similarly, these institutions will benefit from a 95 percent subsidy of the share of this tax for the purchase of housing for the lease and for the acquisition of land for the promotion of housing for the lease, provided that, in both cases, they meet the specific requirements for the maintenance of the buildings laid down in points (c) and (d) of Article 28.5 of the recast of the Companies Tax Act, approved by Royal Decree-Law 4/2004 of 5 March 2004, except that, by way of exception, medie the express authorization of the National Securities Market Commission. "

Two. A paragraph 22 is added to Article 45.I.B., which is worded as follows:

" 22. The operations of the formation and capital increase of the Investment Companies in the Internal Market regulated in Law 11/2009, by which the Company's Listed Investment in the Real Estate Market is regulated, as well as the Non-cash contributions to such companies shall be exempt in the form of corporate operations of the Tax on Proprietary Transmissions and Documented Legal Acts.

In addition, they will enjoy a 95 percent reduction in the share of this tax for the purchase of housing for the lease and for the purchase of land for the promotion of housing for the leasing, provided that, in both cases, they comply with the specific maintenance requirement laid down in Article 3 (3) of Law 11/2009. "

Final disposition third. Amendment of Law 37/1992 of 28 December of the Tax on Value Added.

The following amendments are introduced in Law 37/1992 of 28 December of the Value Added Tax:

One. Article 80 (4) is amended, which is worded as follows:

" Four. The tax base may also be reduced in proportion to the total or partly non-performing of the appropriations corresponding to the quotas passed on.

For these purposes, a credit shall be considered total or partially non-performing when it meets the following conditions:

1. That one year has elapsed since the accrual of the tax passed without the collection of all or part of the credit derived from it.

However, in the case of time-limits or deferred-price transactions, one year must have elapsed since the expiry of the period or the time-limits imposed in order to proceed with the proportional reduction of the tax base. For this purpose, operations shall be considered to be in instalments or with deferred price those where it has been agreed that their consideration must be made effective in successive payments or in one single payment, respectively, provided that the period between the accrual tax and the maturity of the last or only payment is greater than one year.

2. That this circumstance has been reflected in the records required for this Tax.

3. That the recipient of the transaction acts as an employer or a professional, or, in another case, that the taxable amount of the transaction, Tax on the Value Added Tax, is greater than EUR 300.

4. The taxable person has urged his recovery by legal claim to the debtor.

In the case of the time-limits referred to in the first condition of the first condition, it shall be sufficient to request the recovery of one of them by means of a judicial complaint to the debtor in order to amend the tax base. in the proportion corresponding to the time limit or time limits paid.

The modification shall be made within three months of the end of the one-year period referred to in the first paragraph of the preceding paragraph and shall be communicated to the tax administration within the period specified in the preceding paragraph. Regulate.

Once the tax base is reduced, the tax base will not be modified upwards even if the taxable person obtains the full or partial recovery of the consideration, except where the recipient does not act in the condition of employer or professional. In this case, the Value Added Tax shall be understood to be included in the amounts received and in the same proportion as the perceived consideration.

By way of derogation from the preceding paragraph, where the taxable person disclaims from the court claim to the debtor, he/she must again amend the tax base upwards by the issue within one month from the date of the withdrawal of a letter of amendment affecting the quota from which the quota is passed. '

Two. A new point (d) is added to the second paragraph of Article 84 (1) with the following wording:

" (d) In the case of services providing for the purpose of emission allowances, certified emission reductions and greenhouse gas emission reduction units as referred to in Law 1/2005, March 9, for which the regime of the trade in greenhouse gas emission rights and Royal Decree 1031/2007 of 20 July 2007 is regulated, for which the framework of participation in the mechanisms of flexibility of the Kyoto Protocol. "

Three. A new number 17 is added to Article 91 (2), which is worded as follows:

" 17. º Leases with option to purchase buildings or part thereof intended exclusively for dwellings, including garage spaces, with a maximum of two units, and annexes in them located that are located together ".

Four. Article 91 (2) (2) is worded as follows:

" 2. The following services capabilities:

1. The repair services of the vehicles and wheelchairs referred to in the first subparagraph of paragraph 4. of paragraph 4. and the services for the adaptation of self-taxis and self-passenger cars for persons with (a) the value of the motor vehicles referred to in the second paragraph of the same precept, irrespective of who is the driver of the vehicle.

2. Leases with the option of purchase of buildings or parts thereof intended exclusively for houses which are administratively qualified as official protection of special arrangements or public promotion, including garage spaces, with a maximum of two units, and annexes on them located which are arranged together ".

Final disposition fourth. Amendment of Law 20/1991 of 7 June, amending the fiscal aspects of the Fiscal Economic Regime of the Canary Islands.

The following amendments are introduced in Law 20/1991 of 7 June, amending the fiscal aspects of the Fiscal Economic Regime of the Canary Islands:

One. A new point (e) is added to the second paragraph of Article 19 (1) with the following wording:

" (e) In the case of services provided for the purpose of emission allowances, certified emission reductions and greenhouse gas emission reduction units referred to in Law 1/2005, March 9, for which the regime of the trade in greenhouse gas emission rights and Royal Decree 1031/2007 of 20 July 2007 is regulated, for which the framework of participation in the mechanisms of flexibility of the Kyoto Protocol. "

Two. Article 22 (7), which is worded as follows, is amended as follows:

" 7. The tax base may also be reduced in proportion to the total or partly non-performing of the appropriations corresponding to the quotas passed on.

For these purposes, a credit shall be considered total or partially non-performing when it meets the following conditions:

1. That one year has elapsed since the accrual of the tax passed without the collection of all or part of the credit derived from it.

However, in the case of time-limits or deferred-price transactions, one year must have elapsed since the expiry of the period or the time-limits imposed in order to proceed with the proportional reduction of the tax base. For this purpose, operations shall be considered to be in instalments or with deferred price those where it has been agreed that their consideration must be made effective in successive payments or in one single payment, respectively, provided that the period between the accrual tax and the maturity of the last or only payment is greater than one year.

2. That this circumstance has been reflected in the records required for this Tax.

3. That the recipient of the transaction acts as an employer or a professional, or, in another case, that the taxable amount of the transaction, General Indirect Canarian Tax excluded, is greater than EUR 300.

4. The taxable person has urged his recovery by legal claim to the debtor.

In the case of the time-limits referred to in the first condition of the first condition, it shall be sufficient to request the recovery of one of them by means of a judicial complaint to the debtor in order to amend the tax base. in the proportion corresponding to the time limit or time limits paid.

The modification shall be made within three months of the end of the one-year period referred to in the first paragraph of the first paragraph and shall be communicated to the Canary Tax Administration within the period of time. to be regulated.

Once the tax base is reduced, the tax base will not be modified upwards even if the taxable person obtains the full or partial recovery of the consideration, except where the recipient does not act in the condition of employer or professional. In this case, the Indirect Canarian General Tax will be understood to be included in the amounts received and in the same proportion as the perceived consideration.

By way of derogation from the preceding paragraph, where the taxable person disclaims from the court claim to the debtor, he/she must again amend the tax base upwards by the issue within one month from the date of the withdrawal of a letter of amendment affecting the quota from which the quota is passed. '

Three. A point (v) is added to Article 27 (1) (1), which is worded as follows:

"v) The leases of the dwellings provided for in (e) and (g) above where they are derived from a lease with an option to purchase."

Four. Paragraph 4. of Annex I, paragraph 4, is added, which is worded as follows:

"4. °) The leases of the dwellings provided for in paragraph 10. of the previous number 1 when they are derived from a lease with an option to purchase."

Final disposition fifth. Amendment of Law 35/2003 of 4 November of Collective Investment Institutions.

Article 25 (1) of Law 35/2003, of 4 November, of Collective Investment Institutions, is worded as follows:

" 1. Collective Investment Institutions may only be transformed into other Collective Investment Institutions belonging to the same class. However, collective investment institutions authorised in accordance with Directive 85 /611/EEC may not be transformed into other collective investment institutions. "

Final disposition sixth. Amendment of Law 24/1988 of 17 July of the Stock Market.

Article 108 (2) of Law 24/1988 of 17 July 1988 on the Stock Market is worded as follows:

" 2. The second paragraph of Article 4 (1) of the basic Regulation provides for the provision of services for the purposes of the provision of services for the purposes of the provision of services. conversion of bonds into shares or in any other form, of securities, and shall be taxed in the form of onerous transfers of the Tax on Proprietary Transmissions and Legal Acts Documented as Transmissions onerous real estate, in the following assumptions:

(a) Where the securities or shares/units transmitted or acquired represent shares of the share capital or equity of companies, funds, associations and other entities whose assets are at least 50% of the total (a) a percentage of immovable property situated in Spanish territory, or in whose assets securities are included which enable it to exercise control in another entity whose assets are at least 50% of real estate located in Spain, provided that, as the result of such a transfer or acquisition, the acquirer obtains such a position as to enable it exercise control over those entities or, once such control has been obtained, increase the share of participation in them. For the purposes of calculating 50 percent of the asset made up of buildings, the following rules shall be taken into account:

1. For the purposes of this provision, the administrative concessions and the property assets covered by the provisions of Regulation (EC) No 254/2009 of 25 March 2009 shall not be considered as immovable property. 2009 amending Regulation (EC) No 1126/2008 laying down certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards Interpretation No 12 of the Committee on Interpretations of International Financial Reporting Standards (IFRIC).

2. To perform the calculation of the asset, the net accounting values of all assets shall be replaced by their respective actual values determined at the date of the transfer or acquisition.

3. No account shall be taken of those buildings, other than land and solar, which are part of the working asset of the entities whose exclusive social object consists in the development of construction business activities or property promotion.

4. The computation shall be carried out on the date on which the transfer or acquisition of the securities or units takes place, for which the taxable person shall be obliged to form an inventory of the asset on that date and provide it with the tax administration at the request of the tax administration.

5. The total asset to be computed shall be reduced by the amount of foreign financing with a maturity equal to or less than 12 months, provided that it has been obtained within 12 months prior to the date of the transmission of values.

Dealing with commercial companies, this control will be understood when directly or indirectly a participation in the share capital is reached in excess of 50 percent. For these purposes, the securities of other entities belonging to the same group of companies shall also be counted as the acquirer's share. In the case of a transfer of securities to the holding company itself for its subsequent amortisation, tax purposes shall be understood as taking place in the taxable event as defined in point (a). In this case, the shareholder who, as a result of those transactions, obtains control of the company, will be taxable in the terms indicated above.

(b) Where the securities transmitted have been received by the contributions of immovable property made on the occasion of the formation or extension of companies, or the extension of their share capital, provided that between the date of the contribution and the transmission would not have elapsed for a period of three years. "

Final disposition seventh. Amendment of Law 35/2006, of 28 November, of the Tax on the Income of the Physical Persons and of partial modification of the Laws of the Taxes on Societies, on the Income of Non-Residents and on the Heritage.

Article 46 of Law 35/2006 of 28 November of the Tax on the Income of the Physical Persons and the partial modification of the Laws of Taxes on Societies, on the Income of Non-Residents and on the Heritage, it is worded as follows:

" Article 46. Income from savings.

Make savings income:

(a) The capital returns provided for in Article 25 (1), (2) and (3) of this Law.

However, the capital returns provided for in Article 25 (2) of this Law shall be part of the general income corresponding to the excess of the amount of capital transferred to an institution. related to the result of multiplying by three own funds, in the part corresponding to the contribution of the taxpayer, of the latter.

For the purposes of calculating such excess, the amount of the related institution's own funds reflected in the balance sheet corresponding to the last financial year closed prior to the date of the accrual shall be taken into account. Tax and the percentage of taxpayer participation that exists on this date.

In assumptions where the linkage is not defined based on the partner relationship or entity-entity, the percentage of participation to consider will be 5 percent.

(b) The property gains and losses that are evidenced on the occasion of transfers of assets. "

Final disposition octave. Amendment of Law 38/1992 of 28 December of Special Taxes.

Article 70 (1) of Law 38/1992 of 28 December 1992 on Excise Duties is worded as follows:

" 1. For the determination of the applicable tax rates, the following headings are set out:

Heading 1.

(a) Vehicles whose official CO_{2 emissions} are not more than 120 g/km, with the exception of the "quad" type vehicles and the vehicles covered by the headings 6. º, 7. º, 8. and 9. º

(b) Vehicles fitted with a single engine other than internal combustion, with the exception of "quad"-type vehicles.

Heading 2. º Vehicles with official CO_{2 emissions} exceeding 120 g/km and less than 160 g/km, with the exception of "quad" type vehicles and vehicles covered under heading

.

Heading 3. º Vehicles with official CO_{2 emissions} are not less than 160 g/km and less than 200 g/km, with the exception of "quad" type vehicles and vehicles covered under heading

.

Heading 4. º

(a) Vehicles whose official CO₂ emissions are equal to or greater than 200 g/km, with the exception of "quad" type vehicles and vehicles covered under heading

.

(b) Vehicles in respect of which the measurement of their CO_{2 emissions}is required, when these are not credited.

(c) Vehicles falling within categories N2 and N3 as housing.

d) "quad" type vehicles. 'quad' vehicle type means the vehicle of four or more wheels, with a handlebar steering system in which the driver is seated in a box and which is fitted with a traction system suitable for off-road use.

e) Nautical Motos. 'nautical motorcycle' means a vessel propelled by an engine and designed to be operated by one or more persons seated, standing or on the knees, on the limits of a hull and not within it.

Heading 5.

a) Vehicles not included in the headings 1. º, 2. º, 3. º, 4. º, 6. º, 7. º, 8. º or 9. º

(b) Boats and recreational vessels or nautical sports, with the exception of nautical motorcycles.

c) Aircraft, aircraft and other aircraft.

Heading 6. Motorcycles not covered by point (c) of the heading 9. the official emissions of CO₂ are not greater than 100 g/km.

Heading 7. º Motorcycles not covered by point (c) of heading 9. the official emissions of CO₂ are greater than 100 g/km and are less than or equal to 120 g/km.

Heading 8. Motorcycles not covered by point (c) of heading 9. the official emissions of CO₂ are greater than 120 g/km and are less than 140 g/km.

Heading 9. º

(a) Motorcycles not covered by point (c) of this heading whose official emissions of CO₂ are equal to or greater than 140 g/km.

(b) Motorcycles not covered by point (c) of this heading whose official CO₂ emissions are not credited.

(c) Motorcycles having an EC power equal to or greater than 74Kw (100 cv) and a maximum net power ratio, mass of the vehicle in running order, expressed in kw/kg equal to or greater than 0,66, whatever their emissions CO₂officers. "

Final disposition ninth. Amendment of Law 25/1964 on Nuclear Energy and Law 54/1997 of the Electrical Sector.

One. Law 25/1964 of 29 April on Nuclear Energy is amended.

An article 38a is added to Law 25/1964 of 29 April on Nuclear Energy, with the following wording:

" Article 38a. Management of Radioactive Waste.

1. The management of radioactive waste, including spent nuclear fuel, and the decommissioning and decommissioning of nuclear installations, constitutes an essential public service which is subject to State ownership, in accordance with the Article 128.2 of the Spanish Constitution.

The National Company of Radioactive Waste, S. A. (ENRESA), is entrusted with the management of this public service, in accordance with the General Plan of Radioactive Waste approved by the Government.

For these purposes, ENRESA is constituted as a means of its own and technical service of the Administration, carrying out the functions entrusted to it by the Government.

2. It is up to the Government to establish the policy on the management of radioactive waste, including spent nuclear fuel, and the decommissioning and decommissioning of nuclear facilities, through the approval of the General Waste Plan. Radioactive, which will be raised by the Ministry of Industry, Tourism and Trade, after the Nuclear Safety Council has been informed, once the Autonomous Communities have heard in matters of spatial planning and the environment, and of which it will give an account later to the General Courts.

The protection of ENRESA will be the responsibility of the Ministry of Industry, Tourism and Commerce, through the Secretariat of State of Energy, who will carry out the strategic direction and the monitoring and control of its actions and plans, both technical and economic.

3. The Ministry of Industry, Tourism and Commerce shall exercise the powers of expropriation that are necessary for the fulfilment of the purposes of ENRESA, which shall, for such purposes, have the status of a beneficiary. The facilities necessary for the fulfillment of the purposes that are of its own are declared of public utility for the purpose of forced expropriation.

4. The State shall take ownership of the radioactive waste after its final storage has been carried out. It shall also take over the surveillance which, where appropriate, may be required after the closure of a nuclear installation, after the period of time set out in the relevant closing declaration has elapsed. '

Two. The sixth additional provision of Law 54/1997 of 27 November of the Electrical Sector is amended.

The additional provision, sixth, of Law 54/1997 of 27 November of the Electrical Sector, is amended, as follows:

" Additional disposal sixth. Fund for the financing of the activities of the General Plan for Radioactive Waste.

1. The management of radioactive waste, including spent nuclear fuel, and the decommissioning and decommissioning of nuclear installations, as referred to in Article 38a of Law 25/1964 of 29 April, entrusted to the National Enterprise Radioactive Waste, S.A. (ENRESA) shall be carried out by the Fund for the financing of the activities of the General Plan for Radioactive Waste.

This Fund is made up of the amounts accruing from the collection of the fees referred to in paragraph 9, as well as any consideration or revenue arising from the provision of the services. Income from the transitional financial investments of the Fund is also integrated into the Fund. Grants to the Fund shall be considered as a deductible item in the Company Tax.

The amounts integrated into the Fund, without prejudice to the aforementioned transitional financial investments, may only be invested in expenditure, works, projects and fixed assets resulting from actions provided for in the Plan General Radioactive Waste approved by the Government.

2. The supervision and control of the transitional investments relating to the financial management of the Fund corresponds to a Monitoring and Control Committee attached to the Ministry of Industry, Tourism and Trade, through the Secretariat of State of Energy.

3. They shall be regarded as a cost of diversification and security of supply for the purposes provided for in this Law, the amounts to be provided for the part of the Fund for the financing of the costs relating to the management of waste. radioactive and spent fuel generated in nuclear power stations whose operation has ceased definitively before 1 January 2010, as well as their decommissioning and decommissioning, those future costs corresponding to the nuclear power plants or fuel plants which, after having ceased definitively their holding, they would not have been foreseen during that holding, and those which, where appropriate, could be derived from the provisions of paragraph 5 of this additional provision.

In addition, they will have such consideration of the amounts intended to provide the part of the Fund for the financing of the costs of managing radioactive waste from those research activities that the Ministry Industry, Tourism and Trade determine that they have been directly related to the generation of nuclear power, the decommissioning and decommissioning operations to be carried out as a result of mining and production of In the case of a nuclear reactor, the Commission will be prepared to provide the reprocess of spent fuel sent abroad prior to the entry into force of this Law and those other costs that are specified by royal decree.

4. The amounts to be provided by the Fund for the financing of the costs incurred as from 1 January 2010 for the management of the radioactive waste and spent fuel generated at the plants (a) in the case of a nuclear power plant, it shall not be regarded as a cost of diversification and security of supply and shall be financed by the holders of the nuclear power plants during that operation, irrespective of the date of its generation; such as those relating to its decommissioning and decommissioning.

In addition, allocations to municipalities affected by nuclear power stations or storage facilities for spent fuel or radioactive waste will be financed by the holders of the nuclear power plants, in the terms laid down by the Ministry of Industry, Tourism and Trade, as well as the amounts corresponding to the taxes payable in relation to the activities of storage of radioactive waste and spent fuel, with independence from its generation date.

5. In the event of a cessation of the anticipated exploitation in respect of the period laid down in the General Plan of Radioactive Waste for reasons other than the will of the holder, the financing deficit which, if any, will have the consideration of the cost of diversification and security of supply. In the event that such cessation occurs at the will of the holder, the latter must satisfy the corresponding fee.

6. The remaining amount of the Fund as at 31 December 2009, after deduction of the amounts necessary for the financing of the costs referred to in paragraph 3, shall be allocated to the financing of the costs incurred. refers to paragraph 4.

7. For the costs of managing radioactive waste and spent fuel and decommissioning and decommissioning, all costs relating to the technical activities and support services necessary to carry out such actions shall be included, in respect of the structure costs and the projects and activities of R & D + i, in accordance with the provisions of the General Plan for Radioactive Waste.

The cost of managing the radioactive waste and spent fuel in the nuclear power plant itself will only include the cost of the activities carried out by ENRESA. and, where appropriate, the costs of third parties arising from such activities.

8. The costs relating to the removal and management of the head of the radioactive lightning rod and the management of the radioactive waste generated in the exceptional cases provided for in Article 2 of the Law shall be financed from the Fund. 15/1980, of 22 April, of the creation of the Nuclear Security Council, the latter when they cannot be passed on in accordance with the current regulations and so determined by the Ministry of Industry, Tourism and Commerce.

9. For the purposes of paragraph 1 of this additional provision, the following charges are laid down, which shall have the character of the fees concerned for the services referred to in Article 38a of Law 25/1964, of 29 April, and that they will be entered into the Public Treasury applied to a non-budgetary concept. The amounts corresponding to the fees entered shall be paid from the Treasury to the Fund for the financing of the activities of the General Plan for Radioactive Waste, on a proposal from the Secretary of State for Energy:

First. Fee for the provision of radioactive waste management services referred to in paragraph 3.

(a) Tax tax: the taxable fact of the charge for the provision of services relating to the activities referred to in paragraph 3 above, i.e. the management of radioactive waste and fuel spent on nuclear power stations the operation of which has definitively ceased before 1 January 2010, as well as its decommissioning and decommissioning, those future costs associated with nuclear power plants or plants of fuel elements which, after having definitively ceased their holding, would not have been provided for during that holding, and which, where appropriate, may be referred to in paragraph 5.

The management of radioactive waste from those research activities that the Ministry of Industry, Tourism and Commerce determines have been directly related to the management of radioactive waste is also the taxable fact. the generation of nuclear power, the decommissioning and decommissioning operations to be carried out as a result of the mining and production of uranium concentrates prior to 4 July 1984, the costs resulting from the reprocessing of spent fuel sent abroad prior to entry into force of this Law, and those other costs that are specified by royal decree.

(b) Tax base: The tax base of the levy is constituted by the total collection resulting from the application of the tolls referred to in this Law.

(c) Rate Devengo: The rate shall be due on the last day of each calendar month during the management period laid down in the General Plan for Radioactive Waste.

(d) Liabilities subject: To be taxable persons liable to the tax at the expense of the operators holding the nuclear power plants. Taxable persons shall be liable to the taxpayer's substitutes and shall be obliged to carry out the material and formal duties of the levy on the undertakings which carry out the transport and distribution activities in accordance with the terms laid down therein. Law.

e) Rate and Quota Types: The rate at which the tax base will be multiplied to determine the tax rate to be entered is 0,001 percent.

f) Management rules: The model of self-validation and the means to make cash the income of the amounts payable will be approved by the Ministerial Order.

The rate corresponding to the collection of the last month before the end of the year shall be entered by self-settlement to be effected by the taxpayer's substitute taxable person before the 10th day of each month or, if applicable, on the working day immediately thereafter.

The collection of the charge shall be made effective through the deposit entities that provide the service of collaboration in the management of the collection, in accordance with the provisions of Article 9 of the General Rules of Collection, approved by Royal Decree 939/2005 of 29 July.

This fee will be integrated into all the effects on the toll structure set out in Law 54/1997, of 27 November, of the Electrical Sector and its development provisions.

Second. Fee for the provision of radioactive waste management services referred to in paragraph 4.

(a) Tax tax: the taxable fact of the charge for the provision of services relating to the activities referred to in paragraph 4 above, i.e. the management of radioactive waste and fuel spent on nuclear power stations during their operation regardless of the date of their generation, as well as those relating to their decommissioning and decommissioning, and allocations to the municipalities affected by power plants nuclear waste or radioactive waste storage facilities, in the (a) terms laid down by the Ministry of Industry, Tourism and Trade, as well as the amounts corresponding to the taxes payable in relation to the activities of storage of radioactive waste and spent fuel. It is also taxable for this fee to terminate the operation of a nuclear power plant at the discretion of the operator, in respect of the forecasts laid down in the General Plan for Radioactive Waste.

(b) Tax base: The tax base of the levy is constituted by the gross nuclear power generated by each of the power plants in each calendar month, measured in kilowatt hours gross (Kwh) and rounded to the whole lower.

In the case of an early termination of the holding of a nuclear power plant by the holder, the tax base shall be equal to the financing deficit which, if any, existed at the time of the cessation of the operation, determine the Ministry of Industry, Tourism and Trade on the basis of the economic study carried out by ENRESA.

(c) Rate Devengo: The rate shall be due on the last day of each calendar month during the period of operation of the plants.

In the event of an early termination of the holding by the holder, the fee shall be payable at the time when, in accordance with applicable law, that cessation occurs.

(d) Liabilities subject: The rate of the rate of charge of the operators of the nuclear power plants. In the event that the holders of the same plant are several, the responsibility shall be mutually supportive.

e) Determination of the quota: The tax rate to be entered during the operation of the installation will be the result of multiplying the tax base by the unit fixed rate and the correction coefficient points out, so that the quota to be entered will be the result of the application of the following formula:

C = B.i. × T × Cc

In which:

C = Fee to enter.

B.i. = Taxable Base in Kwh.

T = Unit fixed rate: 0.669 cents of €/Kwh.

Cc = Applicable correction coefficient according to the following scale:

PWR		BWR
PWR
1-300	1.15
301-600	1.06
601-900	1.02
901-1200	0.99

PWR = Pressure water reactors.

BWR = Boiling water reactors.

In the case of an early termination of the holding of a nuclear power plant by the holder, the quota shall be equal to 100% of the tax base.

f) Management rules: The model of self-validation and the means to make cash the income of the amounts payable will be approved by the Ministerial Order.

The fee shall be entered by self-settlement to be effected by the taxable person within the three calendar months following its accrual.

In the case of an early termination of the holding of a nuclear power plant by the holder's will, with respect to the forecasts laid down in the General Plan for Radioactive Waste, the financing deficit which, if any, at the time of the cessation, it must be paid by the holder for the following three years from the date of the cessation, making equal annual payments in the amount determined by the Ministry of Industry, Tourism and Trade on the basis of the economic study to be carried out by ENRESA.

The collection of the charge shall be made effective through the deposit entities that provide the service of collaboration in the management of the collection, in accordance with the provisions of Article 9 of the General Rules of Collection, approved by Royal Decree 939/2005 of 29 July.

Third. Fee for the provision of services for the management of radioactive waste arising from the manufacture of combustible elements, including the decommissioning of the manufacturing facilities thereof.

(a) Tax tax: the taxable fact of the charge for the provision of services for the management of radioactive waste arising from the manufacture of combustible elements, including the dismantling of manufacturing facilities for the same. It is also the taxable fact of this fee that the operation of an installation dedicated to the manufacture of combustible elements by the holder's will be terminated, with respect to the forecasts laid down in the General Plan of Radioactive Waste.

(b) Tax base: The tax base of the levy is constituted by the amount of nuclear fuel manufactured in each calendar year, measured in metric tons (Tm) and expressed with two decimal places, rounding the remaining to the second bottom decimal.

In the case of an early cessation of the operation of an installation dedicated to the manufacture of combustible elements by the holder's will, the tax base shall be equal to the financing deficit which, if any, existed at the time of the cessation, in the amount determined by the Ministry of Industry, Tourism and Trade on the basis of the economic study carried out by ENRESA.

(c) Rate Devengo: The rate shall be due on the last day of each calendar year in which there has been manufacturing of combustible elements.

(d) Liabilities to liabilities: The holders of the fuel-making facilities shall be subject to the levy.

e) Rates and Quota: The tax rate to be entered will be the result of multiplying the tax base by the tax rate of 1,449 €/Tm.

In the anticipated cessation of a facility dedicated to the manufacture of fuel elements by the holder's will, the fee will be equal to 100 percent of the tax base.

f) Management rules: The model of self-validation and the means to make cash the income of the amounts payable will be approved by the Ministerial Order.

The fee shall be entered by self-settlement to be effected by the taxable person within the three calendar months following its accrual.

In the event of an early cessation of the operation of a fuel-element manufacturing facility by the holder's will, with respect to the forecasts set out in the General Plan for Radioactive Waste, the deficit of financing which, if necessary, existed at the time of the cessation, shall be paid by the holder for the following three years from the date of the cessation, making equal annual payments in the amount determined by the Ministry of Industry, Tourism and Trade based on the economic study conducted by ENRESA.

The collection of the charge shall be made effective through the deposit entities that provide the service of collaboration in the management of the collection, in accordance with the provisions of Article 9 of the General Rules of Collection, approved by Royal Decree 939/2005 of 29 July.

Fourth. Fee for the provision of radioactive waste management services generated at other facilities.

(a) Taxable tax: The taxable fact of the charge is that the provision of the management services for radioactive waste generated in any other facilities not covered by the taxable amount provided in the preceding points.

(b) Tax base: The tax base of the levy is constituted by the quantity or unit of waste delivered for its management, as measured in the applicable unit applicable between those referred to in point (e) of this Article. agreement with the nature of the residue and expressed with two decimal places, rounding the remaining to the second lowest decimal place.

c) Rate Devengo: The fee shall be due at the time of the withdrawal by ENRESA of the waste from the premises.

(d) Liabilities to liabilities: The rate shall be subject to the holder of the charge.

e) Rates and Quota: The tax rate to be entered will be the result of multiplying the tax base by the following types of taxes for each type of waste.

Type	Description		Type Entax (€/unid)
.
S01.	Compactable Solid Waste (25-liter bags).		104.74
S02.	Non-compactable waste (bags of 25 liters).		104.74
S03.	Animal carcasses. Biological waste (25-liter bags).		270.76
S04.	hypodermic water in rigid containers (25-liter bags).		104.74
S05.	Special Solids:
	S051.	Waste with Ir-192 as an active component (25-liter bags).	104.74
	S052.		195.82
Mixtos
M01.	Mixed wastes composed by more vials (25 -litre containers).		225.51
M02.	Placas and similar with liquids or gels (25-liter bags).		104.74
Liquids
L01.	Organic Liquid Waste (25-liter containers).		229.53
L02.	aqueous liquid waste (25-liter containers).		195.20
F01.	Encapsulated sources whose activity does not exceed the limits set by the ADR for Type A packages and the source assembly with its source container or the equipment in which it is installed does not exceed 20 litres:
	F011.	F01 sources with semi-period elements less than or equal to the Co-60.	310.07
	F012.	Sources F01 with semi-period elements comprised between the Co-60 and the Cs-137 including this.	310.07
	F013.	F01 sources with semi-period elements higher than the Cs-137.	310.07
F02.	Encapsulated sources whose activity is not exceeds the limits set by the ADR for packages of Type A and the source assembly with its container of origin or the equipment in which it is installed is more than 20 l. and less than or equal to 80 l.
	F021.	F02 sources with semi-period elements less than or equal to the Co-60.	575.85
	F022.	F02 sources with semi-period elements comprised between that of the Co-60 and the Cs-137, including this.	575.85
F023.	F02 sources with semi-period elements higher than Cs-137.	575.85

f) Management rules: The model of self-validation and the means to make cash the income of the amounts payable will be approved by the Ministerial Order.

On the amounts that are payable for the fees referred to in this paragraph 9, the value added tax shall apply which taxes the provision of the services to be taxed in the terms laid down in the legislation in force.

The tax rates and tax elements for determining the share of these fees may be reviewed by the government through Royal Decree, based on an updated economic and financial memory of the cost of the corresponding activities referred to in the General Plan for Radioactive Waste.

10. The Government is hereby authorised to adopt the necessary provisions for the implementation of this additional provision. '

Final disposition tenth. Competence title.

This Law is dictated by the provisions of Article 149.1.6., 11. ª, 13. and 14. of the Constitution.

Final disposition eleventh. Regulatory enablement.

The Government is enabled to regulate the provisions of this rule.

Final disposition twelfth. Entry into force.

This Law shall enter into force on the day following that of its publication in the "Official Gazette of the State", being applicable to the tax periods beginning on or after 1 January 2009.

However:

(a) Paragraph one of the first final provision shall apply to the tax periods starting from 1 January 2008. Paragraphs 4 and 5 of that provision shall apply to the tax periods starting from 1 January 2010.

(b) Paragraphs one and two of the third and fourth final provisions shall enter into force on the day following the publication of this Law in the "Official Gazette of the State".

(c) Paragraphs 3 and 4 of the third and fourth final provisions shall apply to the rental income corresponding to rental contracts with the option of purchase of dwellings which are payable from the entry in force of this Law provided that such an option has not been exercised.

(d) The seventh final provision shall apply with effect from 1 January 2009.

e) From 1 January 2010, the provisions of Article 38a of Law 25/1964 on Nuclear Energy and the amendments made to the sixth provision of Law 54/1997 of 27 May 2010 will produce effect. November, of the Electrical Sector.

Therefore,

I command all Spaniards, individuals and authorities, to keep and keep this Law.

Madrid, October 26, 2009.

JOHN CARLOS R.

The President of the Government,

JOSE LUIS RODRIGUEZ ZAPATERO