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What it is

Urgent crisis measures on taxes, finance and insolvency

BOE step 7 of 7 · Passed

It is a royal decree-law. It was introduced on 30 March 2009. Introduced by: Gobierno.

Official title: Royal Decree-Law 3/2009, of 27 March, on urgent measures in tax, financial and insolvency matters in light of the evolution of the economic situation.

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Source: Congreso de los Diputados, file 130/000013· updated 11 Nov

Automatic summary, not yet reviewed

  1. It lowers the legal interest rate to 4% and the late payment interest rate to 5% until December 31, 2009.
  2. It removes the time limit for applying deductions for R&D investments under the Corporate income tax The personal income tax (IRPF in Spain): what people pay on what they earn from work, business or savings., effective for tax periods starting January 1, 2009.
  3. It allows the Insurance Compensation Consortium (Consorcio de Compensación de Seguros) to accept reinsurance of credit and surety insurance risks taken on by private insurers, to keep commercial coverage in place during the crisis.
  4. If a State guarantee is enforced, holders of the guaranteed securities will receive compensation for the delay in payment, calculated using an interest rate published by the Bank of Spain.
  5. It reforms the Insolvency Law: it creates the Public Insolvency Registry on the Internet, regulates the fee schedule for insolvency administrators, protects refinancing agreements from being voided, allows written processing of the agreement and early liquidation, and speeds up several procedural steps.

Who it affects

  • Companies with R&D investments: They can apply their tax deductions with no time limit from 2009.
  • Credit insurers and the companies they insure: They can rely on reinsurance from the Insurance Compensation Consortium.
  • Companies in financial trouble: They have new ways to refinance and avoid or speed up insolvency proceedings.
  • Insolvency administrators: Their fees will be set by a fee schedule and they will contribute to a guarantee account.
  • Workers of insolvent companies: Collective layoff or modification procedures are handled by the insolvency court under faster rules.

Words worth knowing

Interés legal del dinero
Legal interest rate applied by law when a debt has no agreed interest rate.
Interés de demora
Surcharge applied when a payment is made late.
Reaseguro
Reinsurance: insurance that insurers buy to cover part of the risks they have taken on.
Concurso de acreedores
Spanish insolvency proceeding for a company or person that cannot pay its debts.
Rescisión
Court cancellation of actions taken before the insolvency that harm creditors.
income tax
The personal income tax (IRPF in Spain): what people pay on what they earn from work, business or savings.

It summarizes the law as published in the BOE. It is written by artificial intelligence and may contain mistakes: the official text is what counts. Read the official text · How we make summaries

Where it stands

How far did it get?

It took 7 of 7 steps. It reached BOE, and today it is passed.

  1. Introduced30 March 2009Someone registers the text in the Congreso.
  2. Admitted14 April 2009The Bureau of the Congreso accepts it and, for a members’ bill, the plenary decides whether to consider it.
  3. Amendmentsno dateGroups propose changes.
  4. Committeeno dateA committee goes through the text in detail.
  5. Plenary14 April 2009All 350 deputies vote.
  6. Senateno dateThe Senate can pass it, amend it or veto it.
  7. BOEno dateIt is published in the Official State Gazette (BOE) and comes into force.
See the 4 official steps on a timeline
Mar 200911. 30 March 2009: Presentación22. 14 April 2009: Calificación33. 14 April 2009: Pleno Convalidación desde 14/04/2009 hasta 23/04/200944. 23 April 2009: Concluido - (Convalidado) desde 23/04/2009 hasta 29/04/2009

Was there a plenary vote?

We have no plenary vote linked to this law in the Congreso’s data.

What happens next

What happens now?

It is law, or will be once published in the BOE. It comes into force on the date its own text sets.

Published in the BOE: Royal Decree-Law 3/2009, of March 27, on urgent measures in tax, financial, and insolvency matters in light of the evolution of the economic situation.

Sources

Where does all this come from?

  • The data comes from the open files of the Congreso, the Senate and the BOE, unaltered.
  • Each deputy’s province is the one of their seat on the day of the vote.
  • We only say “passed” or “rejected” when the majority needed is certain; otherwise we say which side had more votes.

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