Brian Williams has reported Thursday, December 17, 2009 on the NBC Nightly News that,

“New York state finance officials said today Wall Street is on track to shatter all profitability records this year.

Profits came in at just under FIFTY BILLION dollars

- that’s profit for the first three quarters of 2009 –

and that is much more than was expected for the entire year,

and a stunning TWO-AND-A-HALF times more than the previous record set back in the year 2000.

Bonus payments for bankers and traders could be as much as FORTY percent HIGHER than last year.”

Download the New York State Comptroller’s report – Review of the Financial Plan of the City of New York, December 2009,  Report 16-2010, by Thomas P. DiNapoli, New York State Comptroller -  here:

http://www.osc.state.ny.us/osdc/rpt16-2010.pdf

See NBC Nightly News video here:

http://www.videonewslive.com/view/404951/video_wall_street_sees_recordbreaking_profits

-AND-

here:

http://www.bing.com/videos/watch/video/wall-street-sees-record-breaking-profits/60a1dyr

FACT SHEET ABOUT LB 285

Implementation of LB 285 will:

• Make Nebraska a more dangerous place for children.  It forces law enforcement to keep track of all registrants no matter how likely they are to reoffend.  It will be easier for truly dangerous registrants to evade an already overburdened law enforcement and criminal justice system.
• Permit truly dangerous registrants to “hide in plain sight” by being lumped in with low- to no-risk registrants, some of whom didn’t even have victims.
• Cost Nebraska taxpayers about $2.8 million, all because the federal government threatens to cut off some $129,000 in funding.  The State of Arizona has decided not to implement a similar law because it cannot afford to do so and public policy experts realize the law will do no good.
• Position Nebraska in opposition to such widely known children’s advocates as John Walsh and Patty Wetterling, both of whom have publicly denounced the very type of legislation that was enacted under LB 285. Why have they taken that stand? Because both recognize that the law makes communities less safe for children.
• Do irreparable harm to registrants (and their families) who long ago completed their sentences, succeeded in therapy and became respected, productive, tax-paying citizens.

$9,100,000,000,000

Nine TRILLION, one hundred BILLION…

Remember another number.

Two.

During the reign of King George W. Bush, just TWO of his failed policies have cost Americans $9,100,000,000,000.

What two failed policies are those?

The Bu$h tax cuts, and the creation of a Rx (prescription drug “benefit” written wholly by Big Pharmaceutical industry cronies.

The U.S. Census Bureau’s most current estimation of the population of the United States places 308,171,505 people in the United States as of December 17, 2009.

Put another way, that’s a cost of $29, 529 per person.

As a result of deregulation of the financial industries – banks, insurance and stock brokerages – thus creating one giant incestuous financial orgy, Americans have directly suffered under the thumbs of bankers and insurance companies, while their Wall Street cohorts, in conjunction with imaginative thieves, have twiddled and fiddled to create “investment derivatives” – essentially a Ponzi schemed fiscal fraud – out of thin air. That house of cards having collapsed, has revealed what was suspected all along. Outside the transparent dressing room of his glass house, the king had no clothes.

Driven by greed and an insatiable lust for more, Wall Street’s evil inventions will never satisfy such incorrigible human appetite.

The cost of the Bu$h economic collapse alone – from revenue loss to increased use of assistance programs and unemployment compensation – has cost the American people $3,500,000,000,000.

And, while the bitter taste of the actions necessary to prevent the Great Depression II continue to linger in the mouths of the Congress, everyone agrees – it was necessary. Thus, the $900,000,000,000 required to stave off – not “fix” – the Bu$h(it) economic collapse is another reminder of the Bu$hit deficit.

The unpaid $700,000,000,000 George W. Bu$hit Rx medication/drug bill lingers yet.

These figures aren’t pie-in-the-sky. They’re from the Office of Management and Budget.

Americans just need a kiss, because we’ve already been screwed.

And then, there’s the fact of his criminal behavior which was in the form of his flouting at least two federal laws requiring the White House to maintain electronic records of all records, including e-mail. General Counsel of the National Security Administration, Meredith Fuchs said, “many poor choices were made during the Bush administration and there was little concern about the availability of e-mail records despite the fact that they were contending with regular subpoenas for records and had a legal obligation to preserve their records.”

Executive Director Melanie Sloan of Citizens for Responsibility and Ethics in Washington, said, “It seems like they just didn’t want the e-mails preserved.”

Forget “Presidential Pants and Penis Prosecution.” This is criminal activity – plain and simple. George W. Bush should be indicted on federal criminal charges, and subject to house arrest until time of trial.

Utter incompetence and outright thievery… hallmarks and legacy of the George W. Bu$hit administration.

The next test of Polish fiscal viability is due Thursday, hidden in second tier equity news. Heads up. You heard it here. It’s due Thursday.

And all signs say we are about to see Poland fall to its second major loss of the current season.  Further signs suggest  that I will be a bit put off if officials keep talking roses when I start smelling skunk.

The deadline for would-be buyers to place binding offers for Polish chemical group Ciech and smaller rivals Tarnow and Kedzierzyn passes this week.

Poland’s announced alternative to real fiscal consolidation is a massive plan to sell off state firms. Having mulled tax hikes and spending cuts which require talking terms with the President or opposition, the government figures privatization, which can be done single-handedly, must be The path of least resistance.  

They want a record PLN 37 bln to end-2010 to finance budget deficits and keep public debt levels down. But even the biggest of asset balloons would be hard stretched to offer such a sum.

To date, they have faced down some union opposition, roundly ignored questions about the wisdom of selling state firms to foreign state firms or of selling off poorly regulated markets, scored a victory in ending a dispute for control of insurer PZU (opening the door for a major dividend payment) and suffered a major loss, mistreating two rival bidders for energy group Enea and getting no bids in the end.

By Thursday they will find out how hard it is to sell heavily damaged goods. Official statements in the press have been all roses. Deputy Treasury Ministers step up each day to talk up share price, praise corporate prospects and repeat the mantra about all being well.

But that is not entirely the Ciech that we know. Ciech is not fairing quite that well, has massive bank debt spread between a dozen different banks with varied interests and which cannot come to terms on restructuring. Check out the sad song of Q3 earnings here. As I wrote in How macro might miss massive micro problems, Ciech has dead weight on board, having bought Soda and Goworra (Germany’s SodaWerk and Romania’s Goworra and yea, it more than just rhymes with the biblical names of ill-repute) back when having foreign units was the rage that Ciech was afraid of missing out on.

Insiders say that Poland will receive bids bearing little by way of money, heavier on simple vows to clean the place up.

Poland brushed off the Enea fiasco and vowed a repeat sales offer in early 2010.  Roughly as blithely as their praise Ciech as an investment opportunity today. You’d never guess that they have any indication that pending bids might not impress, might not save the budget. Yet, I fear that ministry planners are putting their top strategic thinking today into how to spin the message come Thursday / Friday. To what should be an increasingly skeptical audience.

On October 20th I asked how broke California was, and answered it with so broke they sue people to make up the deficit

You can now add so broke that they are selling public buildings to the list. It really is quite marvellous that they do not get it. People aren’t going to allow tax hikes – which means that unless they stop spending money 2 years before yesterday – they will go bankrupt. And then it begins. The real financial crisis.

Also, in comment to my previous post, a friendly reader posted this :

“California is so broke, they just called Consumer Credit Counseling to help eliminate their debt.
California is so broke, the highest paying job is jury duty.
California is so broke, the lowest unemployment rates are on Indian reservations.
California is so broke, it qualifies for food stamps.
California is so broke, a truckload of Americans just got caught sneaking into Mexico looking for work.
California is so broke, food aid packages with Somali flags are arriving at ports in Los Angeles.
California is so broke, the Christian Children’s Fund shows pictures of kids from Oakland.
California is so broke, demand for refrigerators is down but demand for refrigerator boxes is up.
California is so broke, the state legislature is now living in Single Room Occupancy hotels.
California is so broke, mothers in Ethiopia are saying, “Finish your plate. Do you know how many kids in California are starving?”
California is so broke, people are using Snugglies and ShamWows for clothing and trying to cook Ped Eggs.
California is so broke, Bangladesh just bought the Los Angeles Dodgers.
California is so broke, Google had to change its name to Ggle.
California is so broke, the governor offered to sell the state back to Mexico. Mexico refused.
California is so broke, San Francisco agreed to accept nuclear waste for $1 a ton.
California is so broke, they’re asking former East Germans how to build a wall to keep people from leaving.”

Maybe it is the New Year creeping in, tax season on the horizon, or the fact that my husband and I are having to forgo Christmas presents this year due to low finances, but I found my mind swirling around the fiscally pragmatic today. 

Another reason money and money woes are on my mind is that I found this amazing Integrative Mental Health Conference in Phoenix in March with the likes of Andrew Weil, Jon Kabat-Zinn, and Amy Weintraub on mind/body healing approaches in mental health–jackpot–and I cannot even conceivable afford to go. 

And it makes me wonder, in this shaky economic time, when jobs are not certain and the stock market even less so, how can anyone afford enlightenment?  I  look at wonderful educational centers like Kripalu and Omega, places where I find enriching workshops weekly that make me salivate cerebrally just thinking of them, but there is no way I could afford the accommodations, airfare, and then coursework costs to attend. 

The saddest part yet is that I am a graduate school educated person with a moderately well salaried job (for my field of social work, which is considerably underpaid as a whole).  So, if I can’t afford enlightenment, enrichment, and the coursework to a more centered self, more soulful life, deeper yoga practice and life path then what about everyone else?!  (Yes, I do believe that moment deserved an exclamation point, please don’t be offended by my virtual shouting).

I received a lovely email from a graduate school social work professor in the midwest last week and we had a rich discussion regarding complementary therapies, yoga as therapeutic, and the potentials for training the young soon-to-be-therapist minds of her students with a curriculum that included yogic practices. 

I was so hopeful being able to be a participant in such a discussion.  It gave me hope that one day affording enlightenment and having accessable mind/body healing practices will not be just for those few who have the cash for the expenditure of a flight and a long weekend away or even those who can plunk down upwards of $20.00 on a yoga class. 

In a world in which mind/body techniques are effectively integrated into therapeutic practice and graduate schools might, conceivably, be churning out eager minds well-versed in mind/body and yogic techniques then this kind of enlightenment, these tools of self-care and self-soothing might just be accessable to everyone.  And it could be billable by therapeutic businesses as a therapeutic activity. 

Now this day, on a mass scale, may not be tomorrow but I believe steps towards it are happening today.  Through motivated and passionate persons like the graduate professor who are willing to impart this learning to a generation of students, with curriculums wide enough to allow for these discussions to be had, in therapeutic workplaces open to trying the programming, and studies on these subjects continuing to bring more efficacy to the field this new journey of healing is beginning. 

My hope is for a future in which an affluent benefactor (kidding, well sort of) could fund my dream project: non-profit holistic therapeutic centers that would incorporate mind/body healing, animal-based therapies, and somatic psychotherapies all under one roof.  The more people I meet with like-minded passions the more I feel this hope may one day be attainable, whether for me or for someone else.  In the meantime I guess I have to hope for a temporary benefactor to pay for me to go to the Integrative Mental Health Conference, or just resign myself to the fact that for now I just can’t afford enlightenment. 

Stay tuned for the second part of YOGIC EQUUS at the end of the week. 

Also, much thanks to www.itsallyogababy.com for listing me among her favorite posts of 2009 and to http://www.cirkla.com/newsletters/112209.htm for listing my blog among the many wonderful yogic bloggers of the blogosphere! 

Topic #1 amongst Polish and emerging Europe macro analysts are rising fiscal deficits and the public debt loads they give rise to.  They might be wasting their time.

In Poland, the question is usually phrased: when will Polish public debt exceed 55% of GDP? That 55% mark is a threshold written into public finance law mandating a rather rough austerity program.  The law is a safety barrier for a constitutional threshold at 60% of GDP which, once crossed, requires a much more severe austerity program. It’s a big deal.

I wrote this post for my friends at Polish Market. Find the full post here.

         En esta segunda entrada relativa al régimen fiscal de la operaciones vinculadas vamos a desarrollar la definición de las operaciones vinculadas y el perímetro de vinculación, es decir, el detalle de las personas y entidades que tienen la consideración de fiscalmente vinculadas.

         1.- Definición de operaciones vinculadas

         Podemos definir las operaciones vinculadas (en adelante OV) como todas aquellas operaciones (ventas, compras, nóminas, alquileres, préstamos, etc.) que se realizan entre personas y/o entidades que se consideran fiscalmente vinculadas.

         A título de ejemplo:

-      la nómina de los socios y de los administradores, y de sus hijos, hermanos, esposas, etc.

-      el alquiler de una nave propiedad de los socios

-      los préstamos socios-sociedad

-      compras o ventas realizadas a la empresa de un hermano, un cuñado, el suegro, el padre, etc.

        Como podemos observar por los ejemplos anteriores, en todas las Empresas tenemos operaciones vinculadas. Como indicábamos en el post anterior, la primera tarea a ejecutar es identificar todas las operaciones vinculadas que realiza nuestra Empresa.

         2.- Definición de personas o entidades vinculadas

         Se consideran personas o entidades vinculadas las siguientes:

a) Una entidad (sociedad) y sus socios.

b) Una entidad y sus consejeros o administradores.

c) Una entidad y los cónyuges o personas unidas por relaciones de parentesco, en línea directa o colateral, por consanguinidad o afinidad hasta el tercer grado de los socios o partícipes, consejeros o administradores.

         El tercer grado de parentesco incluye: cónyuge, padres, abuelos, bisabuelos, hijos, nietos, biznietos, hermanos, tíos, sobrinos, suegros, cuñados, yernos y nueras.

d) Dos entidades que pertenezcan a un grupo.

e) Una entidad y los socios de otra entidad, cuando ambas entidades pertenezcan a un grupo.

f) Una entidad y administradores de otra entidad, cuando ambas entidades pertenezcan a un grupo.

g) Una entidad y los cónyuges o personas unidas por relaciones de parentesco, en línea directa o colateral, por consanguinidad o afinidad hasta el tercer grado de los socios de otra entidad cuando ambas sociedades pertenezcan a un grupo.

h) Una entidad y otra entidad participada por la primera indirectamente en, al menos, el 25 por 100 del capital social o de los fondos propios.

i) Dos entidades en las cuales los mismos socios partícipes o sus cónyuges, o personas unidas por relaciones de parentesco, en línea directa o colateral, por consanguinidad o afinidad hasta el tercer grado, participen, directa o indirectamente, en, al menos, el 25 por 100 del capital social o de los fondos propios.

j) otros supuestos menos comunes que afectan a sociedades no residentes en España y a los grupos de sociedades cooperativas.

         En los supuestos en los que la vinculación se define en función de la relación socios-entidad, la participación deberá ser igual o superior al 5 por 100, o al 1 por 100 si se trata de valores cotizados.

        La mención a los administradores incluye a los de derecho y a los de hecho.

        Vamos a intentar explicar de forma sencilla y resumida en este comentario y en los próximos el régimen fiscal de las operaciones vinculadas.

         Esta materia está regulada en el artículo 16 de la Ley del Impuesto sobre Sociedades y en los artículos 16 a 29 de su Reglamento.

         En el ejercicio 2009 han entrado en vigor importantes modificaciones sobre el régimen fiscal de las operaciones vinculadas sobre todo en relación con las obligaciones de documentación de las mismas.

         Son operaciones vinculadas las operaciones realizadas por una entidad con sus socios, con sus administradores, con los familiares de socios y de administradores; también las realizadas entre dos sociedades del mismo grupo, o las realizadas por dos sociedades que tienen los mismos socios, etc.

         En el siguiente comentario, detallaremos con precisión todos los supuestos legales de vinculación fiscal.

         A título de ejemplo son operaciones vinculadas: las nóminas de los socios, las nóminas de los administradores; también las nóminas de los familiares de los socios y administradores: hijos, nietos, padres, etc., los alquileres de locales o naves propiedad de socios-administradores-familiares (en adelante SAF), los préstamos de dinero a la sociedad de los SAF, o los préstamos de la sociedad a los SAF, operaciones de venta de bienes o prestaciones de servicios entre dos sociedades del mismo grupo, o con los mismos socios, etc.

         Las operaciones vinculadas deben valorarse obligatoriamente a precios de mercado; es decir, los que se habrían pactado entre partes independientes.

         La Ley del Impuesto sobre Sociedades establece distintos métodos de valoración que deben emplearse para las operaciones vinculadas; los comentaremos de forma resumida en una próxima entrada.

         Además se establece como obligatoria la preparación de la documentación que detalla el Reglamento del Impuesto sobre Sociedades en función del tipo de entidad y del tipo de operación vinculada.

           La elaboración correcta de esta documentación es fundamental para evitar las sanciones, incluso en los casos en que la AEAT corrija la valoración dada por el contribuyente por entender que no se ajusta a valor normal de mercado.

           Si la documentación reglamentaria existe, está completa y con datos correctos, y además los valores declarados por la Empresa coinciden con los que se deducen de la documentación, aunque la AEAT corrija los valores declarados por entender que no son de mercado, no habrá sanción de ningún tipo; habrá “sólo” cuota e intereses de demora.

         Como veremos las sanciones por no aportar la documentación o aportarla mal, o por declarar valores diferentes de los que se deducen de la documentación, son muy elevadas; por tanto, va a ser fundamental ser cuidadosos con la elaboración de la documentación.

         Como paso previo, todas las Empresas debemos identificar las operaciones vinculadas que realizamos y preparar un inventario de las mismas para poder documentarlas adecuadamente.

Hay algunas cosas en la vida que te hacen más feliz, que te dan más fuerza, que te hacen superar limites inimaginables, que te hacen gritar más fuerte, que te demuestran que valio la pena ser quien eres y hacer lo que haces. Hoy recibi uno de estas CONDECORACIONES.

Entiendo al judio sobreviviente de los campos de concentracion, al poblador de Alemania Oriental cuando cayo el Muro, al izquierdista que festejo el triunfo de NO en chile, al conservador español cuando Aznar triunfó, al aprista que vio regresar a Alan a palacio en el 2006… los entiendo porque estos hechos marcaron su vida: fueron condecorados por su fuerza, su empuje, en palabras del camarada m. , su aguante. Y vivieron el triunfo de sus ideas.

Tambien entiendo al estudiante libre de Venezuela que protesta contra Chavez, al valiente Santa Cruceño que lucha contra la dictadura de Morales, al pueblo libre del Tibet que se levanta frente la fuerza homogenizante de la Republica Popular China… los entiendo porque viven dia a dia su batalla, y porque reciben CONDECORACIONES con cada golpe de las fuerzas dictatoriales, con cada censura televisiva o periodistica, con cada muerte, con cada herido reciben CONDECORACIONES DEMOCRATICAS.

Hoy la monopolica Asamblea de la FEPUC me CONDECORO y honró sancionandome con una DESFEDERACION, que implica no pertenecer más a las instancias de la FEPUC y no tener ni voz ni voto en sus instancias. ¿Por que? Pues porque dije la verdad sobre la practica del movimiento Coherencia Universitaria y aliados, porque soy diferente, porque no me dejo llevar como otros, ni me dejo comprar (Les faltaria $ para ofrecerme, o cargos para darme, soy muy caro para ellos).

La Junta de Fiscales en un procedimiento digno de LA DICTADURA FUJIMONTENISTA o CHAVISTA, realizó un juicio que no conto con la posibilidad de defensa (prevista para cualquier juicio) y que restringia totalmente el derecho de libre expresion. ¿Como no lograr censurar a un simple individuo si Coherencia Universitaria tiene la mayoria en la Asamblea FEPUC y maneja TODA la Junta de Fiscales (Menos al fiscal de Humanidades)? Yo sabia que la censura era inminente, pero pense que eventualmente SE RESPETARIAN LOS PROCEDIMIENTOS. Lamentablemte el afan de “venganza” de los sujetos incoherentes, los llevo a pisotear todas las formas y procedimientos justos.

Con esta condecoracion democratica y libre, solo me queda sentirme reconfortado y feliz. Sabemos que tanta rabia, tanta venganza, tanto odio, es porque ESTE BLOG ES Y SERA UNA TRIBUNA DE DENUNCIA Y DE CRITICA a quienes piensan que pueden hacer lo que les da la gana.

Hoy, con mas fuerza que nunca LA COMBI de Combina grita en cada paradero:

¡VIVA LA LIBERTAD!

But I truly feel like a robot sometimes. This blog now has over 1000 posts. Yupp, that’s a lot.

What are most of them about? The coming financial collapse of the United States, and the hazards of government control and central banking. I believe that these two things, the central bank and the government, are the things responsible for the world not being a better place than it is. They solve one problem by creating a million new ones. Their only solution is more manipulation, never less. They are the ultimate product of the mob-rule democraty that we have in the Western World. When did it become right to tax people to death? When did it become right to squander peoples wealth on whatever the government deems appropriate? When did it become right do debase currency to pay for the governments deficits? Do you know why we need an inflation-rate of say 2-5% annually. Milton Friedman discovered this, but he failed to name the cause. The reason is – otherwise we get a government fiscal crisis, where the government either cannot pay its expenses, or it strangles the economy.

Because the government is completely unable to control its spending. Always has been. Always will be. Governments are the drunken bums who don’t stop drinking until they accidentally wobble out into the street and get hit by a bus. Then, temporarily, as their broken bones get to heal in the hospital – they stop the madness. But as soon as they are once again able to walk, they run out of the hospital into the nearest liquor store, and start gulping down like there is no tomorrow.

From Chris Martenson, we learn the following today :

• The state of New York will be broke before Christmas
• The state of New Jersey is considering declaring “financial emergency” in the same way that they might declare “natural disaster emergency”
• $4.8 billion of the projected additional $9 billion of US Federal debt for the coming decade will be interest rate. The penalty for the Federal governments PAST crimes. Even if by some completely magic way the US Federal Government made it for another decade – imagine what the US would pay for its debt the decade after that.

Some sobering facts : It is calculated that the US government will have to pay an additional $80 million annually for each percent the interest rate goes up (I know, I know, there are many interest rates but I’m trying to keep it simple. Just pretend that all US government debt has the same interest). That means with 5% higher interest rates (which isn’t at all unlikely), interest payments become $400 billion more expensive. In the case of a 70’s disaster, you may see close to 10% higher interest rates. That means an additional $800 billion in interest payments. Now, last time I checked, total receipts of the US Federal Governmetn was somewhere around $2.5 trillion, right? Most of which is entitlements including Medicare and Social Security? This would mean, that unless the US debt go spiralling towards a debt default, ALL government spending aside from Social Security and Medicare will ahve to be halted – including the military, all department of this or that, etc. And even then – it is not likely that the US will be able to manage its budget. Because Medicare and Social Security are both going to cost more and more money – and at no later than 2017 the Social Security fund is guaranteed to revert – which means an additional few trillions in debt that the Federal Government has to pony up.

DO YOU SEE THE PROBLEM HERE? In the marvellous socialist state of Sweden, we have a debt level of ~35% of GDP, all the retirement money is invested in stocks and bonds by HUGE pension fund management companies, we don’t need Medicare because health-care is payed directly from taxes, etc. Do I like the system? Nope – not one bit. The total tax pressure is around 65% if you include income tax, capital gains tax, VAT tax and a myriad of other taxes (lottery ticket tax, anyone?). It’s a veritable socialist dream utopia – where we are all expected to conform to the grey, mediocre taxpaying masses. But the system has one key benefit over the system in the US.

It’s sustainable, meaning that IT IS NOT A BIG PONZI SCHEME LIE! We may be taxed to death, but so help me god I’d rather have that then a government that marches proudly into fiscal hell and wipes out the entire middle-class because they cannot for the mercy of them understand that there is a limit to how much you can spend, and you have to save for future obligations.

End rant.

To an accountant, fiscal year end is a New Year’s Eve of sorts. Fiscal New Year, like New Year’s Eve, is about starting anew; new spreadsheets, clean accounts and elimination of aged items. Coming to the end of the fiscal year, much hard work is required. It is necessary to plug away like a trooper to “zero” your balances. Accounts must be in order.

“What if you don’t get your work done?” I hear you ask. If you do not adhere to your deadline, you are in trouble. If your accounts are messy, the auditors will scrutinise your work with magnifying glasses. They will sit at your desk and seek explanations. Apparently, this is a lot of work. If unsatisfied, they take out a big red stamp and deem you “non-compliant”.

This is supposedly a very bad thing. Are auditors like the Boogie Man of the corporate world? No offence to any auditors out there.

“Fiscal stimulus is like the government trying to help you with your migrain by shooting you in the head”

You may quote me on that one.

        La Ley 11/2009, de 26/10, por la que se regulan las Sociedades Anónimas Cotizadas de Inversión en el Mercado Inmobiliario (SOCIMI) ha introducido en su disposición final séptima, una importante modificación en el artículo 46 de la Ley 35/2006, de 28/11, de Impuesto sobre la Renta de las personas físicas.

        En efecto, hasta 31 de diciembre de 2008, los intereses de los préstamos a sociedades vinculadas tributaban como renta general, al tipo marginal del contribuyente (que como sabemos puede llegar al 43%). Sin embargo, cualesquiera otro tipo de intereses (los pagados por entidades financieras, o los derivados de préstamos a personas o entidades no vinculadas) tributaban como renta del ahorro, y por tanto, al tipo del 18%.

        Pues bien debido a la modificación citada en el primer párrafo y desde el 1 de enero de 2009 (lo podemos aplicar ya a los intereses devengados en este ejercicio 2009), los intereses por préstamos a entidades vinculadas tributan como renta del ahorro, con el límite de multiplicar por tres los fondos propios en la parte proporcional a la participación del contribuyente.

        A efectos de realizar los cálculos, se tiene en cuenta el importe de los fondos propios de la entidad vinculada reflejados en el último balance cerrado antes del devengo del IRPF (para 2009 debemos tomar los fondos propios según balance de 31/12/2008). Respecto al porcentaje de participación hay que atender al que se posea en la fecha de devengo del IRPF (31/12 de cada año).

        Si la vinculación no se define en función de la relación socio-entidad, el porcentaje de participación a considerar es el 5%. Por ejemplo, un préstamo por un administrador no socio, o por un hijo del socio.

        Si hay exceso sobre el límite calculado, dicho exceso tributa como renta general (al tipo marginal).

        Pongamos un par de ejemplos, para entender mejor en qué consiste la modificación efectuada.

        Ejemplo 1:

        Sociedad X cuyos fondos propios según balance de 31/12/2008 ascienden a 148.500 euros. El socio A, propietario del 50% de la sociedad, tiene un préstamo concedido a ésta por importe de 200.000 euros, a un tipo de interés del 4% anual.

        Intereses 2009: 200.000 x 4%: 8.000 euros.

        Fondos propios del socio: 50% x 148.500: 74.250 euros.

        Límite: 74.250 x 3 x 4%: 8.910 euros.

        Al estar por debajo del límite, todos los intereses del préstamo (8.000 euros) se consideran renta del ahorro. Véase la importancia que puede tener esta modificación. En 2008 y suponiendo que el socio A tributa al marginal máximo, el socio habría pagado en su IRPF la cantidad de 3.440 euros (43% de 8.000); sin embargo, en 2009 pagará 1.440 euros (18% de 8.000):

        Ejemplo 2:

        Mismos datos que el ejemplo anterior, pero el préstamo es de 300.000 euros.

        Intereses totales: 300.000 x 4%: 12.000.

        Fondos propios del socio: 50% x 148.500: 74.250 euros.

        Límite: 74.250 x 3 x 4%: 8.910 euros.

        Al estar por encima del límite, tendremos:

        Intereses a renta del ahorro: 8.910 euros (el límite).

        Intereses a renta general: 3.090 euros (el resto de intereses).