The extension of the presentation of this tax in Spain will allow greater tax advice
Given the great economic and social impact of COVID-19 in Spain, the Government has decided to extend the deadlines for approval of the annual accounts. Consequently, taxpayers of Corporation Tax must file two returns.
The effects of the pandemic may cause that the partners of the entities have not yet approved the annual accounts that closed on December 31st, 2019. In these cases, the following criteria must be taken into account:
- The company must also present its Corporation Tax until July 25th.
- If once the annual accounts are approved they differ from those included in the first tax return, you must file a second return with the correct amounts.
- If the new declaration results in a higher amount to be paid or a lower amount to be returned, it will be considered a complementary declaration.
- If it is less amount to enter or more to return, it will be considered as a rectification.
On the other hand, it should be noted that the tax filing period will be in force until November 30th, 2020.
B Law & Tax
International Tax & Legal Advisors.