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STAGGERED PAYMENTS IN CORPORATE TAX

STAGGERED PAYMENTS IN CORPORATE TAX

realized during the first 20 calendar days of the months of April, October and December, taxpayers must make an installment payment on account of tax payable for that tax year is in progress Day 1 of each of the months indicated.

The basis for payment by installments shall be the whole amount of the tax period last statement whose deadline was up the first day of the 20 calendar referred to in the preceding paragraph, less in deductions and allowances referred to the Corporate Tax Law, as well as the deductions and income to account for it.

When the last completed tax year is shorter than a year will also take into account the proportionate share of previous tax years, to complete a period of 12 months.

The installment payments may also be undertaken, at the option of the taxpayer, on the part of the taxable period 3, 9 or 11 months of each calendar year determined as provided by law

Subjects persons whose tax year does not coincide with the calendar year the installment payment made on the part of the taxable amount on since the beginning of the tax period until the day before the start of each of the periods of receipt of payment installments to in paragraph 1. In these cases, the installment payment is on account of tax payable for tax period that is in progress the day before the start of each one of those pay periods.

For option referred to in this section is valid and becomes effective, must be exercised in the declaration census during the month of February of the calendar year from which is to take effect, provided that the tax period to which is covered by such option coincides with the year natural.

Otherwise, the exercise of the option must be made in the declaration census during the period of two months from the commencement of the tax year or within the period between the start of this tax period and the completion of deadline to make the first installment payment for the tax period referred to the latter term is less than two months.

The taxpayer shall be bound to this form of payment by installment on payments for the same tax year and following, while not renouncing its application through the relevant census declaration to be exercise in the same terms set forth in the preceding paragraph.

The amount of the installment payment is the result of applying to the foundation laid in the previous sections the percentage to be established in the Law on State Budget.

The general rate applicable for tax periods beginning on or after January 1, 2008 is 30%. There are certain exceptions, under the Tax Act and thus, for example, 20% applies to cooperatives fiscally protected, except as regards extra-results, which are taxed at the standard rate.

In the conditions specified in the previous section, the resulting fee will be deducted bonuses of Chapter III of this title, other bonuses as may be applicable to taxable income withholding and has practiced on taxable income, and made partial payments for the tax period.