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Balance Tributario (de una empresa)

English translation: Tax Balance Sheet (business accounting)

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
Spanish term or phrase:Balance Tributario (contabilidad comercial)
English translation:Tax Balance Sheet (business accounting)
Entered by: María Eugenia Wachtendorff
Options:
- Contribute to this entry
- Include in personal glossary

17:47 Jan 26, 2003
Spanish to English translations [PRO]
Bus/Financial - Accounting / BALANCE SHEET
Spanish term or phrase: Balance Tributario (de una empresa)
Es un documento contable trimestral. Tiene cuatro columnas: Cuenta, Saldo, Inventario y Resultado y las cuentas que incluye son las mismas de cualquier otro balance.

¿EXISTE ALGUNA DENOMINACIÓN ESPECÍFICA PARA ESTO EN INGLÉS? DESDE YA, MUCHAS GRACIAS.
María Eugenia Wachtendorff
Chile
Local time: 17:40
tax balance sheet
Explanation:
Seems to get a fair number of hits.

Deferred taxes are determined according to SFAS 109 »Accounting of Income Taxes«. They reflect future tax reduction or future tax burdens that arise from temporary balance sheet differences between consolidated balance sheet and tax balance sheet. The deferred tax assets also comprise tax reduction claims arising from the expected availability of existing loss carryforwards in subsequent years, the realization of which is probable. Deferred taxes are computed using the tax rate that will be authoritative according to the present legal situation at the probable compensation time of the temporary differences. Abroad, tax rates specific to the country are used. An allowance is made on deferred tax assets, if there is a sufficiently high likelihood that not all deferred tax assets can be realized in future through fiscal profits, or if the realization is limited in time (SFAS 109.17).
http://www.claas.de/gb01/uk/anhang_konzern03.html

Transitional measures: You'll need to look at what information is required to comply with the accounting standard. Do you have the data to begin compiling your tax balances? What assets do you need to get a value for to produce a number that your internal tax specialists or external tax advisers can use to determine the applicable tax rate?

Getting those numbers are critical to constructing a tax balance sheet. Once the starting point is in place it will be easier to comply with the new regime. While the numbers may not be material to this reporting period for some companies, they could change and it is probably wiser to be running on the new treadmill from the very beginning.
(1st ref)

First, there’s the administrative cost linked to the accounts’ tax re-processing. Currently, accounting values are used to establish tax returns and the results’ re-processing for tax purposes is limited. The tax balance sheet follows the commercial balance sheet unless mandatory tax assessment guidelines provide otherwise (article 40 of the Luxembourg Income Tax Law). Should IAS be extended, tax provisions contrary to IAS would no longer be the exception but would become the rule: the accounting results would be reprocessed many times and would call for the use of a custom-made software programme.
(2nd ref)
Selected response from:

Nikki Graham
United Kingdom
Local time: 21:40
Grading comment
Thank you very much, Nikki.
4 KudoZ points were awarded for this answer



Summary of answers provided
4 +2tax balance sheet
Nikki Graham
5quarterly tax declarationxxxLia Fail
4Balance Sheet for Tax Calculation
Marian Greenfield


  

Answers


4 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5
Balance Sheet for Tax Calculation


Explanation:
Hi Maria.

The above is an educated guess.

Regards,
msg

Marian Greenfield
Local time: 16:40
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 429
Login to enter a peer comment (or grade)

44 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +2
tax balance sheet


Explanation:
Seems to get a fair number of hits.

Deferred taxes are determined according to SFAS 109 »Accounting of Income Taxes«. They reflect future tax reduction or future tax burdens that arise from temporary balance sheet differences between consolidated balance sheet and tax balance sheet. The deferred tax assets also comprise tax reduction claims arising from the expected availability of existing loss carryforwards in subsequent years, the realization of which is probable. Deferred taxes are computed using the tax rate that will be authoritative according to the present legal situation at the probable compensation time of the temporary differences. Abroad, tax rates specific to the country are used. An allowance is made on deferred tax assets, if there is a sufficiently high likelihood that not all deferred tax assets can be realized in future through fiscal profits, or if the realization is limited in time (SFAS 109.17).
http://www.claas.de/gb01/uk/anhang_konzern03.html

Transitional measures: You'll need to look at what information is required to comply with the accounting standard. Do you have the data to begin compiling your tax balances? What assets do you need to get a value for to produce a number that your internal tax specialists or external tax advisers can use to determine the applicable tax rate?

Getting those numbers are critical to constructing a tax balance sheet. Once the starting point is in place it will be easier to comply with the new regime. While the numbers may not be material to this reporting period for some companies, they could change and it is probably wiser to be running on the new treadmill from the very beginning.
(1st ref)

First, there’s the administrative cost linked to the accounts’ tax re-processing. Currently, accounting values are used to establish tax returns and the results’ re-processing for tax purposes is limited. The tax balance sheet follows the commercial balance sheet unless mandatory tax assessment guidelines provide otherwise (article 40 of the Luxembourg Income Tax Law). Should IAS be extended, tax provisions contrary to IAS would no longer be the exception but would become the rule: the accounting results would be reprocessed many times and would call for the use of a custom-made software programme.
(2nd ref)


    Reference: http://www.cfoweb.com.au/stories/20020301/13503.asp
    Reference: http://www.pwcglobal.com/lu/eng/about/press-rm/business-1120...
Nikki Graham
United Kingdom
Local time: 21:40
Works in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 165
Grading comment
Thank you very much, Nikki.

Peer comments on this answer (and responses from the answerer)
agree  andy37
25 mins
  -> Thanks

agree  mónica alfonso
1 hr
Login to enter a peer comment (or grade)

1 hr   confidence: Answerer confidence 5/5
quarterly tax declaration


Explanation:
Es un documento contable trimestral. Tiene cuatro columnas: Cuenta, Saldo, Inventario y Resultado y las cuentas que incluye son las mismas de cualquier otro balance.


iT'S not A BALANCE SHEET which is prepared once a year. What it probably is is a document required by teh taxation authorities as a kind of control.

I would say that it is simply a statement, though what kind I am afraid to risk saying.

Possibilities include

Statement of earnings
Tax declaration
Interim tax declaration

I would venture a guess that it does not exist in the English world:


FINALLY FOUND SOMETHING!

Here is a definition I found in SPANISH:

Balance :
Informe contable donde aparecen los activos, pasivos y patrimonio neto de una
empresa.
Balance Tributario:
Por regla general, los contribuyentes afectos al Impuesto de Primera Categoría
de la Ley de la Renta, deben presentar en cada año tributario una declaración de
impuestos que cubre las rentas efectivas devengadas o percibidas en el año
calendario o año comercial anterior.
La determinación de estas rentas efectivas o base imponible envuelve todo un
proceso contable-jurídico que se conoce en doctrina como el balance tributario o
impositivo y que incluye las siguientes etapas: ingreso bruto, renta bruta, renta
líquida y renta líquida imponible
Este procedimiento es, en primer término, de carácter contable, pues son los
libros de contabilidad los llamados a registrar o reflejar la composición de los
resultados de cada ejercicio financiero. Es además jurídico, en cuanto debe
ceñirse a lo que la ley del ramo acepta, rechaza o regula respecto a las diversas
partidas de la contabilidad que signifiquen un ingreso o un gasto.
El resultante arrojado por el Balance Tributario no ha de coincidir
necesariamente con el resultado arrojado por el Balance Contable, pues algunas
partidas que la ley considera ingreso o gastos no lo son desde el punto de vista
contable, o viceversa.

So, I wopuld translate this as quarterly tax declaration in small letters (to play oit down, becuase there is no exact equivalent in English)





    Reference: http://www.google.ie/search?q=cache:jRF6NsRpocwC:www.bancoes...
xxxLia Fail
Spain
Local time: 22:40
Native speaker of: Native in EnglishEnglish
PRO pts in category: 4
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