Spanish to English translations [PRO]
Bus/Financial - Accounting / tax, accounting | | Spanish term or phrase: acreditable | | Describing an accounting entry for value added tax on a trial balance. |
|  guillenKudoZ activityQuestions: 653 ( 6 open) ( 6 without valid answers) ( 28 closed without grading) Answers: 74
| Local time: 01:36
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| | Creditable VAT / Recoverable VAT | Explanation:
Value Added Tax is accounted for on a cash flow basis in Mexico, effective fiscal 2002. This means that the VAT that is to be credited or recovered has actually been paid.
Hope this helps.
16 years experience translating for Mexico City based member firms of international accounting firms (PwC, Grant Thornton, etc.)
30 years experience as an ESL/EFL teacher in Mexico including the UNAM & IPN.
Resident of Mexico City since February 1966
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Note added at 2005-03-12 20:23:29 (GMT)
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Creditable tax of any type means that the tax authorities owe the taxpayer who has paid in excess of his/her tax liability.
Tax due means that the taxpayer owes the tax authorities.
As for your comment, my impression is that your interpretation fits well in a general language context, but I do not see how it can relate to a tax context. Sorry, but I disagree.
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Note added at 2005-03-15 01:31:26 (GMT) Post-grading
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You\'re quite welcome. Best regards, Richard. |
| Selected response from:
Richard Cadena
Mexico
Local time: 02:36
| Grading comment Thank you
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