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sinceramiento

English translation: Exoneration

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19:43 Jul 13, 2002
Spanish to English translations [Non-PRO]
Bus/Financial / Impuestos
Spanish term or phrase: sinceramiento
(Perú) Se ha aprobado la Ley de Sinceramiento de la Dueda Tributaria, por las obligaciones pendientes al 31 de diciembre de 2001, a presentarse hasta el 31 de mayo de 2002.
joana
English translation:Exoneration
Explanation:
i wonder who is being exonerated?



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Note added at 2002-07-13 19:56:34 (GMT)
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But it could be a Extension of Tax Filing

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Note added at 2002-07-13 20:01:43 (GMT)
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You know, we speak of Forgiving a Debt in English.

So why not: Tax Liability Forgiveness

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Note added at 2002-07-13 20:06:00 (GMT)
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OK so what about Robert\'\'s suggestion:

INTERNAL REVENUE TAX TRUCE EXONERATION AND RECONCILIATION?

:)

Todavia me sueña mal....
Selected response from:

Jane Lamb-Ruiz
Grading comment
Thank you all for brainstorming this term. I should have mentioned that this term comes in an accounting report. Therefore, a neutral term is probably preferred, even though "laundering" is probably the term they deserve. However, as Pepelu mentioned "laundering" denotes illegality. On the other hand, I do not believe that the government is going to "forgive" the debt. They want to encourage people to "reconcile" their past hidden debts with the incentive of not having to pay a penalty. That way the government has something rather than nothing and the taxpayer can sleep "pie suelto" for a while until he's racked up another batch of undeclared income ("negro") and again has to start worrying about being discovered. Your comments confirmed what I thought "sinceramiento" might mean. I am going to leave the Spanish term and use "Tax Reconciliation Act" in parentheses. I'm not sure, however, that this should be added to the glossary since no one seems to be sure. What do you all think?
1 KudoZ points were awarded for this answer

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Summary of answers provided
5 +4ExonerationJane Lamb-Ruiz
5 +2Tax Forgiveness Lawrvillaronga
4 +2tax laundering
Robert INGLEDEW
4 +1Internal Revenue Amnesty LawJosé Luis Villanueva-Senchuk
4amnestyPaul Slocomb


  

Answers


9 mins   confidence: Answerer confidence 5/5 peer agreement (net): +4
Exoneration


Explanation:
i wonder who is being exonerated?



--------------------------------------------------
Note added at 2002-07-13 19:56:34 (GMT)
--------------------------------------------------

But it could be a Extension of Tax Filing

--------------------------------------------------
Note added at 2002-07-13 20:01:43 (GMT)
--------------------------------------------------

You know, we speak of Forgiving a Debt in English.

So why not: Tax Liability Forgiveness

--------------------------------------------------
Note added at 2002-07-13 20:06:00 (GMT)
--------------------------------------------------

OK so what about Robert\'\'s suggestion:

INTERNAL REVENUE TAX TRUCE EXONERATION AND RECONCILIATION?

:)

Todavia me sueña mal....

Jane Lamb-Ruiz
Native speaker of: Native in EnglishEnglish, Native in PortuguesePortuguese
PRO pts in pair: 7709
Grading comment
Thank you all for brainstorming this term. I should have mentioned that this term comes in an accounting report. Therefore, a neutral term is probably preferred, even though "laundering" is probably the term they deserve. However, as Pepelu mentioned "laundering" denotes illegality. On the other hand, I do not believe that the government is going to "forgive" the debt. They want to encourage people to "reconcile" their past hidden debts with the incentive of not having to pay a penalty. That way the government has something rather than nothing and the taxpayer can sleep "pie suelto" for a while until he's racked up another batch of undeclared income ("negro") and again has to start worrying about being discovered. Your comments confirmed what I thought "sinceramiento" might mean. I am going to leave the Spanish term and use "Tax Reconciliation Act" in parentheses. I'm not sure, however, that this should be added to the glossary since no one seems to be sure. What do you all think?

Peer comments on this answer (and responses from the answerer)
agree  José Luis Villanueva-Senchuk: The said law (RESIT Perú) is some sort of tax amnesty being applied in Peru.
3 mins

agree  Leonardo Parachú: "te sueNa" Jane, "te sueNa".
29 mins
  -> Right, unfortunately I will never be able to write in Spanish. Thanx for pointing out my lapsus....:)

agree  Сергей Лузан
1 day13 hrs

agree  LoreAC
4 days
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14 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +1
Internal Revenue Amnesty Law


Explanation:
Hola,

I would live it in Spanish and use a TN. If you want the acronym for said law: RESIT Perú.

Cheers,

JL

--------------------------------------------------
Note added at 2002-07-13 20:36:56 (GMT)
--------------------------------------------------

oopsssss...LEAVE it.....



José Luis Villanueva-Senchuk
Argentina
Local time: 06:22
Native speaker of: Native in SpanishSpanish, Native in EnglishEnglish
PRO pts in pair: 1050

Peer comments on this answer (and responses from the answerer)
agree  Leonardo Parachú: you would "leave" it JL, I woke up with an editor´s spirit today
25 mins
  -> :-)
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16 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +2
tax laundering


Explanation:
If it is what we call blanqueo impositivo in Argentina, it is a sort of tax truce which allows you to declare previously undeclared profits, and to rectify previous tax returns and pay the respective taxes without any penalty, generally giving you a number of months for paying the resulting tax.

I thought I would not find any references with this name, but there are quite a few!!!

Your search: "tax laundering" Categories | Web Sites | Web Pages | News | Research Documents

--------------------------------------------------------------------------------
Web Page Matches 1-10 of 10


The Taipei Times Online: 2001-06-03
... By Christopher Lingle There has been a lot of noise and some heat raised over the
issue of tax laundering and gnashing of political teeth in raves against tax ...
http://taipeitimes.com/news/2001/06/03/dept/edit/
More Results From: taipeitimes.com


OFC - Offshore Round-Up, Vol.2 No.10
... Germany had recently claimed that Liechtenstein was not applying European
tax-laundering legislation, an allegation denied by the principality. ...
http://www.offshorefinancecanada.com/cdanewsv2n10.html


Senator Carl Levin - Enron Investigation
... conflicts of interest; insider profits at the same time employees were losing their
shirts; offshore shenanigans; hidden debt; and what I call tax laundering ...
http://levin.senate.gov/issues/enron.htm
More Results From: levin.senate.gov


UnionPride2
... that there's something terribly rotten about the essence and nature of the "people
company." If the charges turn out to be true, a major tax laundering ...
http://members.aol.com/BobKutchko/UnionPride2/page9.html


roundtable: Meanwhile, Back in the CPSR Board Room"
... as a > conduit for the so-called "charitable contribution," a transaction one >
source preferred to label "tax-laundering." Tax-exempt CPSR > apparently did ...
http://www.cni.org/Hforums/roundtable/1996-04/0029.html


Cox Newspapers | Washington Bureau
... conflicts of interest; insider profits at the same time employees were losing their
shirts: offshore shenanigans; hidden debt and what I call tax laundering ...
http://www.coxnews.com/washingtonbureau/staff/geewax/012502E...


http://hyperarchive.lcs.mit.edu/telecom-archives/archives/ba...
... as a conduit for the so-called "charitable contribution," a transaction one source
preferred to label "tax-laundering." Tax-exempt CPSR apparently did not ...
http://hyperarchive.lcs.mit.edu/telecom-archives/archives/ba... 0





Robert INGLEDEW
Argentina
Local time: 06:22
Native speaker of: Native in EnglishEnglish, Native in SpanishSpanish
PRO pts in pair: 1940

Peer comments on this answer (and responses from the answerer)
neutral  José Luis Villanueva-Senchuk: Hola...en inglés el término 'laundry' denota ilegalidad. No sé... abrazos,
4 mins
  -> Habría que leer las referencias. "blanqueo impositivo" (Argentina) y laundering son bastante parecidos...

agree  Jane Lamb-Ruiz: Yes, now all three have zeroed in on this, especially you and Pepelu but none of the answers really ring true...
4 mins
  -> You need to be familiar with the South American context (I live here). Here it pays to evade taxes and then take the advantage of a "blanqueo" and pay taxes with no penalty in probably 60 months, sometimes with no interest charged...

agree  Leonardo Parachú: Whoops, I meant this for you Robert: so far I think this is closer to the original, maybe it´s becuase I´m from Argetina too and the term "blanqueo" is so much heard around here, also "regularización de deuda"
26 mins
  -> Thank you, Leonardo.
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21 mins   confidence: Answerer confidence 5/5 peer agreement (net): +2
Tax Forgiveness Law


Explanation:
El sinceramiento de créditos incobrables Temas relacionados
See following example:

El Hipotecario perdió $ 571 millones
La decisión del Banco Hipotecario de reconocer en el balance de los primeros noventa días del año una pérdida astronómica de 571 millones de pesos no significa que las autoridades de la entidad crediticia hayan perdido el rumbo durante ese período y se hayan embarcado en operaciones financieras desastrosas.

Essentially, Peru is "forgiving" some person's or entity's tax debt which they probably consider uncollectable, and moving on to bigger and better things.....

rvillaronga
United States
Local time: 04:22
PRO pts in pair: 12

Peer comments on this answer (and responses from the answerer)
neutral  Robert INGLEDEW: I believe it is the opposite. The Government allows you to pay taxes on profits you never declared before, without applying any penalty for your previous false tax declaration.
6 mins

agree  Leonardo Parachú: so far I think this is closer to the original, maybe it´s becuase I´m from Argetina too and the term "blanqueo" is so much heard around here, also "regularización de deuda"
19 mins

agree  Jane Lamb-Ruiz: aha, Tax Payment Deadline Extension Law, whaddya say Robert?
25 mins
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1 day6 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
amnesty


Explanation:
Tax Amnesty Law.

I'm late on this one (out of town) but exoneration isn't right here. Exonerations, exemptions, etc. normally are given in advance. This is an after-the-fact opportunity to declare undeclared income, pay unpaid tax, etc., without incurring the usual penalties. Laws like this appear regularly in Latin America and, in my experience atleast, are pretty universally referred to as tax amnesty laws.

Paul Slocomb
Local time: 04:22
Native speaker of: English
PRO pts in pair: 351
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