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impuesto a las ganancias minima presunta

English translation: Minimum Assumed Income Tax

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
Spanish term or phrase:Ganancia minima presunta
English translation:Minimum Assumed Income Tax
Entered by: Patricia Luna
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07:20 Aug 19, 2002
Spanish to English translations [PRO]
Bus/Financial / accounting , finance
Spanish term or phrase: impuesto a las ganancias minima presunta
traducciòn de la sigla gmp Ganancias minima presunta
Patricia Luna
Local time: 04:37
minimum presumed income tax
Explanation:
Be literal.

--------------------------------------------------
Note added at 2002-08-20 03:13:48 (GMT)
--------------------------------------------------

As the prior proposed answer states, this may be a \"presuncion conclusiva\", or irrebutable presumption. But the text for translation doesn\'t say it is. It could be a rebuttable presumption. In my experience, most such presumed income taxes are, as the text for translation suggests, a means of calculating a rebuttable minimum tax. The tax on the minimum presumed income may be creditable against the tax as computed on the basis of the normal rules. If one\'s income is sufficient to result in a \"normal\" tax in excess of the minimum presumed income tax, the latter effectively disappears.

E.g. suppose I have 1000 in net patrimony and 20 in net income for the year. Assume further that the jurisdiction I am in imposes a a minimum presumed income tax of 1% of my net patrimony, creditable against a normal income tax at a rate of 30%. Then my minimum presumed income tax is 10 (1% of 1000), my \"normal\" tax is 6 (30% of 20), so I pay the minimum tax of 10.

If, instead, my net income were 100, I\'d pay, e.g., normal tax of 30 (30% of 100), and the minimum tax would be credited against it, so I\'d pay a total tax of 30 (e.g. just the normal tax).

Which tax is credited against the other can be crucial for US taxpayers with foreign source income, because foreign taxes computed on basis of income generally are creditable against US income tax liability, whereas taxes computed on the basis of assets generally are not. Not long ago Mexico enacted an assets tax which was in fact a minimum presumed income tax, and made the minimum tax creditable against normal income tax up to the amount of the mimimum tax, thus reducing the amount of the normal tax. One paid both minimum (assets) tax and a reduced amount ot normal (income) tax. The reduced amount of normal tax was creditable in the US. The amount of the minimum tax was not. So, having been lobbied by US companies with subsidiaries in Mexico, Mexico reversed the creditability. The result was that companies that made enough income to result in normal tax in an amount equal to or greater than the minimum presumed income tax paid no minimum tax, just normal tax that was fully creditable in the US.

\"Presumed\" is the term most generally used for such taxes in English (at least here in the US). \"Imputed\" also works, but is more often used for interest.
Selected response from:

Paul Slocomb
Local time: 02:37
Grading comment
thank you very much for all the information you provided to me. From all the answers, your answer was the one that suited best my context. Although I use "assumed" and not pressumed" following an accountant´s advice
4 KudoZ points were awarded for this answer

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Summary of answers provided
5 +3tax on estimated minimum earnings
Maria Luisa Duarte
4 +2tax on the minimum notional income
Lila del Cerro
5Basic rate of income tax
Amanda Tozer
3 +1minimum estimated income tax
Katherine Matles
4 -1minimum presumed income taxPaul Slocomb
3tax on imputed minimum income
Luis Arri Cibils


  

Answers


7 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +2
tax on the minimum notional income


Explanation:
Eso sería si la ganancia es "ficta", como la llamamos aquí, o sea lo que se supone que debe razonablemente ganar una empresa.

Me queda un mínimo de duda.

Lila del Cerro
Uruguay
Local time: 04:37
Native speaker of: Native in SpanishSpanish
PRO pts in pair: 517

Peer comments on this answer (and responses from the answerer)
agree  Herman Vilella: don't doubt. In street language: Suspected incomes
2 hrs
  -> Well, thank you so much. You've helped me learn from my own knowledge. LOL

agree  Rafa Lombardino
7 hrs
  -> Thanks, Rafaela
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14 mins   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): +1
minimum estimated income tax


Explanation:
Creo que es esto:


... Exemption from paying the tax on company debt (VAT on the interest on
loans). • Exemption from paying the minimum estimated income tax. ...
www.union-network.org/.../884cdfea850a1f5fc12568c1002e2881/ fc79533994622718c1256a9900531ca8?OpenDocument - 12k - Cached - Similar pages


Katherine Matles
Spain
Local time: 09:37
Native speaker of: Native in EnglishEnglish
PRO pts in pair: 867

Peer comments on this answer (and responses from the answerer)
agree  MikeGarcia
10 hrs
  -> Gracias!
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17 mins   confidence: Answerer confidence 5/5 peer agreement (net): +3
tax on estimated minimum earnings


Explanation:
impuesto = tax deductions
ganancias = returns/earnings/profits
presunta = estimated

Maria Luisa Duarte
Spain
Local time: 09:37
Native speaker of: Native in EnglishEnglish, Native in PortuguesePortuguese
PRO pts in pair: 3168

Peer comments on this answer (and responses from the answerer)
agree  xxxR.J.Chadwick
2 hrs

agree  Jane Lamb-Ruiz: yes
6 hrs

agree  MikeGarcia
10 hrs
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3 hrs   confidence: Answerer confidence 5/5
Basic rate of income tax


Explanation:
En Inglaterra, este índice o esta tasa mínima se calcula a raiz de ganancias mínimas. Existe una franja entre 20% y 25% que la tasa mínima

Amanda Tozer
Local time: 09:37
Native speaker of: English
PRO pts in pair: 171
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16 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5
tax on imputed minimum income


Explanation:
Un sitio en la Net describe este impuesto de la siguiente manera:

IMPUESTO SOBRE LA GANANCIA MINIMA PRESUNTA

1. Sujetos

Personas de existencia ideal, empresas unipersonales y establecimientos estables de sujetos del exterior (domiciliadas o ubicadas en el país) y personas físicas y sucesiones indivisas, titulares de inmuebles rurales (sólo con relación a dichos inmuebles).

2. Hecho imponible

Tenencia de activos gravados al cierre del ejercicio fiscal, situados en el país y en el exterior.

3. Tasa del impuesto:

Es del 1% sobre los activos gravados. Puede computarse como pago a cuenta de este gravamen el impuesto a las ganancias determinado por el mismo período fiscal y los impuestos análogos pagados respecto de bienes situados en el exterior (tax credit).

---------
Por lo tanto, este impuesto no es "a tax on an estimated minimum income" ya que puede no haber ingresos. Ademas, no es una estimacion sino una presuncion conclusiva.

La Direccion Impositive imputa (presume en forma conclusiva) un ingreso minimo basado en los bienes (riqueza) del contribuyente.

Otro ejemplo del uso del termino "imputed" en el campo impositivo es el suguiente (en el idioma ingles porque lo copie de un diccionario digital en ese idioma):


Imputed Interest: Interest rate stated by the Internal Revenue Service because the interest stated in the mortgage is unrealistically low or not stated at all. Interest considered by the IRS for tax purposes to have been paid, even if no interest was actually paid.


Luis Arri Cibils
Local time: 02:37
Native speaker of: Native in SpanishSpanish
PRO pts in pair: 515
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19 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): -1
minimum presumed income tax


Explanation:
Be literal.

--------------------------------------------------
Note added at 2002-08-20 03:13:48 (GMT)
--------------------------------------------------

As the prior proposed answer states, this may be a \"presuncion conclusiva\", or irrebutable presumption. But the text for translation doesn\'t say it is. It could be a rebuttable presumption. In my experience, most such presumed income taxes are, as the text for translation suggests, a means of calculating a rebuttable minimum tax. The tax on the minimum presumed income may be creditable against the tax as computed on the basis of the normal rules. If one\'s income is sufficient to result in a \"normal\" tax in excess of the minimum presumed income tax, the latter effectively disappears.

E.g. suppose I have 1000 in net patrimony and 20 in net income for the year. Assume further that the jurisdiction I am in imposes a a minimum presumed income tax of 1% of my net patrimony, creditable against a normal income tax at a rate of 30%. Then my minimum presumed income tax is 10 (1% of 1000), my \"normal\" tax is 6 (30% of 20), so I pay the minimum tax of 10.

If, instead, my net income were 100, I\'d pay, e.g., normal tax of 30 (30% of 100), and the minimum tax would be credited against it, so I\'d pay a total tax of 30 (e.g. just the normal tax).

Which tax is credited against the other can be crucial for US taxpayers with foreign source income, because foreign taxes computed on basis of income generally are creditable against US income tax liability, whereas taxes computed on the basis of assets generally are not. Not long ago Mexico enacted an assets tax which was in fact a minimum presumed income tax, and made the minimum tax creditable against normal income tax up to the amount of the mimimum tax, thus reducing the amount of the normal tax. One paid both minimum (assets) tax and a reduced amount ot normal (income) tax. The reduced amount of normal tax was creditable in the US. The amount of the minimum tax was not. So, having been lobbied by US companies with subsidiaries in Mexico, Mexico reversed the creditability. The result was that companies that made enough income to result in normal tax in an amount equal to or greater than the minimum presumed income tax paid no minimum tax, just normal tax that was fully creditable in the US.

\"Presumed\" is the term most generally used for such taxes in English (at least here in the US). \"Imputed\" also works, but is more often used for interest.

Paul Slocomb
Local time: 02:37
Native speaker of: English
PRO pts in pair: 351
Grading comment
thank you very much for all the information you provided to me. From all the answers, your answer was the one that suited best my context. Although I use "assumed" and not pressumed" following an accountant´s advice

Peer comments on this answer (and responses from the answerer)
disagree  Luis Arri Cibils: It is more than presumed; it is a presumption that you cannot contest or rebut. It is an imputation.
5 mins
  -> False. See the note I've added above.
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