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Recargo de equivalencia

English translation: Additional VAT

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
Spanish term or phrase:Recargo de equivalencia
English translation:Additional VAT
Entered by: Joost Elshoff
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14:36 Sep 10, 2006
Spanish to English translations [PRO]
Bus/Financial - Finance (general) / Invoice
Spanish term or phrase: Recargo de equivalencia
On a Spanish invoice. Has st. to do with Spanish VAT.
Lucie Travnickova
Local time: 15:19
Additional VAT
Explanation:
Has been posted here already on the 15th of July, but still... to clarify.

An additional VAT payment required for "comerciantes minoristas".

I hope the asesores.com URL gives you enough info.
Selected response from:

Joost Elshoff
Local time: 15:19
Grading comment
Thank you.
3 KudoZ points were awarded for this answer

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Summary of answers provided
5 +1Additional VAT
Joost Elshoff
5supplementary VAT charge for small retailers
John Rynne


  

Answers


23 mins   confidence: Answerer confidence 5/5 peer agreement (net): +1
Additional VAT


Explanation:
Has been posted here already on the 15th of July, but still... to clarify.

An additional VAT payment required for "comerciantes minoristas".

I hope the asesores.com URL gives you enough info.


    Reference: http://www.proz.com/kudoz/763439
    Reference: http://asesores.com/fiscal/iva11.htm
Joost Elshoff
Local time: 15:19
Native speaker of: Dutch
PRO pts in category: 3
Grading comment
Thank you.

Peer comments on this answer (and responses from the answerer)
agree  Robert Copeland
46 mins
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3 hrs   confidence: Answerer confidence 5/5
supplementary VAT charge for small retailers


Explanation:
The "recargo de equivalencia" was invented so as spare small family shops the burden of VAT accounting. As explained in the second URL quoted by Joost (http://asesores.com/fiscal/iva11.htm), the small retailer pays an extra amount of VAT to the wholesaler, who pays it in to the taxman. The small retailer can then forget about VAT accounting and filing.
It's not really "extra VAT" because, if this system did not exist, the retailer would have to pay in the difference between his input VAT (paid to the wholesaler in the normal course of affairs, i.e. the 16% of the wholesale price stated in the example) and the VAT on his outputs (i.e. 16% of the retail price charged on sales to end customers).
In actual fact, the "recargo de equivalencia" may actually be LESS than the net VAT the small shopkeeper would have had to pay under the normal system.

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Note added at 5 días (2006-09-16 10:15:04 GMT) Post-grading
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Correction: the right term is "special compensatory charge". See the follow link:

http://ec.europa.eu/taxation_customs/resources/documents/vat...

John Rynne
Local time: 15:19
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 461
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