Recargo de equivalencia
English translation: Additional VAT
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| 14:36 Sep 10, 2006 |
| Spanish to English translations [PRO] Bus/Financial - Finance (general) / Invoice | |||||||
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|  Selected response from: Joost Elshoff (X) Local time: 16:43 | ||||||
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| Summary of answers provided | ||||
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| 5 +1 | Additional VAT |
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| 5 | supplementary VAT charge for small retailers |
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Answers
23 mins confidence: 
peer agreement (net): +1
peer agreement (net): +1Additional 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 |
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3 hrs confidence:
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. -------------------------------------------------- Note added at 5 días (2006-09-16 10:15:04 GMT) Post-grading -------------------------------------------------- Correction: the right term is "special compensatory charge". See the follow link: http://ec.europa.eu/taxation_customs/resources/documents/vat... |
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