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IMP DE SSV

English translation: Tax on Statement Savings Account


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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
Spanish term or phrase:IMP DE SSV
English translation:Tax on Statement Savings Account
Entered by: Charles Davis
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05:28 Nov 14, 2011
Spanish to English translations [PRO]
Bus/Financial - Finance (general) / Colombian bank account statement
Spanish term or phrase: IMP DE SSV
This abbreviation/acronym comes from a Colombian bank account statement, so not much context.

Fecha - Detalle de cuenta - Retiros - Depositos - Saldo

xx-xx-xxx Interest
REF xxxx-xxxxx IMP DE SSV


Thanks, as always!
jmtquiroga
United States
Local time: 22:15
Tax on Statement Savings Account
Explanation:
Confidence medium, because I'm not sure about "IMP". I think it is probably an abbreviation of "impuesto" (tax), but it's difficult to be sure with so little context. Certainly "imp." is used in Colombia, as elsewhere. as an abbreviation of "impuesto"; for example:

"IMP. DE RENTA DIFERIDO"
http://www.superfinanciera.gov.co/Cifras/financiera/ef/sf/00...

It seems quite likely that there would be tax to pay on a savings account and that it would be deducted by the bank.

As for "SSV", the extra context changes things. I shall not give URLs for these references so as not to reveal the name of the bank (which may be confidential), but in a list of bank charges, we do indeed find:
"Cuenta de Ahorros, Niños y Jóvenes (SSV)", followed by
"Cuenta de Ahorros Inversión (SSI)"
"Cuenta de Ahorros Nómina (SSP)"

So SSV appears to indicate a kind of savings account.

Other websites relating to this same (multinational) bank, with a subsidiary in Colombia from whose website the above reference is taken, show that "SSV" is an abbreviation used throughout the bank internationally, and that it means "Statement Savings Account":

Singapore:
"Thank you for your email to XXXX. The SGD [Singapore Dollar] Statement Savings Account (SSV) is a Savings Account."

Mauritius:
"Type of Account Required
Term Deposit Account (TMD)
Current Account (CUA)
Statement Savings Account (SSV)
Call Deposit Account (CDP)

Vietnam:
"Taøi Khoaûn Tieàn Göûi An Lôïi (SSV) / Savings Account (SSV)"

So it looks as though this bank (which is based in an English-speaking country) uses the initials SSV to indicate a "statement savings account" in all its worldwide subsidiares, including, in this case, Colombia.
Selected response from:

Charles Davis
Local time: 04:15
Grading comment
I just kept the initials and added the word "tax". The client was satisfied with that solution.
4 KudoZ points were awarded for this answer



Summary of answers provided
3 +1Balance of Housing Sub-AccountCharles Davis
3Tax on Statement Savings AccountCharles Davis


Discussion entries: 2





  

Answers


3 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): +1
Balance of Housing Sub-Account


Explanation:
In English "SSV" can stand for "Same Day Soonest Value": "SSV: Same Day Soonest Value service allows for payments and collections to be transmitted Monday to Friday by 11h00 and Saturdays by 10h00 on action date" ( https://www.fnb.co.za/useful-stuff/glossary-of-terms.html ). However, I don't think it's likely to mean that here.

I think "SSV" almost certainly stands for "Saldo de Subcuenta de Vivienda". Here is a reference from Colombia but relating to BBVA Bancomer (Mexico):

"Explicó que el trabajador podrá hacer uso de su crédito Fovissste, el saldo de la subcuenta de vivienda (SSV) y el crédito del banco, lo que le permite adquirir una casa de mayor valor al considerar la suma de su ingreso base y los adicionales para solicitar el financiamiento ante la institución financiera. [...]
El esquema de crédito "Alia2 Plus" también ofrece al derechohabiente la opción de no desembolsar el pago por concepto del enganche y gastos de escrituración del crédito FOVISSSTE, si la suma de SSV y el crédito son suficientes, además de considerar la opción de crédito conyugal."
http://economia.terra.com.co/noticias/noticia.aspx?idNoticia...

It is to do with the system called Retirement Funds Administrators (Administradoras de Fondos para el Retiro, abbreviated Afores). The Housing (Vivienda) account is one of the four sub-accounts of the retirement account:

"Housing. This is a sub-account into which employers contribute an equivalent of five percent of the employee's salary. Funds are deposited with the INFONAVIT through the Fondo Nacional de la Vivienda ("National Housing Fund") and the Afore only registers contributions and balances."
http://en.wikipedia.org/wiki/Retirement_Funds_Administrators
See the equivalent page in Spanish:
http://es.wikipedia.org/wiki/Administradoras_de_Fondos_para_...

So I think that this entry on the bank statement probably refers to the balance in the housing sub-account. "IMP", in this context, must stand for "importe", and in practice it is redundant, since "balance" already indicates the amount.

Charles Davis
Local time: 04:15
Native speaker of: Native in EnglishEnglish
PRO pts in category: 59
Notes to answerer
Asker: Looking at the bank's Colombian website, I see that the initials appear alongside the words "Cuenta de ahorros, Niños y Jovenes". So, I don't think it's a housing sub-account.


Peer comments on this answer (and responses from the answerer)
agree  Beatriz Candil Garcia
6 hrs
  -> ¡Gracias, Beatriz!
Login to enter a peer comment (or grade)

10 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5
Tax on Statement Savings Account


Explanation:
Confidence medium, because I'm not sure about "IMP". I think it is probably an abbreviation of "impuesto" (tax), but it's difficult to be sure with so little context. Certainly "imp." is used in Colombia, as elsewhere. as an abbreviation of "impuesto"; for example:

"IMP. DE RENTA DIFERIDO"
http://www.superfinanciera.gov.co/Cifras/financiera/ef/sf/00...

It seems quite likely that there would be tax to pay on a savings account and that it would be deducted by the bank.

As for "SSV", the extra context changes things. I shall not give URLs for these references so as not to reveal the name of the bank (which may be confidential), but in a list of bank charges, we do indeed find:
"Cuenta de Ahorros, Niños y Jóvenes (SSV)", followed by
"Cuenta de Ahorros Inversión (SSI)"
"Cuenta de Ahorros Nómina (SSP)"

So SSV appears to indicate a kind of savings account.

Other websites relating to this same (multinational) bank, with a subsidiary in Colombia from whose website the above reference is taken, show that "SSV" is an abbreviation used throughout the bank internationally, and that it means "Statement Savings Account":

Singapore:
"Thank you for your email to XXXX. The SGD [Singapore Dollar] Statement Savings Account (SSV) is a Savings Account."

Mauritius:
"Type of Account Required
Term Deposit Account (TMD)
Current Account (CUA)
Statement Savings Account (SSV)
Call Deposit Account (CDP)

Vietnam:
"Taøi Khoaûn Tieàn Göûi An Lôïi (SSV) / Savings Account (SSV)"

So it looks as though this bank (which is based in an English-speaking country) uses the initials SSV to indicate a "statement savings account" in all its worldwide subsidiares, including, in this case, Colombia.

Charles Davis
Local time: 04:15
Native speaker of: Native in EnglishEnglish
PRO pts in category: 59
Grading comment
I just kept the initials and added the word "tax". The client was satisfied with that solution.
Login to enter a peer comment (or grade)




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Changes made by editors
Nov 27, 2011 - Changes made by Charles Davis:
Created KOG entryKudoZ term => KOG term


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