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Sentence

English translation: Income available to foreign owners deriving from branches, offices or other permanent establishments

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14:49 Dec 3, 2003
Spanish to English translations [PRO]
Bus/Financial
Spanish term or phrase: Sentence
**Las rentas disponibles para el titular del exterior provenientes de sucursales, agencias u otros establecimientos permanentes en el país no están afectas al Impuesto a la Renta.** Se entiende por renta disponible de los citados establecimientos permanentes, su renta neta incrementada por los intereses exonerados de impuestos y por los dividendos que hubieran percibido en el ejercicio, y disminuida en el monto del impuesto pagado, en cumplimiento de las normas del artículo 55º de la Ley; estas entidades deberán presentar declaración jurada por sus rentas de fuente peruana, en la que deberán incluir el impuesto retenido cuando les hubiera correspondido actuar como agente de retención de acuerdo con el artículo 71º de la Ley.

I want to make sure that I get this important sentence right: Does it mean “Income received in the country [in Peru] by branches, offices or other permanent establishments of foreign companies is not subject to Income Tax”??? Would this make sense??? It seems strange to me that they don’t have to pay Income Tax. Or do I misunderstand something?
Olaf Reibedanz
Colombia
Local time: 20:17
English translation:Income available to foreign owners deriving from branches, offices or other permanent establishments
Explanation:
... in Peru not subject to Income Tax.
Selected response from:

Marian Greenfield
Local time: 20:17
Grading comment
Thank you all!
4 KudoZ points were awarded for this answer

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Summary of answers provided
5 +2Income available to foreign owners deriving from branches, offices or other permanent establishments
Marian Greenfield
5 +1is not subject to income tax
María Eugenia Wachtendorff
4They do have to pay
Andy Watkinson


Discussion entries: 1





  

Answers


28 mins   confidence: Answerer confidence 5/5 peer agreement (net): +1
is not subject to income tax


Explanation:

Income available to a principal residing abroad, from branches, affiliates, and other permanent establishments in Peru, is NOT subject to Income Tax.

I think this is it.
Luck!
mew

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Note added at 35 mins (2003-12-03 15:24:57 GMT)
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Please phrase the sentence appropriately, Olaf. I just wanted to make sure I was interpreting it right.
I am sure. Foreign mother companies do not have to pay income tax in Chile either, because their branches and affiliates pay here.

María Eugenia Wachtendorff
Chile
Local time: 22:17
Native speaker of: Native in SpanishSpanish
PRO pts in pair: 3883

Peer comments on this answer (and responses from the answerer)
agree  NICHES: I defintely agree with you
52 mins
  -> Thank you, NICHES
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38 mins   confidence: Answerer confidence 5/5 peer agreement (net): +2
Income available to foreign owners deriving from branches, offices or other permanent establishments


Explanation:
... in Peru not subject to Income Tax.


    20 years in the business - most of it managing translation service for an investment bank
Marian Greenfield
Local time: 20:17
Native speaker of: Native in EnglishEnglish
PRO pts in pair: 14613
Grading comment
Thank you all!

Peer comments on this answer (and responses from the answerer)
agree  MLG
2 hrs

agree  María Eugenia Wachtendorff
6 days
Login to enter a peer comment (or grade)

5 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5
They do have to pay


Explanation:
If I'm not mistaken, this is a case of "doble imposición" - and there exists a convention specifically to avoid double tax payments.

In the rest of the text is states twice that the branch, agency, etc. abroad already withholds the tax amount and has paid tax at source.

I think it refers to this.


y disminuida en el monto del impuesto pagado,

en la que deberán incluir el impuesto retenido cuando les hubiera correspondido actuar como agente de retención de acuerdo con el artículo 71º de la Ley.


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Note added at 47 mins (2003-12-03 15:36:19 GMT)
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Right - They don\'t have to pay, of course.

That\'s what I mean by saying that any taxes have already been withheld or paid at source.
(twice in the text)

SO how do I head my answer?
By saying the opposite!! Brilliant!!!

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Note added at 2 hrs 4 mins (2003-12-03 16:54:12 GMT)
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Right - They don\'t have to pay, of course.

That\'s what I mean by saying that any taxes have already been withheld or paid at source.
(twice in the text)

SO how do I head my answer?
By saying the opposite!! Brilliant!!!

Andy Watkinson
Spain
Local time: 02:17
Native speaker of: Native in EnglishEnglish
PRO pts in pair: 1239
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