The next Corporation Income Tax return (IS) will inevitably be marked again by COVID-19 as the 2021 transactions have been generated in the middle of the pandemic, which will obviously affect many returns.
In addition, for this fiscal year 2021, different regulations have been approved, such as the modification of the General Accounting Plan (PGC), as well as the Resolution of the Accounting and Auditing Institute (ICAC).
In the BOE of May 4, 2021, and in force since July 1, Order HFP/379/2022, of April 28, has been published, approving the corporate income tax and non-resident income tax return forms corresponding to permanent establishments and entities under the income attribution regime constituted abroad with presence in Spanish territory, for tax periods beginning between January 1 and December 31, 2021.
In addition, for this fiscal year 2021, different regulations have been approved, such as the modification of the General Accounting Plan (PGC) in order to transpose part of the content of the International Financial Reporting Standard (IFRS 9) on financial instruments, as well as the Resolution of the Accounting and Auditing Institute (ICAC) which develops the valuation standards on the recognition of income from the delivery of goods and services that fully affect this fiscal year. The Law on measures to combat tax fraud has also been approved, which has regulated regulations affecting Corporate Income Tax and we also highlight, also due to its importance, the new regulation, in the General State Budget Law for 2021, of the exemption to avoid domestic and international double taxation.
Finally, we can highlight Law 14/2021, of October 11, which modifies the limits applicable to deductions for investments in film productions, audiovisual series and live shows of performing arts and music performed in the Canary Islands.
Deadline for filing
The deadline for filing the IS 2021 return via Internet (forms 200, 220) is, in general, 25 calendar days following the 6 months after the end of the tax period -for tax periods coinciding with the calendar year the first 25 days of July 2022. Taxpayers whose tax period coincides with the calendar year and who file their income tax return online can make the payment by direct debit (from July 1 to 20).
All taxpayers are obliged to file the tax return, regardless of whether or not they have carried out activities during the tax period and whether or not they have obtained income. Partially exempt entities are only obliged to file the return when they obtain total income exceeding 75,000 per year, income from non-exempt income subject to withholding tax exceeding 2,000 per year or non-exempt income not subject to withholding tax.
All this without prejudice to the filing deadlines and peculiarities of the returns established by the Autonomous Communities of the Basque Country and Navarra.
For further information, please contact our Tax Consultants.
