Tax and corporate measures of RDL 19/2020 of the 27th of May

The tax and corporate measures of RDL 19/2020 were published today, the 27th of May.

We summarize below, thanks to the experts of our Tax Consulting Department, the measures included in the mentioned RDL 19/2020.

Tax and corporate measures under RDL 19/2020

Annual Accounts and Official Books 2019

First, the deadline for the administrative body to draw up the annual accounts for the year ending 31st of December 2019 is 31st of August 2020. In any case, the previous formulation is valid (including that made during the state of alert).
The deadline for legalisation of the official books for the year ending 31st of December 2019. It is set at 30th of September 2020.
The deadline for approval of the annual accounts for the year ending 31st of December 2019 by the members. 31st of October 2020.
Finally, the deadline for filing the annual accounts for the year ending 31st of December 2019 with the Commercial Registry remains one month after approval.

Corporate Income Tax (IS)

The extraordinary deadlines for the formulation, approval and deposit of the Annual Accounts also have implications in the field of Corporate Income Tax. The ordinary deadline for filing is 25 days after the 6 months following the end of the tax period. Therefore, the tax filing period is from 1st to 25th of July for entities whose fiscal year coincides with the calendar year.

In anticipation of the fact that at the end of the ordinary period for presentation of the tax the company has not yet approved the Annual Accounts, by virtue of the extraordinary dates mentioned above, RDL 19/2020 establishes the following:

Corporate taxpayers will continue to be obliged to submit the self-assessment of the tax within the corresponding ordinary period.
If, at the end of this period, the entity already has its financial statements approved. The income tax so presented will be considered definitive.
If, at the end of that period, the entity’s financial statements have not yet been approved. The self-assessment will be made with the information available at that time.
If the financial statements definitively approved after the end of the ordinary period for presentation of the income tax differ from the available information used for the presentation of the tax. The taxpayers will have a new period until 30th of November 2020 to present a new self-assessment. In the following terms:
- In the event that the result of the new self-settlement involves a greater amount to be paid. It will accrue interest on arrears, but not surcharges.
- In any other case, the new declaration will replace the previous one. If the AEAT must return amounts already paid, it will also do so with interest.

Deferral of tax debts for COVID-19

For those taxpayers who have taken advantage of the extraordinary possibility of deferring tax debts for 6 months linked to COVID-19. Four months will be the months that do not generate interest within that period, as opposed to the three originally approved. This measure is automatically applied ex officio in favour of those taxpayers who have availed themselves of this deferral. This measure is automatically applied ex officio in favour of those taxpayers who have availed themselves of this deferral, without it being necessary for them to take any action to benefit from it.