New deadline to file income tax return
Eventual effects if the balance to be paid in 2018 was higher than in 2019 or if in 2019 the tax return shows a credit balance...
Dear clients, friends and colleagues:
The Government established new deadlines to file the income tax of legal entities and large taxpayers.
The large taxpayers can choose between filing within the new deadline or within the deadline to pay the second installment.
The legal entities as taxpayers can choose between the filing within the new deadline or within the prior deadline to pay the first installment.
If the entity is in the following situations,
check if it is convenient to file before the deadline:
Large taxpayers
The new deadlines are as follows:
This second installment is equal to 45% of the balance payable for 2018 fiscal year.
Alternative deadline for the payment.
If you file before the second installment, the payment must be made as follows:
This installment corresponds to 50% of: (i) the balance of the income tax return (ii) less the first installment.
The third installment corresponds to the balance of the income tax return less the first two installments.
Legal entities
The new deadlines are as follows:
This value corresponds to 50% of the balance payable for fiscal year 2018.
This installment corresponds to (i) balance of the income return (ii) less the first installment.
Alternative deadline for payment.
If you file before the first installment, the payment must be made as follows:
This value corresponds to 50% of the balance payable for fiscal year 2019.
This installment corresponds to 50% of the balance to be paid from the 2019 tax return.
Possible effects…
If the balance paid in 2018 was higher than in 2019 because:
the entity could:
affecting the cash flow.
If in 2019 the income tax return shows a credit balance...
Could file the income tax return before the
deadline and could obtain a faster refund of the credit balance, benefiting the
cash flow.
Check here the different situations for large taxpayers.
Check here the different situations for legal entities.