Glossary entry (derived from question below)
Spanish term or phrase:
operaciones inafectas
English translation:
exempt transactions
Added to glossary by
patinba
Jul 29, 2021 07:47
2 yrs ago
45 viewers *
Spanish term
operaciones inafectas
Spanish to English
Bus/Financial
Accounting
Peru - taxes
PERU. "operaciones exoneradas o inafectas" -
My question about "inafectas" is that if "operaciones exoneradas" means "exempt/ed transactions", what the proper translation of "inafectas" should be, or whether they are just both synonyms for "exempt". The use of the two terms would appear to suggest that there is a distinction between them, for example, that there are two (or more) types of exemption...
"Se consulta si se encuentra exonerada del Impuesto General a las Ventas - IGV, la venta de embarcaciones pesqueras efectuada por contribuyentes cuyo negocio consiste en realizar exclusivamente las operaciones exoneradas de los Apéndices I y II de la Ley del IGV u operaciones inafectas con este impuesto, cuando fueron adquiridas para ser utilizadas en forma exclusiva en dichas ***operaciones exoneradas o inafectas***."
My question about "inafectas" is that if "operaciones exoneradas" means "exempt/ed transactions", what the proper translation of "inafectas" should be, or whether they are just both synonyms for "exempt". The use of the two terms would appear to suggest that there is a distinction between them, for example, that there are two (or more) types of exemption...
"Se consulta si se encuentra exonerada del Impuesto General a las Ventas - IGV, la venta de embarcaciones pesqueras efectuada por contribuyentes cuyo negocio consiste en realizar exclusivamente las operaciones exoneradas de los Apéndices I y II de la Ley del IGV u operaciones inafectas con este impuesto, cuando fueron adquiridas para ser utilizadas en forma exclusiva en dichas ***operaciones exoneradas o inafectas***."
Proposed translations
(English)
| 3 | exempt transactions |
patinba
|
| 4 | non-taxable transactions/income |
Francois Boye
|
| 3 | non-chargeable dealings |
Adrian MM.
|
Change log
Jul 31, 2021 12:14: patinba Created KOG entry
Proposed translations
13 hrs
Selected
exempt transactions
VAT can be either exempt "inafectas = not subject to", or zero rated (see below) which I think would be "exoneradas"
ZERO RATING
Almost all countries apply preferential rates to some goods and services, making them either “zero rated” or “exempt.” For a “zero-rated good,” the government doesn’t tax its retail sale but allows credits for the value-added tax (VAT) paid on inputs. This reduces the price of a good. Governments commonly lower the tax burden on low-income households by zero rating essential goods, such as food and utilities or prescription drugs.
EXEMPTING
If, by contrast, a good or business is “exempt,” the government doesn’t tax the sale of the good, but producers cannot claim a credit for the VAT they pay on inputs to produce it. Because exempting breaks the VAT’s chain of credits on input purchases, it can sometimes raise prices and revenues. Hence, governments generally only use exemptions when value added is hard to define, such as with financial and insurance services.
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Note added at 1 day 3 hrs (2021-07-30 11:24:42 GMT)
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I think that inafectas means "not subject to tax" as established in VAT legislation, whereas "exoneradas" means that in the specific instance VAT has been waived, as a temporary incentive or way of lowering prices.
ZERO RATING
Almost all countries apply preferential rates to some goods and services, making them either “zero rated” or “exempt.” For a “zero-rated good,” the government doesn’t tax its retail sale but allows credits for the value-added tax (VAT) paid on inputs. This reduces the price of a good. Governments commonly lower the tax burden on low-income households by zero rating essential goods, such as food and utilities or prescription drugs.
EXEMPTING
If, by contrast, a good or business is “exempt,” the government doesn’t tax the sale of the good, but producers cannot claim a credit for the VAT they pay on inputs to produce it. Because exempting breaks the VAT’s chain of credits on input purchases, it can sometimes raise prices and revenues. Hence, governments generally only use exemptions when value added is hard to define, such as with financial and insurance services.
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Note added at 1 day 3 hrs (2021-07-30 11:24:42 GMT)
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I think that inafectas means "not subject to tax" as established in VAT legislation, whereas "exoneradas" means that in the specific instance VAT has been waived, as a temporary incentive or way of lowering prices.
Note from asker:
| This looks like the most useful answer so far, because my main doubt about this is the difference between "exoneradas" o "inafectas"(If there is one). |
4 KudoZ points awarded for this answer.
Comment: "I found a link with definitions in Spanish, which I've translated, as follows:
2. Exempt/ Waived (Exoneradas): A tax benefit granted to an activity that is taxed by the taxable event, but excluded from the payment mandate.
Example: Basic necessities such as meats, vegetables, live animals, nuts and other products or services mentioned in "Appendix I and II".
3. Exempt/ Zero rated (Inafecto): Zero rating or exemption refers to a tax benefit that is outside the taxable event due to the nature of the activity, i.e., it is outside the scope of application of the tax.
Example:
• Educational services provided between educational institutions.
"
1 hr
Adrian MM.
Austria
Austria
Native in English
Specializes in field
Austria
Retd.T&I, Barrister & Austro-Advokat
Native in: English (Variants: British, Scottish) 
Works in: Spanish to English, English to Spanish, French to English, and 5 more.
Related KudoZ points
:
75
non-chargeable dealings
Chargeable in the sense of taxable, rather than mortgageable.
Exempt and non-chargeable / zero-rated are not really the same. For instance, in the first example sentence, the transaction might still be affixed a zero-duty stamp or, in the case in point, the fishing vessels become taxable on a subsequent disposal cf. the 'nil-rate band' as a 'mulitplier' in UK inheritance tax.
Exempt and non-chargeable / zero-rated are not really the same. For instance, in the first example sentence, the transaction might still be affixed a zero-duty stamp or, in the case in point, the fishing vessels become taxable on a subsequent disposal cf. the 'nil-rate band' as a 'mulitplier' in UK inheritance tax.
Example sentence:
a Discharge of Mortgage/Encumbrance must be self-determined under the document type: Not Chargeable | Non > Stamp > Dutiable Mortgage /Discharge of Mortgage or Encumbrance
14 hrs
Francois Boye
United States
United States
United States
An economic geek with social skills
Native in: French 
Works in: English to French, French to English, Spanish to English, and 1 more.
Related KudoZ points
:
129
non-taxable transactions/income
· Las Inafectaciones legales
La doctrina nacional denomina así, a los hechos que en ausencia de la previsión normativa explícita, estarían gravados con algún impuesto. Así, en el fondo significan modulaciones del legislador tendientes a evitar que un determinado hecho quede gravado con el impuesto, pues de no haber hecho tal previsión quedaría afecto al gravamen. De allí que la doctrina las denomine “Inafectaciones legales” o “exoneraciones permanentes.
Fuente: https://fernandowaltereffioperu.blogspot.com/2015/10/operaci...
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