Altas/bajas de renta

English translation: additions and reductions to income

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
Spanish term or phrase:Altas/bajas de renta
English translation:additions and reductions to income
Entered by: Ryan Kelly

14:07 Oct 23, 2020
Spanish to English translations [PRO]
Accounting
Spanish term or phrase: Altas/bajas de renta
OK, so I'm translating a document into English that is quoting Paraguayan tax law and deductible expenses. Altas/bajas de renta show up throughout:

Altas de renta
Constituyen altas de rentas del ejercicio las siguientes partidas:
2.1 Provisión de gratificaciones
Corresponde a las provisiones para pagos de gratificaciones tanto del personal superior como de otros funcionarios o empleados de la Sociedad.

No obstante, hemos observado que la Sociedad ha computado igualmente como altas y bajas de rentas los saldos iniciales y finales las provisiones de dichas partidas, lo cual entendemos estaría duplicando el efecto del ajuste fiscal determinado.

Respecto a la valuación de los saldos en moneda extranjera, la Sociedad ha extornado el ajuste fiscal del ejercicio 2019, el cual fue considerado como una baja de renta en el ejercicio anterior.

Bajas de rentas
Constituyen bajas de rentas del ejercicio las siguientes partidas:
3.1 Gastos documentados en el ejercicio 2020
La Sociedad considera como baja de renta aquellas provisiones castigadas como altas de renta en el ejercicio 2019.
De acuerdo con lo informado por la Sociedad, las obligaciones que motivaron su constitución fueron canceladas en el 2020 y cuentan con la documentación de respaldo.
Entendemos que, si el gasto se encuentra vinculado con la actividad generadora de la renta, se realizó la erogación, obtuvieron la documentación debida del pago ejecutado y según el caso, se realizó la retención, así como también se cumplieron con las demás exigencias del artículo 14 de la Ley 6380/19 que fuesen aplicables.

Are these simply profits/losses?
Ryan Kelly
United States
Local time: 19:21
additions and reductions to income
Explanation:
or upward and downward ajustments to income, because of differing accounting and tax criteria.

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Note added at 21 hrs (2020-10-24 11:57:18 GMT)
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Neil tiene razón, son "tax adjustments" pero no toma en cuenta que en tu caso tienes dos encabezados distintos (Altas por un lado y bajas por e otro)
Selected response from:

patinba
Argentina
Local time: 20:21
Grading comment
Great work, thanks!
4 KudoZ points were awarded for this answer



Summary of answers provided
3 +1additions and reductions to income
patinba
3UK> Balancing + allowances / - charges on income
Adrian MM.
3high and low incomes or profits
Lisa Rosengard


Discussion entries: 2





  

Answers


7 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5
UK> Balancing + allowances / - charges on income


Explanation:
Looking at the scenario from a *corp.* tax angle, so for AmE: corporate tax, the idea of 'charges on income' of old for BrE corporation purposes occured to me as a translation for 'bajas de renta'.

The balancing idea from UK capital writing-down allowances - and now self-assessment of personal income - came to mind from the quote: '....hemos observado que la Sociedad ha computado igualmente como altas y bajas de rentas los saldos iniciales y finales - the opening and closing balances - y? las provisiones de dichas partidas..'

A balancing allowance in UK tax is treated as a profit and may be subject to CGT / Capital Gains Tax. A balancing charge, by contrast, is treated as a tax loss and deductible form profits,

Example sentence(s):
  • UK Corporation Tax > charges on income: ...The term referred to the method of giving tax relief for certain income payments which was, essentially, to treat a payment made out of fully taxable income as transferring income from payer to recipient.
  • Taxes on corporate incomeIncome is taxed in Paraguay according to the resource principle (i.e. the territorial system of taxation). There are three tax systems in Paraguay, depending on the type of taxpayer...

    Reference: http://www.irs.gov/site-index-search?search=balancing&field_...
Adrian MM.
Austria
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 75
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1 hr   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): +1
additions and reductions to income


Explanation:
or upward and downward ajustments to income, because of differing accounting and tax criteria.

--------------------------------------------------
Note added at 21 hrs (2020-10-24 11:57:18 GMT)
--------------------------------------------------

Neil tiene razón, son "tax adjustments" pero no toma en cuenta que en tu caso tienes dos encabezados distintos (Altas por un lado y bajas por e otro)

patinba
Argentina
Local time: 20:21
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 604
Grading comment
Great work, thanks!

Peer comments on this answer (and responses from the answerer)
agree  philgoddard: I don't quite see how a provision for employee bonuses is an increase in income, though.
2 hrs
  -> Thanks Phil! For tax purposes a bonus is an expense when it is actually paid, whereas for accounting purposes a provision is a charge to income when it is set up. Therefore for tax purposes the provision has to be added back to income and taxed.
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2 days 7 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5
high and low incomes or profits


Explanation:
Information is on a company's financial stability

Example sentence(s):
  • La sociedad ha computado igualmente las provisiones de dichas partidas como los saldos iniciales y finales, lo cual duplica el efecto del ajuste fiscal determinado.
  • The company also calculates relevant provisions of the initial and final stocks as high and low incomes or profits, which would be a duplicate of the determined fiscal (tax) adjustment.
Lisa Rosengard
United Kingdom
Local time: 23:21
Specializes in field
Native speaker of: English
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