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The year-end (V)

TAX BENEFITS

Once all the adjustments previously seen, it's time to count the income tax. To do this we must take into account a number of issues:

SPENDING

In the PGC, the income tax expense is broken down into two separate headings, on the one hand, the current tax expense must be recognized in the game for 6300 the cancellation of deductions and payments, and the recognition of liabilities and assets for current tax, which form part of permanent differences and, secondly, the deferred tax expense , must be recognized in the 6301 and has matches the recognition and cancellation of liabilities and deferred tax assets and the charge to the income statement income in the equity of those deductions and other tax benefits which have the nature of deduction.

DIFFERENCES TEMPORARY OR TEMPORARY

The standard 13 th is to say, in short, it is possible that some elements such liability or equity instrument, has a tax base but no value accounting and therefore not recognized in any section of the balance. temporary or temporary differences are precisely the differences arising from different accounting and tax valuation attributed to balance sheet items to the extent that they can have an impact on future tax valuation .

The differences are mainly produced by the difference of opinion on the taxable income and accounting profit in those cases where there are income and expenses recognized directly in equity that are not counted in the tax base, register or business combinations or specific elements of a book value that differs from the tax.

These temporary differences are classified into "taxable" that will lead to greater or lesser amount due to return in future years as the assets are recovered or liabilities are settled from which they arise or "deductibles" which are those result in lower or higher amount due to return in future years due to the original facts.

To produce the recognition of a deferred tax asset must be probable that the availability of future taxable income to allow their application . This occurs when there is reversal of taxable temporary differences which are expected to occur in the same or other costs resulting from loss of a deferred tax asset can be offset by gains earlier or later.

The process is as follows: at the close of each fiscal year, the company re sebe tax assets Deferred recognized and those not recognized yet. At that time, written off anyone who is not likely to recover or record that whenever it is probable that the future taxable income available to enable their application. The PGC includes deferred tax assets in the account 474 along with other tax deductions according to the following breakdown:

• Assets deductible temporary differences (4740)
• Rights deductions pending application ( 4742)
• Credits loss carryforwards (4745)

is important to note the following: the activities included in this account can not be offset against deferred tax liabilities, not even within the same period . These liabilities should be recognized separately unless arising from the initial recognition of goodwill and managed independently from the account 479.

Thus, an example of basic accounting could be, for the current tax:

and deferred tax:

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