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Form 200. Corporate Income Tax Declaration 2018

4.1.2 Keys 00301 and 00302 corrections for Corporate Tax (Art. 15.b) LIS

The need to apply this correction is imposed by the different consideration that corporate tax rates have for commercial and fiscal regulations. Thus, the accounting standard considers that the amount of the Corporate Tax quota will be computed in the profit and loss account as an expense or income item, depending on whether the account or set of accounts representing said concept has a debit or credit balance, respectively.

However, article 15 b) of the LIS establishes that these expenses and income derived from the accounting of the Corporate Tax will not be considered tax deductible.

Regarding the completion of Form 200, it must be taken into account that:

  • In key [00326] on page 8 "Profit and loss account" of said model, it refers to "Taxes on profits", so in addition to Corporate Tax, it may include taxes on profits obtained abroad, such as those that tax income obtained abroad through a permanent establishment, those that tax income obtained abroad without a permanent establishment, or taxes that particularly tax dividends or shares in profits of foreign companies.

  • The amount recorded in code [00328] "Result of the year from discontinued operations net of taxes" will correspond to a portion of the Corporate Tax quota not included in the aforementioned code [00326].

Therefore:

From the amount entered in box [00326] and considering the sign (positive or negative) attributable to it, the taxes on profits obtained abroad (with their sign) must be algebraically subtracted, and simultaneously, also to that amount (with its sign) the part of the Corporate Tax (with its sign) corresponding to the result of the year from discontinued operations net of taxes must be algebraically added.

If after carrying out the aforementioned algebraic addition and subtraction operations on the aforementioned amount of the key [00326], the resulting amount is:

  • Positive, the Corporate Tax rate that this resulting amount represents will have been considered as additional income as it is a credit in favor of the taxpayer and therefore, in this case in key [00302] on page 12 of the model settlement, this amount must be included as a decrease in the result of the profit and loss account.

  • Negative, the Corporate Tax rate that it represents will have been considered as an accounting expense and, therefore, in this case in key [00301] on page 12 of the model settlement, such amount must be included as an increase to the result of the profit and loss account.

In any case, the aforementioned algebraic operations on the amount in box [00326] will only be carried out for the purposes of making the corrections referred to in keys [00301] and [00302].

In any case, in the case of entities obliged to keep their accounting records in accordance with the regulations of the Bank of Spain, the references to code [00326] contained in this section must be understood as being made to code [00258] on page 30 of form 200. Likewise, in the case of insurance entities to which the Accounting Plan approved by Royal Decree 1317/2008 is mandatory, references to key [00326] must be understood to be made to key [00379] on page 40 of form 200 and, in the case of collective investment institutions, with the application of Circular 3/2008, dated September 11, of the National Securities Market Commission, as well as in the case of other entities that apply the accounting model established in said Circular, said references to key [00326] must be understood to be made to key [00242] on page 46 of form 200 and, in the case of mutual guarantee companies, to key [00193] on page 51 of form 200.