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Form 200. Corporate Income Tax Declaration 2018

4.2.3 Keys 00359 and 00360 reversal of the impairment of the value of assets (Art. 11.6 LIS)

Article 11.6 of the LIS establishes that the reversal of a deterioration or correction of value that has been tax deductible will be imputed to the tax base of the tax period in which said reversal occurred, whether in the entity that carried out the correction or in another entity linked to it. The same rule will apply in the case of losses arising from the transfer of assets that have been newly acquired.

In application of the provisions of this article, a series of adjustments will have to be made which will be included in keys [00359] and [00360]:

  • When the value of an item whose depreciation at an earlier time led to the allocation of a impairment or value correction that was tax deductible at the time is recovered, the amount corresponding to the reversal of the impairment or value correction of the asset must be included in key [00359].

  • In the event that an entity transfers to a related entity an asset on which a tax-deductible impairment or correction in value was computed, and the reversal of the impairment or correction in value occurs at a time after said transfer, the transferring entity must include in key [00359] the amount corresponding to said reversal.

    However, if the transfer is made to an unrelated entity, in the tax period corresponding to the transfer, the transferring entity must include in key [00360] the amount that, on the occasion of the reversal of the impairment of the asset's value, it included in key [00359] in a previous tax period.

  • In the event that an entity transfers an asset to a third party, generating a loss in said transfer, and subsequently reacquires it, resulting in a recovery of its value, the transferring entity must record in code [00359] the amount corresponding to said reversal.