Skip to main content
Practical Manual for Companies 2023.

Reversal of impairment losses on assets

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 in 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.

Filling in form 200

In application of the provisions of this article, a series of adjustments must be made that will be recorded in boxes [ ] and [00360] "Reversal of impairment of assets (art. 11.6 LIS)" on page 12 of form 200:

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

  • In the event that an entity transfers to a related entity an asset on which a tax-deductible impairment or value correction has been computed, and the reversal of the impairment or value correction occurs at a time after said transfer, the acquiring entity must include in box [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 box [00360] , the amount that, on the occasion of the reversal of the impairment of the asset's value, it included in box [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, producing a recovery of its value, the transferring entity must record in box [00359] the amount corresponding to said reversal.