News published in INFORMA 2018

New features introduced into INFORMA in SEPTEMBER

Since there are no limitations established for its application to patrimonial entities, and provided that it meets the requirements established in article 25 of the LIS, the patrimonial entity may apply the capitalization reserve under the terms established therein.

A company that provides services to companies in Cameroon retains 15 percent when collecting the invoices issued. If the withholding made in Cameroon corresponds to a direct tax whose purpose was to tax the income obtained, the requirement provided for in article 31.1.a) of the LIS will be presumed to have been met and the deduction may be applied to avoid legal double taxation.

In the absence of a transitional regime, the limitation on the offsetting of negative tax bases is applicable with effect for tax periods beginning on or after 1 January 2015, provided that there are negative tax bases pending offset in those tax periods, regardless of whether the required conditions and requirements occurred in tax periods beginning before that date and in the context of a purchase and sale of shares carried out prior to the entry into force of the LIS.

An entity that acquires the shares of a partner and subsequently reduces capital by amortizing treasury stock does not generate any income or expense for the company, since the provisions of the LIS do not provide for any correction to the accounting criteria.

Income derived from maintenance fees paid by members of a golf club must form part of its taxable base under the terms set out in article 10 of the LIS in accordance with the general regime of corporate tax.

A civil company that is transformed into a limited liability company, in which the partners, once transformed, withdraw part of their equity from contributions that have already been taxed when it was not a taxpayer of Corporate Tax, will not have an impact on the determination of the taxable base of said company.