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A company asked whether it could deduct repair expenses from received indemnifications for guest-caused damage. The DGT responds that offsetting entries is not allowed under the accounting principle of non-compensation.
Question raised: Taxation of income received as compensation. Additionally, it is asked whether it is possible to deduct from the amount of income the amount of expenses derived from the damages.
It is not possible to offset income against expenses due to the accounting principle of non-offsetting. The compensation must be imputed in the period in which the right to its receipt is recognized. Repair costs shall be included in the tax base in the year they accrue, provided they are classified as expenses for the period according to accounting regulations. If they are considered improvements to the asset, they shall be depreciated as provided in the Corporate Income Tax Regulations.
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