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The consultant asks whether a provision for alleged improper appropriation can be deducted tax-wise and how to correct it after a judicial resolution. The DGT states that the expense is deductible in the period of incurrence or, if corrected as a accounting error in reserves, in the period of recordation.
Question raised - Whether the company may provide for the alleged misappropriation in its financial statements and consider it tax-deductible in the Corporate Income Tax settlement for the corresponding fiscal year, correcting the provision made once the criminal proceedings have concluded in accordance with the judicial ruling.
The expense for the theft of assets is deductible in the period in which it accrues pursuant to Articles 10.3 and 11 of the LIS. If the event is detected subsequently and corrected through a charge to reserves (accounting error), the expense shall be included in the taxable base of the fiscal year in which the accounting entry is made. Notwithstanding, any penalties or surcharges included in the provision shall not be deductible in accordance with Article 15.c) of the LIS.
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