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A company inquired whether it could request a refund of the tax paid on asset revaluation after deciding to liquidate the business without applying said revaluation. The Directorate General for Taxes (DGT) ruled that the update is an option that cannot be rectified once the statutory deadline for filing the tax return has passed.
Question posed: Considering that the taxable event of the revaluation of assets has not occurred and that the company has proceeded to prepare its liquidation based on the existing asset valuation prior to the referenced proposal, would it be possible for the Administration to recognize the taxable event as non-existent and, as a consequence, consider the amount liquidated by the company as tax to be an undue payment, thereby making a request for its refund feasible.
The updating of balance sheets is a voluntary option that must be exercised within the regulatory filing period. According to the General Tax Law, options exercised through a tax return cannot be subsequently rectified, unless the rectification is submitted within the same regulatory period. Therefore, the annulment of the revaluation is only possible if it is carried out before the end of the filing period for the corresponding tax return.
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