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A company requested clarification on the tax treatment of correcting accounting errors when writing off customer and supplier balances that were already collected or paid in previous financial years. The DGT ruled that, if the income and expenses were correctly recognised at the time, the correction of these balance sheet items does not affect the taxable base.
Question posed: Whether the described correction complies with accounting regulations and, if applicable, what its impact would be on the determination of the Corporate Income Tax taxable base, including the treatment of any extra-accounting adjustments that may need to be made.
The correction of errors from previous financial years is charged directly to equity (reserves) in accordance with accounting regulations. As this involves the elimination of balance sheet amounts and not the recognition of income or expenses, no income is determined in the year of the correction. Therefore, it is not necessary to make positive or negative extra-accounting adjustments in Corporate Income Tax.
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