As we explained in our basic guide on Corporate Tax in Spain, if your company has benefits or has a high invoicing should present the Form 202, in addition to the annual statement using the Form 200. In this article we will explain what this model is for, the terms you have, the instructions to present it correctly and much more.
What is Form 202 for?
The Form 202 is used to pay the Corporation Tax on the account. That is, you are going to pay the IS in advance to the Tax Agency.
When you submit the Form 202, the amount to be paid will be regularized taking into account the payments on account, so if you have paid more, you can request a refund for the difference.
Does your company have to submit the 202 Form?
There are two scenarios in which your company will have to submit the Form 202:
- If the result of the previous year was positive.
- If the volume of operations of the previous year was greater than 6.000.000,00 Euros, whether there were benefits or not.
Deadlines to pay for the Form 202
The payment on account through the Form 202 is divided into 3 different terms:
1. The first payment goes from April 1 to April 20.
2. The second payment, from October 1 to 20.
3. The third payment, from December 1 to 20.
In case of setting up a direct debit, the term happens to be from 1 to 15 of the same months.
Instructions to calculate and submit the result of 202 Form
You can calculate the payment on account of Form 202 in two ways:
On the one hand, you can take into account the full amount of the last Corporation Tax and subtract deductions, bonuses and withholdings and income on account. You will have to apply a rate of 18% to the result obtained. In the first payment, you will have to carry out this operation with the Corporation tax of the previous year, while for the next two you will be able to take into account the IS of the same year.
On the other hand, you can also apply a variable percentage, a mandatory option for companies with more than 6.000.000 Euros in the volume of operations and for those that benefit from the special tax regime. In this case, the first payment is calculated on the result of the first quarter, subtracting the bonuses, withholdings and income on account, the second payment will be calculated on the result at September 30 and the third payment, on November 30.
Whether you decide to calculate Form 202 in one way or another, you must submit it electronically. You can not print it and hand it over, for example. You will have to fill in the Form 202 through the Tax Agency portal and follow all the steps.
If you want this operation to be done by a specialized tax consultant in Barcelona, contact us. We manage the presentation of Forms such as 200 or 202 with total professionalism.