The start of the year brings not only new goals and projects, but also new tax obligations that we must fulfill.
In this blog post, we’d like to summarize the tax obligations for March and April so you can meet them in a timely and proper manner.
By March 13, taxpayers engaged in intra-Community trade must file the Intrastat statistical report for February 2023. All taxpayers who have exceeded a certain turnover threshold (€400,000 in the preceding fiscal year in one or both trade flows) are required to file this declaration. This applies regardless of whether or not trade took place with other EU countries.
By March 20, taxpayers must file the withholding tax and estimated tax return for February 2023. This return is mandatory for those who have received income from employment, business activities, prizes, and certain capital gains, as well as for those who have received gains from shares and units in collective investment institutions, rental income from urban real estate, investment income, authorized persons, and account balances.
Large companies also have certain additional obligations, such as filing Forms 111, 115, 117, 123, 124, 126, 128, 216, and 230 for the month of February 2023.
The summary return for intra-Community transactions for February 2023 must also be filed for VAT. This requirement applies to taxpayers who carried out intra-Community transactions in February 2023.
Large companies also have the additional obligation to file returns for excise taxes on manufacturing and the excise tax on electricity.
Another important tax obligation is the declaration of transactions by registered consignees, tax representatives, and authorized recipients for the month of February 2023. This applies to taxpayers who have received certain products subject to excise taxes.
Taxpayers subject to the excise tax on non-reusable plastic packaging must file the self-assessment return for February 2023.
Finally, taxpayers subject to the excise tax on financial transactions must file the return for February 2023.
From April 11 through June 30, taxpayers must file their income and net worth tax returns for the 2022 tax year. If the tax liability is due and the taxpayer wishes to set up automatic payment, the deadline is June 27.
On April 30, three very important returns are due:
– Form 720, an informative return regarding assets and rights located abroad. This return is mandatory for tax residents in Spain who hold assets and rights abroad valued at more than 50,000 euros. Failure to file this form may result in very high penalties.
– Form 130, a quarterly return for estimated personal income tax payments. This form is mandatory for self-employed individuals and independent professionals who are taxed under the simplified or standard direct assessment regime.
– Form 714, the annual Wealth Tax return. This tax is levied on the wealth of individuals and is scheduled to be phased out starting in 2023.
Complying with tax obligations is essential to avoid problems with the tax authorities and to keep our personal or business finances in order.
It is essential to stay up to date on dates and deadlines, as failure to file or late filing of returns can result in penalties and surcharges.
To avoid problems, it is advisable to seek the guidance of an accounting and tax professional who can efficiently manage your tax obligations.
At WorkCapital, we’d be happy to advise you on how to navigate these stressful periods through promissory note discounting or invoice advances.
We encourage you to contact us, with no obligation.
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Image by Freepik