ICONOS FINALES-TRAZADOS

BASQUE COUNTRY AND NAVARRE: Did you forget to account for an expense?

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If when closing 2025 you detect that you did not account for an expense in a previous fiscal year, you can still do so and deduct it in Corporations Tax.

How is this expense accounted for?

It is charged against reserves, since it corresponds to a previous fiscal year and cannot be accounted for in the profit and loss account.

How is the deduction carried out and what requirements are required?

Once the expense is accounted for, if it is fiscally deductible, a negative non-accounting adjustment of the same amount must be made.

However, remember that since it is an expense accounted for in a fiscal year subsequent to its accrual, the deduction is only possible if the following requirements are met:

✓ The expense does not correspond to prescribed fiscal years, that is, more than 4 years have not passed since its accrual. Thus, in 2025, expenses from 2021 and subsequent years are deductible.

✓ The deduction does not result in a lower taxation than what would derive from accounting for the expense in the correct year.

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