ICONOS FINALES-TRAZADOS

BASQUE COUNTRY AND NAVARRE: How to compute income from business activity in Income Tax?

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If you are a business owner under the direct estimation regime for Income Tax, please consider these general rules for computing the income from your activity.

BASQUE COUNTRY AND NAVARRE: How to compute income from business activity in Income Tax?

Please note the following:

✔ Income obtained from the sale of products and/or the provision of services is governed by Corporate rules and must be computed in Income Tax as income from economic activities;

✔ You must declare them in the tax year in which the sales or services were carried out (accrual date), regardless of the due date and collection date.

✔ Do not recognize advance payments as income until the corresponding sale or service is completed.

✔ In the Basque Country, income (positive or negative) derived from the transfer of assets related to the activity is declared as activity income; in Navarre, they are quantified and taxed according to the rules established for increases and decreases in wealth.

Our professionals will advise you on calculating the income from your activity.

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