October 21st 2024, is the deadline for filing the following returns:
- Form 303, quarterly VAT return. For taxpayers included in the immediate supply of information (SII) system, the deadline is October 30th.
- Form 349, (quarterly/monthly) EC sales list.
- Form 111 (quarterly/monthly, as applicable), withholdings and payments on account of personal income tax on earned income.
- Form 115 (quarterly/monthly), withholdings and payments on account on income from the leasing of urban properties.
- Form 123 (quarterly/monthly), withholdings on investment income (interest, dividends received, etc.)
- Form 216 (quarterly/monthly), on payments and accrued charges to non-residents (interest, dividends, royalties, etc.)
- Form 592, (quarterly/monthly) declaration of the special tax on non-reusable plastic containers.
The filing deadline for the above returns, where the method of payment is through direct debit, is October 16th, except for the monthly VAT return (payers included in the SII system), that, in case they wanted to use direct debit, it would have to be filed on October 25th.
Corporate Income Tax
Advance payments
Please note that October 21st 2024, is the deadline for filing forms 202 (general regime/large enterprises) and 222 (tax consolidation regime) regarding the second advance payment on account of Corporate Income Tax (CIT) 2024. Tax groups and large enterprises must file this return (forms 222 and 202, respectively) even when there is no tax payable.
The deadline for filing forms 202 and 222 using direct debit as payment method is October 16th, 2024.
The following points should be borne in mind when calculating the advance payments for Corporate Income Tax:
- Entities with net turnover not exceeding EUR 6 million in the 12 months prior to the start of the reporting period: The advance payment calculation is based on the gross tax chargeable (box 599) on the last CIT return filed. The amount in this box should be multiplied by 18%.
- Entities with turnover of over EUR 6 million and under EUR 10 million in the 12 months prior to the start of the reporting period, or those that have opted to calculate advance payments based on their current period’s taxable income: The advance payment is calculated on the taxable income for the period from the start of the entity’s financial year to September 30th Deductible amounts include the offsetting of tax loss carry forwards from prior periods, credits, withholdings, and payments on account on income, and any advance payments already made for the current reporting period. The prescribed percentage is the product of multiplying the tax rate by 5/7 and rounding down. For example, companies taxed at the general rate of 25% will apply a percentage of 17%.
- Entities with turnover of at least EUR 10 million in the 12 months prior to the start of the reporting period: The advance payment is calculated as above, with the following additional considerations:
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- The minimum payable amount is 23% of the accounting profit for the period from the start of the entity’s financial year to September 30th 2024 (the accounting profit figure used may only be reduced by subtracting any advance payments already made corresponding to the same reporting period).
- The prescribed percentage is 24% – the product of multiplying 25% by 19/20 and rounding up.
The table below summarises the different methods of advance payment:
Offsetting of tax loss carryforwards
We remind you that there are limitations on the offsetting of tax losses, thus affecting the calculation of the installment payment, based on the net turnover obtained by the entity in the previous year. In general, tax losses can be offset up to the amount of 1 million euros, except for particular cases.
