During the month of February you can choose the installment payment option for Corporate Income Tax that best suits you.

Remember that if your company's turnover in 2021 did not exceed six million euros and your fiscal year coincides with the calendar year, during this month of February you can change the way you calculate your advance payments of Corporate Income Tax for 2022.

If your company's revenue has fallen sharply due to restrictions to curb the spread of COVID-19 or for any other reason, you will likely be interested in paying less in quarterly corporate tax payments this year.

Specifically, if your company's turnover in 2021 did not exceed six million euros  and your fiscal year coincides with the calendar year, you can change the way you calculate your 2022 Corporate Income Tax prepayments during this month of February :

• Installment system. Under this system, the first installment payment of 2022 (the April payment) will be 18% of the 2020 Corporate Income Tax liability (box 599). Note:  The second and third installments (October and December payments) will be 18% of the 2021 liability.

• Basis system. If you apply the basis system, in the installment payments you make during the year you must pay 17% of the taxable base accumulated from the beginning of the year until the day before the start of each of the periods of payment of said payments (deducting withholdings and installment payments already made).

Attention. Large companies. Companies with a net turnover equal to or greater than €6,000,000 are required to determine the quarterly payment of corporate income tax using the taxable base method.

If your projected profits for 2022 are lower than in previous years, switching to the tax base system could be advantageous, as you'll pay less in advance to the tax authorities. This will result in financial savings.

See an example where this occurs:

• In 2022 it expects a total profit of 200,000 euros (distributed evenly throughout the year).
• In the 2020 tax return, he declared a profit of 280,000 and the amount payable (box 599) was 70,000 euros.
• In the 2021 declaration (which will be filed in July) the profit will be 260,000, with a tax due of 65,000 euros.

You can contact this professional office for any questions or clarifications you may have.

Warm regards,

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MGI Àmbit

A Àmbit Assessor, SL has 40 years dedicated to the tax, comptable and labor consultancy of the Pime.

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