Preservation of the company's accounting and tax documentation

When can I dispose of my company's old documentation? 

Now that these dates have arrived, and once all tax and commercial obligations for the previous year should have been submitted, the question arises as to how long we must keep the company's accounting and commercial documentation.

For tax purposes, the general tax law establishes that accounting documentation and books, as well as documentary supports with tax implications, including computer-based ones, must be kept for a minimum period of 4 years, although for commercial purposes and in accordance with the commercial code, official and unofficial accounting books must be kept for 6 years.

Thus, for example, we have that the documentation related to 2012 must be kept, for tax purposes, until July 25, 2017, that is, four years from the presentation of the last declaration of the year 2012, which was the Corporate Income Tax (presented on July 25, 2013); and for commercial purposes, until December 31, 2018, six years from the last accounting entry in the accounting of 2012.

Having seen the general rule, it is important to mention two special and very common cases:

First, the fixed asset invoices: these should be kept for all the years in which the amortization expense is generated, plus the 4 years of tax prescription.

And second, the negative tax bases pending compensation: the documentation related to these must be kept for the period from when said negative tax base is generated until it is fully compensated, plus the 4 years of prescription.

Furthermore, the Administration's right to verify the negative tax bases pending compensation ends 10 years after they were generated; that is, once that period has passed, it must accept the compensation if the taxpayer proves the existence and amount of the same with the self-assessment of corporate tax and with the accounting deposited in the Commercial Registry.

Therefore, at Ambit Assessor we advise you to consult with your tax advisor before deciding to dispose of your accounting documentation.

   Juan Ojea
Fiscal Area

  Àmbit Assesor

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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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