Home / Business  / Accounting  / What is the D-151 and How Does It Affect Me?

What is the D-151 and How Does It Affect Me?

Read this article in Spanish here. The D-151 is an annual information return. It must be submitted by all natural or legal persons (companies) required to file the income tax return, regardless of whether they are

Read this article in Spanish here.

The D-151 is an annual information return. It must be submitted by all natural or legal persons (companies) required to file the income tax return, regardless of whether they are public limited companies, corporations, foundations, etc. and regardless of whether or not they are for-profit.

Its full name is “Annual Summary Statement of Clients, Suppliers, and Specific Expenses.”

In this declaration, taxpayers summarize sales, purchases and some expenses, specifically those corresponding to:

  • Professional services

  • Rentals (as long as they have not been included in the D-125 declaration of Real Estate Capital Income)

  • Commissions

  • Interests (except those that have been subject to withholding or have been paid in any entity of the National Banking System)

Factors to Consider

A very important factor is that for this fiscal period (which will end on December 31, 2020) the decree of Electronic Vouchers (Decree No. 41820-H) exempts informants from including in this declaration the transactions that are supported by electronic invoicing, which means that only information that is not supported by electronic invoicing should be consigned.

The purchases of goods or services that must be reported are all those that are directly related to the economic activity carried out by the informant.

To determine the total of purchases or sales, the sales or consumption taxes must not be added.

Not all sales, purchases and expenses mentioned above are to be reported, only those that exceed the minimum amount established by the Tax Administration.

Amounts that have been subject to withholdings and which have been reported in the D-150 should not be included.

On the other hand, there are sanctions for partially or totally failing to supply the information, or in the case that the information is presented with errors, which is why it is important for the declaration to be reviewed by a competent professional.

Finally, the deadline to file this declaration is February 28, 2021.

Share

aalpizar@outlierlegal.com

Degree in Accounting with more than 15 years of experience in the area of Accounting and Finance, working as an Accountant, External and Internal Auditor, Head of Internal Control, and Administrator in different companies nationwide.

Review overview
NO COMMENTS

POST A COMMENT