{"id":9032724,"date":"2022-12-28T00:00:26","date_gmt":"2022-12-28T00:00:26","guid":{"rendered":"https:\/\/gremicat.es\/?p=9032724"},"modified":"2023-02-27T12:05:00","modified_gmt":"2023-02-27T12:05:00","slug":"interest-on-late-payment-is-not-taxed-on-refunds-of-undue-income","status":"publish","type":"post","link":"https:\/\/www.gremicat.es\/en\/interest-on-late-payment-is-not-taxed-on-refunds-of-undue-income\/","title":{"rendered":"Interest on late payment is not taxed on refunds of undue income"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"9032724\" class=\"elementor elementor-9032724 elementor-9032722\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-51691fc elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"51691fc\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4361d28\" data-id=\"4361d28\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f33fcbc elementor-widget elementor-widget-text-editor\" data-id=\"f33fcbc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p style=\"font-size: 22px;\"><span style=\"font-weight: 400;\"><span style=\"font-size: 20px;\">The tax authorities have adopted the Supreme Court criterion and have recognized that interest on late payment accompanying undue income is not taxable.<br \/><\/span><\/span><\/p><p><strong style=\"color: #e4003c; font-size: 20px; text-align: justify;\"><b>The Treasury required that such interest be declared within the savings taxable base<\/b><\/strong><\/p><p>The Tax Authorities have adopted the criterion of the Supreme Court and have recognized that late payment interest accompanying undue income is not taxable.<\/p><p><span style=\"font-weight: 400;\">If a taxpayer <strong>rectifies a self-assessment of taxes and requests a refund of the undue income<\/strong> (or if the settlement resulting from a tax assessment results in an amount to be refunded), <strong>the Treasury must pay late payment interest to the taxpayer<\/strong> (3.75% in 2022); until recently, it considered that this interest was taxable income, so it had to be included in the personal income tax return (DGT CV 20-12-19 V3503-19).<\/span><\/p><p><span style=\"font-weight: 400;\">Specifically,<strong> the Treasury required that such interest be declared within the savings taxable base<\/strong> (which, in 2022, is taxed at a tax rate of between 19% and 26%).<\/span><\/p><p><span style=\"font-weight: 400;\">However, the Supreme Court ruled against this criterion, establishing that this interest is not subject to personal income tax <\/span><span style=\"font-weight: 400;\">(SC 3-12-20, EDJ 731790<\/span><span style=\"font-weight: 400;\">):<\/span><\/p><p><span style=\"font-weight: 400;\">&#8211;<strong>The collection of interest does not mean any capital gain for the taxpayer<\/strong>, but rather a rebalancing that cancels the loss previously suffered by the taxpayer.<\/span><\/p><p><span style=\"font-weight: 400;\">&#8211;<strong>Therefore, late payment interest has a compensatory purpose. <\/strong>If they are considered subject to personal income tax, this purpose is frustrated, since the compensation is reduced in the amount of tax to be paid.<\/span><\/p><p><span style=\"font-weight: 400;\"><strong>Based on this ruling, the Tax Authorities have finally changed their criteria and in a recent consultation have recognized that this late payment interest is not taxable in Personal Income Tax<\/strong> (DGT CV 27-5-22 V1195-22).<\/span><\/p><p><span style=\"font-weight: 400;\">For further information, please consult with <\/span><a href=\"https:\/\/www.gremicat.es\/en\/fiscal-and-accounting-counsel\/\"><span style=\"font-weight: 400;\">Tax consulting<\/span><\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>The tax authorities have adopted the Supreme Court criterion and have recognized that interest on late payment accompanying undue income <span>&#8230;<\/span><\/p>\n","protected":false},"author":1,"featured_media":9032730,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[873],"tags":[],"class_list":["post-9032724","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax"],"yoast_head":"<!-- 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