The approval of rectifying self-assessments marks a significant change in the tax system, now allowing a unique approach to correct self-assessments, replacing the dual system of complementary self-assessment and rectification request.
Taxpayers are required to adjust, complete, or modify the self-assessments submitted through a rectifying self-assessment, using the declaration model approved by the Ministry of Finance.
However, the possibility of resorting to the traditional rectification request procedure is retained in cases where a possible normative infringement of higher rank is argued.
The main characteristics of these rectifying self-assessments are:
a) The submission deadline must be prior to the prescription of the Administration’s right to determine the tax debt or request the refund. If submitted after the regulatory deadline, it is considered untimely.
b) As for the content, it must be explicit that it is a rectifying self-assessment and include all required data, as well as any additional information specified in the corresponding Ministerial Order, such as the reasons for the rectification.
c) The effects vary according to the result of the rectifying self-assessment:
If there is an increased amount to be paid or a decreased amount to be refunded compared to the previous self-assessment, the provisions for complementary self-assessments apply.
In other cases, if there is an amount to be refunded, the submission of the rectifying self-assessment is considered a refund request, subject to the corresponding procedure, with the obligation to pay late payment interest. The deadline for the refund is six months from the expiration of the deadline for submitting the original self-assessment or, if this has already passed, from the submission of the rectifying self-assessment. If a refund was requested with the original self-assessment and has not been processed at the time of submitting the rectifying one, the latter concludes the procedure initiated with the first submission.
If there is a reduction in the amount to be paid without the right to a refund, the obligation to pay is maintained up to the limit of the new amount to be paid. In the case of deferred or installment debts, the submission of the rectifying self-assessment is considered a request for modification in the terms of deferral or installment.
However, the rectifying self-assessment does not affect elements regulated by final or provisional settlement. The entry into force will be determined by the Ministerial Order approving the corresponding declaration model.