Financial documentation filed
#1
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Joined: Mar 2013
Posts: 46
Financial documentation filed
I am in the process of sorting my files out and was wondering how long I should keep financial documentation with regard to taxation here in Spain.
Also is there a current statue of limitation on tax , how long is it or was that abolished
Also is there a current statue of limitation on tax , how long is it or was that abolished
#3
Re: Financial documentation filed
For income tax purposes, it is 4 years, starting from the end of the voluntary tax declaration period, ie the end of June following the relevant tax year.
Transactions occurring in the previous 10 tax years can be taken into account if they affect the tax situation in later, not yet statute limited, tax years.
So, in terms of how long you need to keep records, I would keep the last 6 calendar years to be on the safe side unless you have a very complicated tax situation involving carry forward tax allowances etc. in which case 10 years would be advisable.
Transactions occurring in the previous 10 tax years can be taken into account if they affect the tax situation in later, not yet statute limited, tax years.
So, in terms of how long you need to keep records, I would keep the last 6 calendar years to be on the safe side unless you have a very complicated tax situation involving carry forward tax allowances etc. in which case 10 years would be advisable.