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Crediti per imposte anticipate

English translation: deferred tax assets

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
Italian term or phrase:Crediti per imposte anticipate
English translation:deferred tax assets
Entered by: Vincent Lemma

13:24 May 29, 2019
Italian to English translations [PRO]
Bus/Financial - Finance (general)
Italian term or phrase: Crediti per imposte anticipate
Prepaid tax receivables or deferred assets?
Customer TM seems wrong and is credit on prepaid taxes.

TIA !

Crediti per imposte anticipate
I crediti per imposte anticipate erano iscritti, in base ai Principi Contabili Italiani, in un’apposita voce dell’attivo corrente.
In base ai principi contabili internazionali esse sono state riclassificate in un’apposita voce nell’attivo non corrente.
La riclassifica ammonta a Euro 1.938 migliaia al 1 gennaio 2017 e a Euro 2.403 migliaia al 31 dicembre 2017.
Vincent Lemma
Italy
Local time: 09:02
deferred tax assets
Explanation:
Investopedia cited below explains it well. Your context speaks explicilty of IFRS and IAS which uses this term. So I would definitely use it here (at least on the basis of what I can see) However it covers two very similar things "where a business has overpaid taxes or taxes paid in advance". In effect it covers any situation where the tax people owe you money which you can recover in a future year. In a different context you might want to talk about prepaid taxes, or explain with deferred tax assets for taxes paid in advance.

https://www.investopedia.com/terms/d/deferredtaxasset.asp
A deferred tax asset is an asset on a company's balance sheet that may be used to reduce its taxable income. It can refer to a situation where a business has overpaid taxes or taxes paid in advance on its balance sheet. These taxes are eventually returned to the business in the form of tax relief, and the over-payment is, therefore, an asset for the company.


Selected response from:

James (Jim) Davis
Seychelles
Local time: 11:02
Grading comment
4 KudoZ points were awarded for this answer



Summary of answers provided
5 +1deferred tax assets
James (Jim) Davis
3 +1prepaid taxes
Marco Solinas
3 -1(BrE corp. obs.) ACT - advance corporation tax credits /allowed/
Adrian MM.


  

Answers


8 mins   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): +1
prepaid taxes


Explanation:
You could say "credit for prepaid taxes" as in https://www.proz.com/kudoz/italian-to-english/law-taxation-c... , but I think the "credit" bit is redundant: it is obvious that prepaid taxes constitute a credit item.

Marco Solinas
Local time: 00:02
Specializes in field
Native speaker of: Native in EnglishEnglish, Native in ItalianItalian
PRO pts in category: 111

Peer comments on this answer (and responses from the answerer)
agree  philgoddard: Or tax receivables.
1 hr
neutral  CristianaC: deferred tax assets as per IAS 12 income taxes
8 days
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15 mins   confidence: Answerer confidence 5/5 peer agreement (net): +1
deferred tax assets


Explanation:
Investopedia cited below explains it well. Your context speaks explicilty of IFRS and IAS which uses this term. So I would definitely use it here (at least on the basis of what I can see) However it covers two very similar things "where a business has overpaid taxes or taxes paid in advance". In effect it covers any situation where the tax people owe you money which you can recover in a future year. In a different context you might want to talk about prepaid taxes, or explain with deferred tax assets for taxes paid in advance.

https://www.investopedia.com/terms/d/deferredtaxasset.asp
A deferred tax asset is an asset on a company's balance sheet that may be used to reduce its taxable income. It can refer to a situation where a business has overpaid taxes or taxes paid in advance on its balance sheet. These taxes are eventually returned to the business in the form of tax relief, and the over-payment is, therefore, an asset for the company.




James (Jim) Davis
Seychelles
Local time: 11:02
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 4512

Peer comments on this answer (and responses from the answerer)
agree  CristianaC: definitely
8 days
  -> Ciao Cristiana, grazie
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27 mins   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): -1
(BrE corp. obs.) ACT - advance corporation tax credits /allowed/


Explanation:
Low CL - comnfidence level as I am unsure of the target-country and whether this is a company - or changing the corporation component - a sole trade/ proprietorship or partnership.

NB the term was advance and not advance tax.

--------------------------------------------------
Note added at 28 mins (2019-05-29 13:52:55 GMT)
--------------------------------------------------

... and not advanced tax...

Example sentence(s):
  • Companies paid the Advance Corporation Tax (ACT) before its main corporation taxes, when it paid dividends to shareholders. Companies deducted the amount paid in ACT from the main corporation taxes.
  • ntil recently, the United Kingdom collected a “mainstream” corporate tax of 33% from UK companies and also required them, when paying dividends, to pay an advance corporations tax, or “ACT,” on the dividend. The company was then given a credit for

    Reference: http://www.investopedia.com/terms/a/advance-corporation-tax....
Adrian MM.
Austria
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 77

Peer comments on this answer (and responses from the answerer)
disagree  philgoddard: It doesn't say corporation tax.
1 hr
  -> The context suggests either ACT or payroll tax whilst the credits dovetails far better as a translation with the following para.
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