Ingresos Brutos

English translation: turnover tax

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
Spanish term or phrase:Ingresos Brutos
English translation:turnover tax
Entered by: patinba

12:01 Aug 28, 2019
Spanish to English translations [PRO]
Law/Patents - Insurance
Spanish term or phrase: Ingresos Brutos
Es una poliza de seguro de Responsabilidad Civil por Errores y Omisiones Profesionales

Premio anual sin IVA ni Ingresos Brutos

¡Gracias!
Carolina Marcote
Local time: 07:26
turnover tax
Explanation:
Taxes in Europe Database v2 - European Commission

ec.europa.eu › taxation_customs › tedb › legacy › taxDetail
Tax name in the national language, Φόρος Ασφαλίστρων (πρώην φόρος κύκλου εργασιών). Tax name in English, Insurance premium tax (previously turnover tax).

"As the name implies, Turnover Tax is a type of tax, which is calculated against the turnover of a business, as opposed to a percentage of profit (i.e. income less business expenses) as per usual business tax."


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Note added at 4 hrs (2019-08-28 16:32:38 GMT)
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Turnover tax is calculated by applying a tax rate to the turnover (sales, or premium income in this case) of a business, and in this case it is calculated as a percentage of the premium charged to the policy-holder and added to its cost.
Selected response from:

patinba
Argentina
Local time: 07:26
Grading comment
Selected automatically based on peer agreement.
4 KudoZ points were awarded for this answer



Summary of answers provided
4 +3turnover tax
patinba
5Gross income/revenue
Andrea Luri Abe
3(AmE) Sales Volume before tax
Adrian MM.
1 +1Insurance Premium Tax
neilmac


Discussion entries: 4





  

Answers


4 hrs   confidence: Answerer confidence 5/5
Gross income/revenue


Explanation:
Income para personas y revenue para empresas

Andrea Luri Abe
Peru
Local time: 05:26
Native speaker of: Portuguese

Peer comments on this answer (and responses from the answerer)
neutral  patinba: Tu respuesta debería haber sido un "agree" no?
23 mins
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1 hr   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +3
turnover tax


Explanation:
Taxes in Europe Database v2 - European Commission

ec.europa.eu › taxation_customs › tedb › legacy › taxDetail
Tax name in the national language, Φόρος Ασφαλίστρων (πρώην φόρος κύκλου εργασιών). Tax name in English, Insurance premium tax (previously turnover tax).

"As the name implies, Turnover Tax is a type of tax, which is calculated against the turnover of a business, as opposed to a percentage of profit (i.e. income less business expenses) as per usual business tax."


--------------------------------------------------
Note added at 4 hrs (2019-08-28 16:32:38 GMT)
--------------------------------------------------

Turnover tax is calculated by applying a tax rate to the turnover (sales, or premium income in this case) of a business, and in this case it is calculated as a percentage of the premium charged to the policy-holder and added to its cost.

patinba
Argentina
Local time: 07:26
Native speaker of: Native in EnglishEnglish
PRO pts in category: 186
Grading comment
Selected automatically based on peer agreement.

Peer comments on this answer (and responses from the answerer)
neutral  philgoddard: This looks like it might make sense in the context, but I can't see why you've used a Greek example. And " insurance premium tax" makes more sense than "turnover tax" in this context.
2 hrs
  -> Just because it was the only example that cropped up with "insurance" in it.

agree  Robert Carter: I agree with Phil that while this is the only thing that makes sense in the context, your explanation is too vague. Having said that, and assuming it's from Argentina, I'm giving this an agree.
2 hrs
  -> Thanks, Richard!

agree  Paula Hernandez: Es esto en Argentina. Totalmente de acuerdo. No había entendido bien el contexto cuando respondí.
7 hrs
  -> Muchas gracias, Paula!

agree  Georgina Grigioni
9 days
  -> Gracias!
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6 hrs   confidence: Answerer confidence 1/5Answerer confidence 1/5 peer agreement (net): +1
Insurance Premium Tax


Explanation:
Based on everyone else's research and comments, it looks like this could be something equivalent to the UK's "Insurance Premium Tax", a type of indirect tax levied on general insurance premiums in the United Kingdom. "

I don't know much about US taxation, so even if this suggestion turns out to be valid, the term may be different over there.

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Note added at 6 hrs (2019-08-28 18:08:03 GMT)
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If it is indeed some sort of turnover tax, I might be tempted just to translate the sentence as "Annual premium without VAT or Other taxes"

https://www.euraxess.es/spain/direct-and-indirect-taxation

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Note added at 6 hrs (2019-08-28 18:09:19 GMT)
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NB: Patinba mentioned it first: "Insurance premium tax (previously turnover tax)"...


    https://en.wikipedia.org/wiki/Insurance_Premium_Tax_(United_Kingdom)
    https://www.gov.uk/government/publications/rates-and-allowances-insurance-premium-tax/insurance-premium-tax-rates
neilmac
Spain
Local time: 11:26
Native speaker of: Native in EnglishEnglish
PRO pts in category: 76

Peer comments on this answer (and responses from the answerer)
agree  Luis M. Sosa: Agree based on my comment and your notes (2). Turnover does not belong in the insurance lingo.
20 hrs
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8 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5
(AmE) Sales Volume before tax


Explanation:
Better avoid the term of 'turnover' (e.g. victims turned over by scammers and con artists) for US consumption.

The second web ref. is unhelpful, failing to distinguish - as it does - between US and UK usage of sales vs. turnover.

Example sentence(s):
  • Sales volume is the number of units of inventory sold during an accounting period.

    Reference: http://www.proz.com/personal-glossaries/entry/10639867-impue...
    Reference: http://www.differencebetween.com/difference-between-sales-an...
Adrian MM.
Austria
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 24

Peer comments on this answer (and responses from the answerer)
neutral  patinba: Sales volume is not the same as sales. Also, the context indicates that the premium cost has been given "without VAT or IB (a tax)" so your answer makes little sense.
3 hrs
  -> Sales volume is a measure of sales and there is no indication that the the IB tax is meant. The premium could quite logically be based on 'turnover' and not on a premium tax deduction.
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