
IFICI: The new Portuguese tax regime that replaces RNH
Portugal has initiated a new stage in its international tax strategy with the implementation of IFICI, also known as RNH 2.0. This new regime seeks
Ruling 845/2024 of 26 July of the Barcelona Provincial Court addressed the issue of whether the annual accounts of a company can be rectified once they have already been approved by the general meeting and deposited with the Mercantile Register, if accounting errors are detected. The ruling clarifies the impossibility of reformulating the accounts in such circumstances and highlights the alternative mechanisms for correcting these errors.
The ruling emphasises that accounting errors from previous years should not be corrected by cancelling the already approved accounts. Instead, such errors should be reflected in the accounts of the year in which they are discovered. This position is in line with accounting and valuation standard 22 of the Spanish General Chart of Accounts (PGC), which states that errors should be corrected in the year in which they are discovered, without the need to restate accounts already approved. In accordance with this rule, the correction must be recorded in reserves, affecting the accumulated results of the current year.
Article 38.c) of the Commercial Code regulates the restatement of annual accounts only before the general meeting approves them. This article allows restatement only in exceptional situations, such as when it is necessary to maintain a true and fair view of the company. However, once approved, the possibility of restatement is extinguished, and any subsequent rectification must be dealt with within the accounting year in which the error is detected.
Furthermore, the Supreme Court has issued similar rulings, such as in Rulings 1258/2021 and 109/2022, where it reaffirms the inadmissibility of the reformulation of accounts once they have been approved, which reinforces the definitive nature of the approval by the shareholders’ meeting.
Portugal has initiated a new stage in its international tax strategy with the implementation of IFICI, also known as RNH 2.0. This new regime seeks
The validity of the registered notice of the general meeting of a company requires that the effective intervention of the affected directors be guaranteed, with
The Barcelona Provincial Court rules on the protection of usufructuary rights and shows that dilatory practices to the detriment of legitimate rights can lead to