Fundamental Aspects of Tax Debts
The Tax Agency has issued a vitally important warning for all those who have debts with the Administration. Understanding the statute of limitations is essential to avoid adverse consequences in the future.
What does the General Tax Law establish?
According to article 66 of the General Tax Law, debts to the Treasury have a statute of limitations of four years. Once this time has passed, the Administration loses the right to claim payment.
How Does Calculation Begin?
The meter is activated the day after the voluntary payment deadline expires. It is important to note that certain actions, such as garnishments or information requests, may interrupt this period.
Debt Forgiveness Possibilities
Article 75 of the same law specifies that debt forgiveness cannot be done in a general way, except in cases provided for by regulations. However, there are options to reduce or cancel debts in particular circumstances.
The Law of Second Chance
This law offers a way for people and self-employed people in financial difficulties to partially erase their debts, including tax debts, as long as they meet requirements such as demonstrating good faith and having tried to resolve the situation with creditors.
Practical Tips for Taxpayers
If you find yourself in debt with the Treasury, here are some recommendations to manage the situation effectively.
Review of your Tax File
Check the status of your debts by accessing your tax file. This will help you know the exact amount and its current situation.
Legal Advice
If you consider that you can benefit from the Second Chance Law or other regulations, it is advisable to seek the help of a legal professional specialized in this matter.
Importance of Documentation
Keep all documents related to your tax obligations for a minimum of four years, as the Tax Authorities may request them during an inspection.
Being well informed and proactive in dealing with any debt owed to the Treasury is essential. Knowing the statute of limitations and ways to reduce or cancel debts can be the key to avoiding penalties and improving your financial health.