Abstract
There are specific rules for the accounting of tax refunds, as well as revenue charged through a tax amnesty, tax credits, and deferred tax assets. The sale of a financial asset (either directly or indirectly) is treated as a financial operation, with no impact on the deficit. The direct sale of a nonfinancial asset has impact on the deficit. In the case of indirect sales, these will only have an impact on the deficit if the selling entity distribute dividends. There are specific rules for revenues from leasing, licences, and concessions, as well as from leaseback operations.
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Notes
- 1.
In the original (Eurostat 2016): “For practical reasons, the use of a time-adjusted cash approach may be preferable when there are some difficulties to make reliable estimations for amounts unlikely to be collected or when there are no reliable assessments available. In such cases, the time-adjusted cash is an acceptable proxy for accruals”.
- 2.
The concept of tax amnesty for the Eurostat includes, either the income change/declaration from previous years, either the payment of debt in tax execution. In the original (Eurostat 2016): “The benefit provided to taxpayers can take two forms: The possibility to disclose information about previous tax periods (non-declared previous taxes or taxable assets not previously disclosed); The possibility to pay past tax arrears. In both cases, the disclosure of taxes (or taxable assets) and the payment of tax arrears, which release taxpayers from any further legal action by government, may be made under various conditions, possibly without penalties and even at lower tax rates than the standard case”.
- 3.
In the original from (Eurostat 2016): “Deferred tax assets are defined as amounts of income tax recoverable by corporations in future periods, provided that there will be sufficient future taxable profits. DTAs are related to past transactions, which, according to International Accounting Standard 12 (IAS12)”.
- 4.
Eurostat Guidance Note: “Treatment of deferred tax assets (DTA) and recording of tax credits related to DTAs in ESA 2010”.
References
ESA (2010) European System of Accounts 2010. https://ec.europa.eu/eurostat/cache/metadata/Annexes/nasa_10_f_esms_an1.pdf
Eurostat (2016) Manual of government deficit and debt. https://ec.europa.eu/eurostat/documents/3859598/7203647/KS-GQ-16-001-EN-N.pdf/5cfae6dd-29d8-4487-80ac-37f76cd1f012. Accessed 1 Nov 2016
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Miranda Sarmento, J. (2018). Accounting for the Revenue in the National Accounts. In: Public Finance and National Accounts in the European Context . Financial and Monetary Policy Studies, vol 47. Springer, Cham. https://doi.org/10.1007/978-3-030-05174-7_11
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