In this regard, delivery times will be as follows:

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The Income section is completed when the result of Form 420 is positive, that is, when a payment must be made to the Canary Islands Treasury.
On the other hand, the Refund section is completed when you make the last declaration of the year and the result is negative. This corresponds to when the Canary Islands Tax Agency is the one who must pay you.
Finally, the Compensation box is also filled in when the result is negative, but specifically during the first, second and third trimester.
This entire process must be carried out even if your company does not carry out any economic activity during the quarter. You can read the instructions of the Canary Islands Tax Agency to obtain more detailed information on these tax forms.

Deadlines and submission of Form 420
As we have already mentioned, the presentation of Form 420 IGIC must be done every three months, that is, it is presented four times a year. Its equivalent is Form 303 of VAT for the peninsula.



First quarter: April 1-20.
Second quarter: July 1-20.
Third quarter: October 1-20.
Fourth quarter: January 1-30.
Failure to comply with these deadlines may result in penalties, which list of romania phone number depend on factors such as the amount of taxes, whether there are previous violations, the length of delay, among others. Based on this, you may receive a late filing fee or interest for late filing.

How is Form 420 submitted?
This form can be submitted electronically or in person at a Canary Islands Tax Agency office. The first option is the most common, due to the ease of sending the information. However, if you want to submit the form in physical form, you can download Form 420 in PDF and complete it.

Deductions and refunds in Form 420 IGIC
Deductions from the Canary Islands General Indirect Tax are only available when you purchase goods or services that are essential for your company's economic activities. In these transactions you will have to pay the tax, but this may generate refunds.

Therefore, the refund request is made directly when filing Form 420, specifically in the Refund box that we talked about earlier. This section can only be filled out at the end of the fiscal year, that is, in the fourth quarter.

Recent changes in IGIC regulations affecting Form 420
It is important to keep an eye on changes in the IGIC regulations, since the taxable base of various products is often modified there. Below, we will discuss some recent modifications to Law 20/1991 regarding the percentage applicable to these tax models: