The accounting is a science (since it produces systematic and verifiable knowledge) and a technique (allows to process and apply data) that provides useful information for economic decision making. Its object of study is heritage, whose analysis is reflected in the so-called financial statements or financial statements .
Fiscal (from Latin fiscalis), on the other hand, is what pertains or pertains to the treasury. This term is linked to the public treasury or to the set of public agencies responsible for collecting taxes.
It is known as tax accounting to the information system related to tax obligations . This type of accounting is based on the tax regulations established by the law of each country and includes the registration of operations for the presentation of declarations and the payment of taxes .
Tax accounting may differ from the financial Accounting (which records the activity and transactions of a company in a given period). In some countries, the laws regulating accounting require the submission of reports every twelve months, leading to the birth of the fiscal year .
If the reports must be submitted on 1st of July , the fiscal year will extend between that day and the June 30th following. This difference with the usual calendar means that there are different types of accounting information in a company. For example, a company may have earned a million dollars in the year 2007 for their operations, but lost two million in the fiscal year that began on the same date.
It is worth mentioning that this system Information known as tax accounting has a direct relationship with tax regulations, so it is potentially different in each country, in accordance with its current legislation. Regardless of these differences, knowing tax accounting is extremely important for any company or individual entrepreneur.
The obligations of payment of taxes that every company has, whether it is formed by one or one hundred people, they are periodic and immovable and, although the most common is that all the procedures with them related to a manager or advisor are delegated, the success of any business It depends largely on the awareness that managers have of this matter, both of obligations and of fiscal rights.
When the responsibility that a company has before third parties is unlimited, the importance of knowing its tax accounting is even greater, since a poor management of it could affect its assets.
Tax accounting in different countries
* Spain: The Tax Agency is responsible for collecting taxes related to business and professional activity. The rest of the cases are usually taken care of by the Town Hall of the town in which the company is based;
* Chile: Tax collection is carried out through the Internal Revenue Service. On its website it is possible to obtain specific information for companies of different sizes;
* Mexico: All issues related to the payment of taxes must be processed through the Tax Administration System, which provides all the data necessary to keep a business in order;
* Argentina: The body that is responsible for applying, collecting and supervising taxes at the national level, according to current legislation, is the General Tax Directorate, an organ that is part of the Federal Administration of Public Revenue;
* Colombia: The Directorate of National Taxes and Customs deals with all tax issues and its portal offers information and guides to keep up to date with tax obligations;
* Panama: For all tax matters in the country there is the General Directorate of Revenue, which depends on the Ministry of Economy and Finance.