Once the amount of your local taxes is known, they must be entered on the balance sheet as liabilities for year N+1. How can you secure your local taxes and anticipate related expenses?
Are you an industrial plant?
- Despite the reduction in production taxes, does your property tax seem out of step with the value of your assets?
- Your property investments, such as fixtures and fittings, can have an upward impact on your taxes. Are you thinking of carrying out an annual review of your fixed assets liable to property tax? Have you identified the fixed assets to be retained?
Our expert's answer:
Here are a few pertinent questions to ask yourself.
- Has your company undertaken any restructuring work in the last 3 years (relocation, extension, destruction, layout of premises)? Have you filed the appropriate declarations with the tax authorities?
- The complexity of property tax calculations and the need to keep abreast of legal developments call for vigilance. Have you identified the fixed assets subject to property tax? Are your fixed asset listings up to date? Do you carry out regular inventories?
Are you a commercial establishment?
- Does your property tax notice seem opaque? Do you know what criteria are used to calculate your tax bill?
- You run a business and your CFE seems high? Have you checked the surface area declared by your landlord to the authorities?
Our expert's answer: Ask yourself the right questions!
The owner filed a 6660 REV return during 2013, when the rental values for business premises were reformed.
Focus:
- The surface area operated may differ from the surface area owned. Any change in operator, consistency or characteristics of the premises may be obsolete since 2013. Are the premises operated solely by your entity? Are there any third-party leases? Are there any vacant premises?
- Your activity determines the valuation category of your premises. Has the administration correctly classified your category?
A few points to bear in mind
With regard to the scope of local taxation, we remind you that the property rental value (VLF) is the common element of the tax base for the TF and CFE.
The latter is determined on the basis of taxable items in the name of the owner (liable for TF), and is reflected in the CFE, concerning the tax bases of the user/operator of the premises (rental value of property liable for property tax).
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