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caja a la italiana
marisco del día
Jul 31, 2021 07:56
2 yrs ago
29 viewers *
Spanish term

Retiro por premio

Spanish to English Bus/Financial Accounting Peru - taxes
PERU. This is really a 3-in-1 query, because I'm not sure exactly what "retiro" means here, nor am I sure about the proper translation for "premio" in this context, and I'm not exactly sure what "por" is doing in there either...
:

11 Gravado – Retiro por premio
12 Gravado – Retiro por donación
13 Gravado – Retiro
14 Gravado – Retiro por publicidad
15 Gravado – Bonificaciones
16 Gravado – Retiro por entrega a trabajadores
17 Gravado – IVAP
20 Exonerado - Operación Onerosa
21 Exonerado – Transferencia Gratuita
30 Inafecto - Operación Onerosa
31 Inafecto – Retiro por Bonificación
32 Inafecto – Retiro
33 Inafecto – Retiro por Muestras Médicas
34 Inafecto - Retiro por Convenio Colectivo
35 Inafecto – Retiro por premio
36 Inafecto - Retiro por publicidad
Proposed translations (English)
3 Goods withdrawn for prize giveaway
4 prize collection
3 Prize payments
2 Prize draw/ing

Discussion

Kristina Love Aug 2, 2021:
@patinba Okay, will do, thanks.
patinba Aug 2, 2021:
@ Kristina If you really want to understand it, the podcast refrerred to in my answer explains Retiros very clearly, and shows why in this particular instance a prize or award is involved.
Google "Retiro de bienes: ¿Sabía que las entregas gratuitas son"
Kristina Love Aug 2, 2021:
I'm not totally on board with "prize" because there's no reason it couldn't be "award, "reward," or even the less common "premium." I don't want to give an answer because I still don't understand it well enough, but I am interested to check back when you get it figured out and make a decision.
neilmac (asker) Aug 2, 2021:
So, Everyone so far agrees on "prize" as the translation of "premio", and not "premium"... Interesting.
Kristina Love Aug 1, 2021:
I know what withholding and withdrawal mean and I know they're not the same thing. Those were separate suggestions.

Asking the client sounds like a good idea.
neilmac (asker) Aug 1, 2021:
@patinba OK, cheers. I've sent a list of doubts to the client for some feedback, but he's on holiday until the 23rd, so it can't be all that urgent... :-)
patinba Aug 1, 2021:
my apologies for giving you a link to the source of the information you need, but not the actual podcast, which can be found by Googling "retiro de bienes" and is introduced by the text I yhave added to my reply.
neilmac (asker) Aug 1, 2021:
All options open Thanks for the input so far. The thing is that it's not clear to me who is "retirando" what from what/whom. Withdrawing and withholding are not the same thing. I suspect it may mean something like withdrawing or removing the item in question from the tax liability list, but would need confirmation. I'll ask the client, because they need this done urgently so they should provide some feedback. It may take a while though...
Kristina Love Jul 31, 2021:
The "premio" could be employer-paid premiums on life insurance or health insurance for employees. And it could be that these are not taxable except when they exceed a certain amount.

Could "retiro" mean "withholding"?

Could these be payroll deductions? Could "retiro" be deductions in Peru? Just a few ideas, but I didn't get anywhere with them.
Kristina Love Jul 31, 2021:
I was going to suggest "withdrawal for premium" but I wouldn't know quite what that means and I don't have confirmation. To search for confirmation, what if you assume it is "withdrawal" and then say "What would have to be true for that to make sense?" I was thinking of withdrawals from a retirement savings plan, but since this looks like a business and not an individual, maybe they are withdrawals from some kind of (partially) tax-sheltered account. I see that one "retiro por premio" is taxed and another is not. Maybe it's a clue. (Or maybe it just makes it that much harder to figure out.)
Althea Draper Jul 31, 2021:
Have a wee look at this video starting about 9minutes in. It might give you the gist of what it means.
https://www.facebook.com/tuempresagobpe/videos/facturación-e...
He goes through different VAT exemptions including 'premio' and it seems to be a sort of reward to customers. You are allowed to give one reward per customer per year.
neilmac (asker) Jul 31, 2021:
FWIW Since the link is only available in Spanish, I've translated it, as it's only 600 700 words. The only term I'm still unsure about is "retiro", although I've pencilled in "withdrawal" until I can get confirmation that that is the most suitable translation in this context.
neilmac (asker) Jul 31, 2021:
Link with definitions I found this link which contained some definitions, and kind of clears up the difference between "exonerados" and "inafectos" from my earlier query, although I still don't know the most appropriate translation for "retiro": https://soporte.susii.com/article/107-como-configurar-los-im...
neilmac (asker) Jul 31, 2021:
Polysemy Having consulted several sources, I'm still finding it difficult to pin down the exact meaning, and therefore find the appropriate translation, of "retiro" in each context, and the word doesn't even appear in the basic tax dictionary I consulted. Ditto "premio", which could be a prize or a premium. And when I try to find definitions of "retiro", so far I haven't found one which doesn't simply repeat the word, rather than offering a less fuzzy synonym. So, it could be withdrawal, removal or even a retirement (pension). Or something else. I'm used to working quickly, so this job has me at my wit's end.

Proposed translations

3 days 8 hrs
Selected

Goods withdrawn for prize giveaway

The thing every item on the list has in common is that they are transactions where there was outgo of goods but no money changed hands, yet in some cases these transactions are taxed anyway.

As patinba explains, "retiro de bienes" (also indeed known as goods withdrawal in English) is the designation for a variety of "giveaways" (this is how we would say "entrega gratuita" in English) that are subject to Peruvian sales tax (IGV - Impuesto General de la Venta).

"Retiro" means that something has been pulled from inventory. "Pulled from inventory" or "Inventory withdrawal" or "Withdrawn from inventory" are some other possibilities. https://www.avalara.com/blog/en/north-america/2015/08/when-d... (This article discusses sales tax being triggered by inventory withdrawn either for giveaways or for personal use.)


"Retiros" could also be translated as "Drawings of Stock" (stock as in inventory): https://www.futureaccountant.com/final-accounts-financial-ac... (This just discusses making adjustments in the ledger for it, not whether it's subject to tax).

As well, double-entry bookkeeping as explained here encourages a temporary "Drawings Account" to keep these transactions separate from either debits or credits. https://www.double-entry-bookkeeping.com/inventory/goods-wit...

The trouble I see with using the word "drawings" for your purpose though, is that it is right next to the word "prize" and when you put "prize" and "drawing" together, it conjures up some sort of raffle ticket image.



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Note added at 3 days 8 hrs (2021-08-03 16:40:14 GMT)
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"Inventory removal" would also work.
Reference:

https://www.avalara.com/blog/en/north-america/2015/08/when-does-giving-something-away-trigger-sales-tax.html

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4 KudoZ points awarded for this answer. Comment: "It so long since I posted this query that I don't recall the solution (if we ever found one). Thanks again for the help and comments."
17 hrs

prize collection

Better than prize withdrawal, which is ambiguous.

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Note added at 17 hrs (2021-08-01 01:08:39 GMT)
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To collect your prize in person you will need:

The original lottery or Instant Scratch-Its ticket.
Signature identification such as a Drivers Licence or Passport.
For registered lottery entries, the membership card to which the ticket is registered.
More ...
How to claim lottery prizes | Australia's Official ...
www.thelott.com/results/claiming-prizes
www.thelott.com/results/claiming-prizes
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1 day 3 hrs

Prize draw/ing

On further thought, it looks like the account-holder whoe 'retiro' is either gravado, exonerado or - there is a difference - inafecto.

PS I'm unsure why anyone is commenting on an answer I had removed.
Reference:

http://home.kpmg/xx/en/home/insights/2018/10/peru-indirect-tax-guide.html

http://de-de.facebook.com/escuariocatering/posts/retiro-de-premio-muchas-gracias-por-participar-disfruten-del-premio/1610737675912377/

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4 hrs

Prize payments

I think you might get away with "withdrawal" but I think "outgoings" or "Payments" would fit in most cases. basically they are different forms of payment made that are subject to VAT because a VAT credit was claimed at source and then needs to be charged on disposal, even if for example, you give a prizewinner a prize for nothing.
I have no idea if this is what Adrian is hinting at, I need another cup of coffee before attempting to dilucidate his entry.

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Note added at 4 hrs (2021-07-31 12:50:45 GMT)
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"elucidate" I meant

There is a podcast in here if you are still interested:
Retiro de bienes: ¿Sabía que las entregas gratuitas son ...https://gestion.pe › podcast › retiro-b...

Apr 11, 2019 — En una nueva edición del Consultorio Tributario, el abogado Francisco Pantigoso, explica cuáles son las figuras de retiros no gravados con ...

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Note added at 1 day 4 hrs (2021-08-01 12:30:39 GMT)
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¿Sabía usted que las entregas gratuitas están gravadas con el IGV y que estas figuras se denominan “retiros de bienes”?

¿Cuál es la lógica implícita en estos retiros gravados?, ¿cuáles son las figuras de retiros no gravados con el IGV?. Estas preguntas son respondidas en el nuevo podcast de Consultorio Tributario, con el especialista Francisco Pantigoso Velloso da Silveira.

Escuchemos el podcast preparado por el docente de la UP sobre este los retiros de bienes, a fin de tomar las prevenciones del caso, evitando problemas de acotaciones del Fisco.

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Note added at 2 days 3 hrs (2021-08-02 11:50:26 GMT)
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An "entrega gratuita" (see above ) includes prizes and it is made perfectly clear in the podcast I refer to. I do not see why you still seem to doubt the refs provided.
Peer comment(s):
neutral AllegroTrans : Adrian is frequently undilucidateble...
10 hrs
Yes. I know he does it for fun, but it can be less than helpful//Just seen the post has been removed and replaced by an answer that at least is clearer.
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