contingências fiscais

09:58 Jan 22, 2014
Portuguese to English translations [PRO]
Bus/Financial - Law: Taxation & Customs / audit recommendation
Portuguese term or phrase: contingências fiscais
Hi all. I'm aware that this term has been covered before on Proz, and that there are various dictionary entries which translate it literally as 'tax contingencies'. However, I'm not sure this is right in this context. What makes me doubtful is the fact that just about all hits for the idea of 'avoiding tax contingencies' are from Spanish or Portuguese language websites.

My reading of it in context is something like 'penalties' but I can't find any evidence to back up my making such a bold choice of word! I'd appreciate comments from native English financial specialists in particular, but all comments are very welcome and gratefully received. Thanks.

Context is Cabo Verde, this is an audit report recommendation:

"A Empresa deve proceder à liquidação dos devidos impostos dentro dos prazos legais, de modo a evitar futuras contingências fiscais"
Lucy Phillips
United Kingdom
Local time: 15:31


Summary of answers provided
4 +1contingency taxes
Gilmar Fernandes
4 +1(to avoid) possible tax penalties
Marlene Curtis
3fiscal measures
Richard Purdom
Summary of reference entries provided
oxygen4u

Discussion entries: 4





  

Answers


1 hr   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +1
contingency taxes


Explanation:
It's not often heard in the EN speaking world, but it does exist.
Check these references:

http://www.businessdictionary.com/definition/contingency-tax...
A one-time event in which a government levies a tax to pay for a specific problem or economic issue. A government might levy a contingency tax to aid recovery from a natural disaster, or to offset an excessive level of imports flooding a product market.

http://www.nytimes.com/1983/12/21/business/regan-said-to-opp...
Treasury Secretary Donald T. Regan has advised President Reagan to omit any specific proposal for a contingency tax in his budget next month and to plan instead to raise additional future revenue through a redesign of the income tax, Administration sources said today.

http://www.presidency.ucsb.edu/ws/?pid=40940

Gilmar Fernandes
United States
Local time: 10:31
Specializes in field
Native speaker of: Native in PortuguesePortuguese, Native in EnglishEnglish
PRO pts in category: 68

Peer comments on this answer (and responses from the answerer)
agree  Mario Freitas:
39 days
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2 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +1
(to avoid) possible tax penalties


Explanation:

contingency s. possibilidade, contingência

Marlene Curtis
United States
Local time: 10:31
Native speaker of: Native in PortuguesePortuguese
PRO pts in category: 131

Peer comments on this answer (and responses from the answerer)
agree  PaulaEsp: I like your suggestion, Marlene. "Tax liabilities" could work as well, don't you think so?
1 day 7 hrs
  -> Thanks! Tax liabilities too.
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3 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5
fiscal measures


Explanation:
I think the word has a completely different meaning in English.

http://www.dicio.com.br/contingencias/

http://dictionary.cambridge.org/dictionary/british/contingen...

Richard Purdom
Portugal
Local time: 15:31
Native speaker of: English
PRO pts in category: 8
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The asker has declined this answer




Reference comments


15 mins peer agreement (net): +1
Reference

Reference information:
I found this:
http://www.portaldecontabilidade.com.br/tematicas/passivosea...
"Contingência é uma condição ou situação cujo o resultado final, favorável ou desfavorável, depende de eventos futuros incertos."

So, altough the likely outcome is a penalty (at least when it comes to taxes), it is not 100% certain.



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Note added at 28 mins (2014-01-22 10:26:42 GMT)
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I think I'd go for something like "in order to prevent future/further tax action". I don't like "contingencies".

oxygen4u
Portugal
Native speaker of: Native in PortuguesePortuguese
Note to reference poster
Asker: thanks oxygen - yes, 'contingencies' just sounds a bit odd to me here - but I'm not a financial specialist, so it's good to know what other people think.


Peer comments on this reference comment (and responses from the reference poster)
agree  Gema Pedreda
1 hr
  -> Obrigada, Gema!
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