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2017 Wealth tax

4.2.7.4. Section G4

G4) SHARES AND PARTICIPATIONS IN SHARE CAPITAL OR IN OWN FUNDS OF ANY OTHER LEGAL ENTITIES NOT TRADED IN ORGANIZED MARKETS AND PARTICIPATIONS IN THE SHARE CAPITAL OF COOPERATIVES (art. 16 Law 19/91)

This section will include shares and participations in the share capital or own funds of any legal entities not traded on organized markets, except those corresponding to Collective Investment Institutions.

VALUATION RULES

  1. Favorable audit report

    The valuation will be carried out according to the theoretical value resulting from the last approved balance sheet, provided that this, whether mandatory or voluntary, has been subjected to review and verification and the audit report is favorable.

  2. Unaudited balance sheet or unfavorable audit report

    In the event that the balance sheet has not been audited or the audit report is not favorable, the valuation will be carried out by the highest value of the following three:

    • Nominal value

    • Theoretical value resulting from the last approved balance sheet

    • Value resulting from capitalizing at the rate of 20 percent the average of the profits of the three fiscal years closed prior to the date of accrual of the Tax.

    The benefits will include dividends distributed and allocations to reserves, excluding those for regularization or updating of balance sheets.

    To calculate the capitalization of the average profits, the following formula may be used:

    Capitalization = [(B1+B2+B3)/3]*(100/20)

    B1, B2 and B3 being the profits of each of the three fiscal years closed prior to the date of accrual of the tax.

Participations in the social capital of cooperatives

The valuation of the shares of the members or associates in the social capital of the cooperatives will be determined based on the total amount of the social contributions disbursed, mandatory or voluntary, resulting from the last approved balance sheet, with deduction, where appropriate, of the losses. unreintegrated social workers.

Entities must provide their partners, associates or participants with certificates with the corresponding valuations, which will allow them to complete this section.