4,2,7,4. Section G4
G4) SHARES AND PARTICIPATIONS IN SOCIAL CAPITAL OR IN FUNDS OWNED BY OTHER LEGAL ENTITIES CIADAS EN MERCADOS ORGANIZADOS Y PARTICIPACIONES EN EL CAPITAL SOCIAL DE COOPERATIVAS (art. 16 Act 19/91)
This section will include shares and holdings in the share capital or equity of any legal entities not traded on organised markets, except those corresponding to Collective Investment Institutions.
Favourable audit report
The valuation will be carried out according to the theoretical value resulting from the last approved balance sheet, provided that it has been subject to review and verification and the audit report is favourable.
Non-audited balance sheet or non-favourable audit report
If the balance sheet has not been audited or the audit report is not favourable, the valuation will be carried out at the highest value of the following three:
Theoretical value resulting from the last approved balance sheet
Value resulting from capitalizing the average profits of the three financial years closed before the accrual date of the Tax at the rate of 20 per 100.
The profits will include dividends distributed and allocations to reserves, excluding those relating to regularization or updating of balance sheets.
The following formula may be used to calculate the capitalisation of the average profits:
Capitalisation = [(B1 + B2 + B3)/3] * (100/20)
The profits of each of the three financial years closed before the date of accrual of the tax are B1, B2 and B3.
Investments in the share capital of cooperatives
The valuation of the shareholders or associates'holdings in the share capital of the cooperatives will be determined according to the total amount of the contributions paid, compulsory or voluntary social security contributions resulting from the last approved balance sheet, with deduction, if applicable, of non-reintegrated social losses.
The entities must provide their partners, associates or participants with certificates with the corresponding valuations, which will allow them to complete this section.