Valuation rules for shares and participations in the capital stock or equity of any other legal entities not traded on organized markets, including participations in the capital stock of Cooperatives

• Participations in the share 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, if applicable, of unreimbursed social losses.

• Participations in the share capital of other entities

  The valuation of the aforementioned shares and participations will be carried out according to the theoretical value resulting from the last approved balance sheet , provided that this, either mandatory or voluntary, has been subject to review and verification and the audit report will be favorable .

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

  • Nominal value.
  • Theoretical value resulting from the last approved balance sheet.⁽¹⁾
  • Value resulting from capitalizing at the rate of 20% the average of the entity's profits in the three fiscal years closed prior to the date of accrual of the Tax (December 31). The benefits will include dividends distributed and allocations to reserves, excluding those for regularization or updating of balance sheets.

  To calculate said capitalization, the following formula can be used:

  Value = [(B ₁ + B ₂ + B ₃ ) ÷ 3 ] x (100 ÷ twenty)

  Where: B ₁ , B ₂ and B ₃ are the benefits of each of the three closed social exercises prior to the date of accrual of the Tax.

For the correct application of these valuation rules, entities are required to provide their partners, associates or participants with certificates containing the valuations of their respective shares and participations.

⁽¹⁾ The Supreme Court's rulings of February 12 and February 14, 2013, in response to a criterion "favorable to the best approximation to the economic reality of the tax base of the tax" interpret that the balance approved within the of the legal period for the presentation of the self-assessment for the tax, so that "if on this date the year being settled is approved, even if this has occurred after the date of accrual, it must nevertheless be the one taken into account. account".^(Back)