Valuation rules for shares and participations in the share capital or equity fund of Collective Investment Institutions (Companies and Investment Funds), not traded on organized markets

The valuation of shares and participations in the capital stock or in the equity fund of Collective Investment Institutions not traded in organized markets will be carried out at their net asset value on the date of accrual of the tax , valuing the assets included in the balance sheet in accordance with the rules contained in its specific legislation and the obligations towards third parties being deductible.

To facilitate the correct application of this valuation rule, entities are required to provide their partners, associates or participants with a certificate stating the valuation of their respective shares and participations.