190
CONSOLIDATED FINANCIAL STATEMENTS
26. INCOME TAX
Income tax recognised in the years 2013 and 2012 are broken down as follows:
2013
2012
Current taxes
927,156
Deferred taxes (Note 17)
-455,204
1,105,513
471,952
-414,466
691,047
The group’s income tax prior to taxes is not the same as the theoretical amount that would result from applying
the mean weighted income tax rate to the consolidated profit, as follows:
2013
2012
Pre-tax profit
4,168,891
3,435,180
Tax calculated at the appliacble tax rate in Portugal (26,5%)
1,104,756
910,323
Fiscal effect caused by:
Tax rate difference in other countries
55,354
48,450
Deferred taxes not recognised due to prudence
15,382
60,306
Insufficient/(excess) estimate in the previous year
-1,979
-3,868
Correction deferred tax
57,843
-
Unaccounted deferred tax assets (in previous years)
-132,833
-83,288
Credit tax investment (CFEI) effects
-650,077
-
Alter. of taxable income due to fiscal adj. consol. and other effects
23,506
-240,875
Income Tax Expenses
471,952
691,047
The income tax rate was of 11% (2012: 20%). Reduction in the year was due mainly to the tax benefit (CFEI) of the
year 2013.
