Annual Report and Consolidated Account
014
207
26. INCOME TAX
Income tax recognised in the years 2014 and 2013 are broken down as follows:
Dec. 2014
Dec. 2013
Current taxes
2.771.018
911.531
Deferred taxes (Note 17)
-1.640.563
-446.547
1.130.455
464.984
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:
2014
2013
Pre-tax profit
9.045.689
4.161.923
Tax calculated at the appliacble
tax rate in Portugal (24,5%/26,5%)
2.216.194
1.102.910
Fiscal effect caused by:
Tax rate difference in other countries
154.360
55.354
Deferred taxes not recognised due to prudence
5.990
15.382
Insufficient/(excess) estimate in the previous year
-2.347
-1.979
Correction deferred tax (assets)
11.668
57.843
Unaccounted deferred tax assets (in previous years)
-118.257
-132.833
Credit tax investment (CFEI) effects
-152.789
-650.077
Correction deferred tax (liabilities)
-1.160.585
-
Alter.of taxable income due to fiscal adj.
consol. and other effects
176.222
18.385
Income Tax Expenses
1.130.455
464.984
The income tax rate was of 12% (2013: 11%) lower than the nominal rate, mainly due to the tax benefit (CFEI) in
2013 and the update of deferred tax in 2014, by changes in income tax rate.
