ANNUAL REPORT 2016
The detail of other financial costs and income, is presented as follows:
2016
2015
Bank services
790.990
313.533
Financial instruments - cash flow hedge (Note 20)
-66.666
-35.418
Commercial paper programmes charges
325.608
238.408
Other commissions (1)
96.830
218.320
Other financial cost and gains
-77.632
-1.056
1.069.130
733.787
(1) Amount related mainly to guarantees bank charges and financing charges of the subsidiary Ibersol Angola.
28. INCOME TAX
Income tax recognised in the years 2016 and 2015 are broken down as follows:
Dec. 2016
Dec. 2015
Current taxes
5,675,703
3,704,062
Deferred taxes (Note 18)
207,683
-419,846
5,883,386
3,284,216
(1) Includes a tax provision in the amount of 1,200,166 euros (Note 19) and estimate excess
income tax with the amount of 1,254,493 euros.
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:
2016
2015
Pre-tax profit
29,318,426
14,011,282
Tax calculated at the applicable tax rate in Portugal
(22,5%)
6,596,646
3,152,538
Fiscal effect caused by:
Correction deferred tax
-
-81,492
Credit tax investment (CFEI) effects
-20,365
-249,182
Other income taxes benefits (Eat Out Group and RETGS)
-1,215,057
-
Special tax (independent)
136,934
123,870
Tax pours
275,580
130,622
Write-off deferred tax
8,237
116,534
Other effects
101,411
91,325
Income Tax Expenses
5,883,386
3,284,216
The income tax rate was of 20%, lower than the nominal rate, mainly due to income taxes
benefits obtained. In 2015 the income tax rate was of 23%.
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