In a statement sent to the Committee on Securities Market Commission (CMVM), the bank led by Fernando Ulrich says that the subject of AG will be the only point on the agenda.
The shareholders will be called to ‘decide on the membership of the society to the special rules applicable to deferred tax assets », approved by the Government in August.
The AG will vote, under this scheme, namely the creation of a special reserve the issuance and assignment to the State of conversion rights and an increase in share capital by incorporation of reserves constituted special.
The BCP has also convened an AG for October 15 to deliberate on the adoption of special arrangements the deferred tax assets.
Since August 26 that banks may join the special regime that allows them to transform into tax credits deferred taxes originated by credit impairments and the benefits granted to employees, there is a measure long claimed by the industry.
To enter this regime, banks have to make application to join the finance minister and approve the membership in general meeting.
While in debate in Parliament, the opposition questioned the government about the costs to the public accounts of this scheme, since the state must assume the debt as tax credits that grant.
However, the finance minister downplayed this effect on future budget deficits, justifying it with the “compensation mechanism [that the regime has] that avoids the possible impact on the budget,” but declined to estimate the impact of the measure.
In the major banks, it is estimated that there are approximately EUR 1.5 billion of deferred taxes that can be transformed into tax credits. The BCP should be the biggest beneficiary.
Banks perform a set of operations whose value at a certain point, although accepted accounting purposes, is not accepted for the purposes of the tax authorities. It is the value that goes above the amount accepted by the tax authorities that generates the deferred tax asset and that is in the bank’s balance sheet to reduce further tax to pay.
Lusa with Digital Diary
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