68 / 148
59
Income tax
48,675
1,753
Permanent differences –
4,769
7,312
Temporary differences –
13,134
(18,751)
Offset of prior years' tax losses
(28,313)
(5,172)
Taxable profit
84,917
31,196
Tax rate
30,00%
30.00%
Gross tax payable
25,475
9,359
Tax credits used in 2013
(6,704)
(3,002)
2013 tax prepayments
(19,739)
(7,004)
Tax payable (refundable)
(968)
(647)
The 2014 temporary differences include additions of EUR 24,038 thousand and reductions of
EUR 19,716 thousand (see Note 21-e).
Additions break down into deferred tax assets of EUR 32,059 thousand and deferred tax
liabilities of EUR 791 thousand, while reductions include deferred tax assets of EUR 18,725
thousand and deferred tax liabilities of EUR 991 thousand.
d) Tax receivables and payables
The detail of the tax receivables and payables at 31 December 2014 and 2013 is as follows:
Thousands of euros
2014
2013
NON-CURRENT ASSETS
Deferred tax assets (Note 22-e)
21,132
20,456
Tax loss carryforwards (Note 22-g)
177,485
221,363
Unused tax credits and tax relief
103,349
85,364
301,966
327,183
CURRENT ASSETS
Income tax refundable
1,247
911
2013 income tax refundable (Note 22-c)
968
647
Other tax receivables
10
26
VAT refundable
3,815
2,906
6,040
4,490
Total tax receivables
308,006
331,673
OTHER NON-CURRENT LIABILITIES
Deferred tax liabilities (Note 22-e)
26,097
31,345
CURRENT LIABILITIES
Tax withholdings payable
4,670
4,044
Accrued social security taxes payable
2,012
1,881
VAT payable
4,017
9,815
10,699
15,740
Total tax payables
36,769
47,085
On the basis of the timing estimate of future profits made by the Parent’s directors for the
offset and use of these tax items, only EUR 15,562 thousand were considered to be
recoverable in the tax return for the coming year, EUR 2,985 thousand of which relate to
deferred taxes, EUR 5,390 thousand to unused tax credits and tax relief and EUR 7,187
thousand to tax loss carryforwards.
e) Deferred tax assets recognised