63 / 140
c) Reconciliation of the accounting profit to the taxable profit
The reconciliation of the accounting profit to the taxable profit for income tax purposes for
2015 and 2014 is as follows:
Thousands of euros
2015
2014
Accounting profit after tax
99,207
46,652
Income tax
32,340
48,675
Permanent differences
9,570
4,769
Temporary differences
(12,855)
13,134
Offset of prior years' tax losses
(32,070)
(28,313)
Taxable profit
96,192
84,917
Tax rate
28.00%
30.00%
Gross tax payable
26,933
25,475
Tax credits used in 2015
(7,552)
(6,704)
2015 tax prepayments
(23,865)
(19,739)
Tax payable (refundable)
(4,484)
(968)
The 2015 temporary differences include additions of EUR 11,669 thousand and reductions of
EUR 24,524 thousand (see Note 21-e).
Additions break down into deferred tax assets of EUR 10,878 thousand and deferred tax
liabilities of EUR 791 thousand, while reductions include deferred tax assets of EUR 19,598
thousand, EUR 3,935 thousand in relation to the tax losses of EIGs in which the Group has
an interest and EUR 991 thousand of deferred tax liabilities.
d) Tax receivables and payables
The detail of the tax receivables and payables at 31 December 2015 and 2014 is as follows:
Thousands of euros
2015
2014
NON-CURRENT ASSETS
Deferred tax assets (Note 21-e)
17,114
21,132
Tax loss carryforwards
168,851
177,485
Unused tax credits and tax relief
103,363
103,349
289,328
301,966
CURRENT ASSETS
Income tax refundable
2,309
1,247
2015 income tax refundable (Note 21-c)
4,484
968
Other tax receivables
8
10
VAT refundable
572
3,815
7,373
6,040
Total tax receivables
296,701
308,006
OTHER NON-CURRENT LIABILITIES
Deferred tax liabilities (Note 21-e)
26,180
26,097
CURRENT LIABILITIES
Tax withholdings payable
6,432
4,670
Accrued social security taxes payable
2,206
2,012
VAT payable
9,429
4,017
18,067
10,699
Total tax payables
44,247
36,796