|
contents | business | |||||||||
| FCC subsidiary to apply consolidated taxation system Spain's largest cement company Cementos Portland Valderrivas in Pamplona resolved to apply the consolidated taxation system to the companies in its group. It consists of the parent company, Cementos Portland Valderrivas, S.A., and the companies in which it owns at least 75%, directly or indirectly, that are taxed in Spain's common tax territory. Cementos Lemona, S.A. is not included since it is subject to the Basque tax system, nor are the companies that are taxed under the Navarra system. The consolidated taxation system is regulated by Chapter VII, Title VII, articles 64 and subsequent of the Company Tax Law. It is a special voluntary tax system available to groups of companies. The system will mean that the companies in the group will not be taxed individually under company tax, and it requires that the group produce consolidated financial statements separately for the whole group and for the tax group. write your comments about the article :: © 2006 Construction News :: home page |