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for 2009-2010, due to a review issued by the Tax
Audit, which included a payment arrangement
with a 50% payment for principal and the
remaining balance in monthly payments ending
in the year 2015.
It should be noted that there is a technical
and legal dispute with the General Tax Authorities
for the unenforceability of a 30% income tax
applied to RECOPE. Given the absence of a
definition of what is considered “earnings for
the period” for the year 2013, the Tax authorities
rejected the deductible items from the net
earnings for the years 2009 and 2010, for the
“investment reserve funds” (project investments
made by RECOPE). This resulted in an obligation,
including principal and interests, that totals
¢25,000 million.
31
Annual Report 2013 www.recope.com