A N N U A L R E P O R T A N D A C C O U N T S - CMVM

Notes to the Consolidated Financial Statements at 31 st December 2008
15 - INCOME TAX
Teixeira Duarte - Engenharia e Construções, S.A and the generality of its investee companies in Portugal, are subject to Corporate Income Tax
("IRC"), currently at the rate of 25% and to Local Tax up to the maximum rate of 1.5% on taxable profits. When ascertaining the taxable amount,
to which the referred tax rate is applied, the amounts not accepted under taxes are added and deducted from the accounting results. These
differences between the accounting results and the tax results may be of a temporary or permanent nature.
The Company and the holdings held in investee companies with at least 90%, located in Portugal, are subject to the special taxation scheme
of company groups (since the financial year of 2003). This scheme consists in the aggregation of the taxable results of all the companies
included in the taxation perimeter, as established in article 63 of the IRC Code, deducted from the distributed dividends, thus applying the IRC
rate to the global results so obtained, plus the respective local tax.
In accordance with the legislation in force, tax statements are subject to be reviewed and corrected by the tax authorities for a period of four
years (ten years for Social Security, up to 2000 including, and five years as of 2001), except when there has been tax losses, tax benefits have
been granted, or inspections, claims or impugnation are in progress, in which case, depending on the circumstances, the deadlines are
extended or suspended. Thus, the tax statements of the Group, from 2005 to 2008 may still be subject to review. The Board of Directors believes
that eventual corrections resulting from tax reviews/inspections to those statements shall not have significant effect in the financial statements
on the 31 st December 2008.
The Group registers the deferred taxes corresponding to the temporary differences between the accounting value of assets and liabilities and
the corresponding tax base, as established in IAS 12 - Income Tax.
The tax charge registered in the financial years ended on the 31 st December 2008 and 2007 can be presented as follows:
2008 2007
Current tax:
Income tax in Portugal 22,218 5,822
Income tax in other jurisdictions 7,555 9,100
29,773 14,922
Deferred tax (Note 26): (81,141) (8,740)
(51,368) 6,182
In addition to deferred tax amounts directly registered in the results statement, deferred taxes amounting to 4,722 thousand Euros, (3,217) thousand Euros in
2007) were directly registered as equity capital.
16 - RESULTS PER SHARE
The results per share of the financial years ended on the 31 st December 2008 and 2007, were calculated taking in consideration the following
amounts:
2008 2007
Basic result per share
Result for calculation purposes of the basic net result per share (net results of the financial year) (347,244) 122,252
Weighted average number of shares for calculation purposes of the basic net result per share (thousands) 420,000 420,000
Basic net result per share (0.83) 0.29
Due to the fact that in the financial years ended on the 31 st December 2008 and 2007 there were no diluting effects of the results per share, the diluted result per
share is equal to the basic result per share.
17 - DIVIDENDS
As deliberated in the Shareholders’ General Meeting held on the 14 th May 2008, in the financial year ended on the 31 st December 2008 were
paid dividends of 0.018 Euros per share (0.017 Euros per share in 2007), in the global value of 7,560 thousand Euros (7,140 thousand Euros
on 31 st December 2007).
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