Presupuesto de Ingresos

Anuncio
3ODQ*HQHUDOGH&RQWDELOLGDG3~EOLFDDGDSWDGRDOD
$GPLQLVWUDFLyQORFDO
È5($
'(
35(6838(672'(,1*5(626
3DUDHQYLDUQRVWXVREVHUYDFLRQHVSXHGHVXWLOL]DUORVVLJXLHQWHVPHGLRV
&RUUHRHOHFWUyQLFR
FFOO#LJDHPLQKDFHV
'LUHFFLyQSRVWDO
ÈUHDGH$GPLQLVWUDFLyQ/RFDO
1~PHURGHID[ ,QWHUYHQFLyQ*HQHUDOGHOD$GPLQLVWUDFLyQGHO(VWDGR
0DGULG
&0DUtDGH0ROLQDSODQWD
6HSWLHPEUH
3UHVXSXHVWR,QJUHVRV
6HSWLHPEUH
(Q HVWH GRFXPHQWR VH SUHVHQWDQ HO &XDGUR GH FXHQWDV ODV GHILQLFLRQHV \
UHODFLRQHV FRQWDEOHV \ ODV 1RUPDV GH YDORUDFLyQ GHO IXWXUR 3ODQ *HQHUDO GH
&RQWDELOLGDG 3~EOLFD DGDSWDGR D OD $GPLQLVWUDFLyQ ORFDO PRGHOR 1RUPDO HQ
PDWHULDGH³,QJUHVRV\3UHVXSXHVWRGHLQJUHVRV´
(QHO&XDGURGHFXHQWDVILJXUDQFXHQWDVTXHQRVHGHILQHQHQHVWHGRFXPHQWROD
UD]yQGHHOORHVTXHVHGHILQHQHQRWURGRFXPHQWR(QGHXGDPLHQWR,QPRYLOL]DGR
3UHVXSXHVWRGHJDVWRVFRQHOTXHJXDUGDQPiVUHODFLyQ(VWHHVHOFDVR
SRUHMHPSORGHODVFXHQWDVGHOVXEJUXSR©,QJUHVRVILQDQFLHURVª\GHODVGHO
VXEJUXSR ©'H FRQWURO SUHVXSXHVWDULR (MHUFLFLR FRUULHQWHª UHODWLYDV DO
SUHVXSXHVWRGHJDVWRVTXHVHGHVFULEHQHQORVGRFXPHQWRVGH(QGHXGDPLHQWR\
3UHVXSXHVWRGHJDVWRVUHVSHFWLYDPHQWH
/DV FXHQWDV TXH ILJXUDQ HQ HVWD DGDSWDFLyQ \ QR VH FRQWLHQHQ HQ HO 3*&3¶
DSDUHFHQPDUFDGDVFRQXQDVWHULVFR
'H OD SUHVHQWH DGDSWDFLyQ GHO 3*&3¶ D OD $GPLQLVWUDFLyQ ORFDO PHUHFHQ
GHVWDFDUVHORVVLJXLHQWHVDVSHFWRV
− 6HGHMDOLEHUWDGDORVVXMHWRVFRQWDEOHVSDUDTXHSXHGDQFUHDUODVFXHQWDVGH
GHVDUUROORTXHHVWLPHQFRQYHQLHQWHVVLHPSUHTXHODVPLVPDVQRILJXUHQHQHO
3ODQDGDSWDGRDOD$GPLQLVWUDFLyQORFDO
− (Q ORV PRWLYRV GH DERQR GH ODV FXHQWDV ©'HUHFKRV DQXODGRV GH
SUHVXSXHVWRFRUULHQWHª\©'HUHFKRVDQXODGRVGHSUHVXSXHVWRVFHUUDGRVª
VH LQFOX\H OD FXHQWD ©*DVWRV H[WUDRUGLQDULRVª SDUD UHFRJHU ODV
DQXODFLRQHVGHGHUHFKRVSRU³RWUDVFDXVDV´FDXVDVGLVWLQWDVGHODDQXODFLyQ
GH OLTXLGDFLRQHV OD LQVROYHQFLD HO DSOD]DPLHQWR R IUDFFLRQDPLHQWR \ OD
SUHVFULSFLyQ
− (QWUH ORV PRWLYRV GH DERQR GH OD FXHQWD ©'HXGRUHV SRU RSHUDFLRQHV
FRPHUFLDOHV 3UHVXSXHVWRV FHUUDGRVª MXQWR D OD DQXODFLyQ VH LQFOX\H OD
SUHVFULSFLyQGHGHUHFKRVSHQGLHQWHVGHFREUR
− (Q HO VXEJUXSR ©,PSXHVWRV GLUHFWRVª VH HOLPLQDQ ODV FXHQWDV
UHSUHVHQWDWLYDVGHORVLPSXHVWRVHVWDWDOHV/DFXHQWD©,PSXHVWRVREUHOD
5HQWDGHODVSHUVRQDVItVLFDVªVHPDQWLHQHHQSUHYLVLyQGHTXHSDUWHGHVX
UHFDXGDFLyQ VH FHGD D GHWHUPLQDGDV HQWLGDGHV ORFDOHV VHJ~Q VH FRQWHPSOD
HQHO3UR\HFWRGH/H\GHUHIRUPDGHODILQDQFLDFLyQORFDO
− (Q HO VXEJUXSR ©,PSXHVWRV LQGLUHFWRVª VH HOLPLQDQ ODV FXHQWDV
UHSUHVHQWDWLYDV GH ORV LPSXHVWRV HVWDWDOHV VDOYR ODV UHSUHVHQWDWLYDV GHO
,PSXHVWR VREUH HO 9DORU $xDGLGR \ ORV ,PSXHVWRV HVSHFLDOHV SRU HO PRWLYR
H[SXHVWR HQ HO DSDUWDGR DQWHULRU \ VH FUHDQ ODV FXHQWDV ©,PSXHVWR
PXQLFLSDOVREUHJDVWRVVXQWXDULRVªPRGDOLGDGFRWRVGHFD]D\SHVFD\
3ODQ*HQHUDOGH&RQWDELOLGDG3~EOLFDDSUREDGRSRU2UGHQGHO0LQLVWHULRGH(FRQRPtD\+DFLHQGDGH
GHPD\RGH
3UHVXSXHVWR,QJUHVRV
6HSWLHPEUH
©,PSXHVWRVVREUHODSURGXFFLyQHLPSRUWDFLyQGHELHQHV\VHUYLFLRVªFRQGRV
VXEFXHQWDV XQD SDUD HO ,PSXHVWR GH &HXWD \ 0HOLOOD \ RWUD SDUD HO $UELWULR
FDQDULR
− /RV5HFDUJRVVREUHLPSXHVWRVORFDOHVHQODDFWXDOLGDGHO5HFDUJRSURYLQFLDO
VREUH HO ,PSXHVWR VREUH DFWLYLGDGHV HFRQyPLFDV \ HO 5HFDUJR VREUH HO
,PSXHVWRVREUHELHQHVLQPXHEOHVTXHSXHGHHVWDEOHFHUVHDIDYRUGHODVÈUHDV
0HWURSROLWDQDVVHUHFRJHUiQHQODVFXHQWDVUHSUHVHQWDWLYDVGHORVLPSXHVWRV
UHFDUJDGRV/DVFXHQWDV\©2WURVLPSXHVWRVªLQFOXLUiQORVUHFDUJRV
VREUHLPSXHVWRVHVWDWDOHVRDXWRQyPLFRV
− /DFXHQWD©7DVDVSRUXWLOL]DFLyQSULYDWLYDRDSURYHFKDPLHQWRHVSHFLDOGHO
GRPLQLR S~EOLFRª DGDSWD VX QRPEUH D OD QDWXUDOH]D WULEXWDULD WDVD GH OD
FRQWUDSUHVWDFLyQ
− /DFXHQWD©7DVDVILVFDOHVªVHHOLPLQDDOQRH[LVWLUHQHOiPELWRORFDOHVWDV
ILJXUDV
− (Q ODGHILQLFLyQGHODFXHQWD©3UHVXSXHVWRGHLQJUHVRVPRGLILFDFLyQGH
ODVSUHYLVLRQHVªVHLQFOX\HFRPRPRGLILFDFLyQQRGHULYDGDGHXQDFWRIRUPDO
MXQWR D XQD PD\RU UHFDXGDFLyQ GH OD SUHYLVWD XQ PD\RU UHFRQRFLPLHQWR GH
GHUHFKRVVREUHORVLQLFLDOPHQWHSUHYLVWRV
3UHVXSXHVWR,QJUHVRV
6HSWLHPEUH
&8$'52'(&8(17$6
3UHVXSXHVWR,QJUHVRV
6HSWLHPEUH
*5832
$&5(('25(6<'(8'25(6
'(8'25(635(6838(67$5,26
'HXGRUHV SRU GHUHFKRV UHFRQRFLGRV 3UHVXSXHVWR GH LQJUHVRV
FRUULHQWH
'HOLTXLGDFLRQHVGHFRQWUDtGRSUHYLRLQJUHVRGLUHFWR
'HGHFODUDFLRQHVDXWROLTXLGDGDV
'HRWURVLQJUHVRVVLQFRQWUDtGRSUHYLR
'HOLTXLGDFLRQHVGHFRQWUDtGRSUHYLRLQJUHVRSRUUHFLER
'HXGRUHV SRU GHUHFKRV UHFRQRFLGRV 3UHVXSXHVWRV GH LQJUHVRV
FHUUDGRV
'HOLTXLGDFLRQHVGHFRQWUDtGRSUHYLRLQJUHVRGLUHFWR
'HOLTXLGDFLRQHVGHFRQWUDtGRSUHYLRLQJUHVRSRUUHFLER
'HUHFKRVDQXODGRVGHSUHVXSXHVWRFRUULHQWH
'HUHFKRVDQXODGRVSRUDQXODFLyQGHOLTXLGDFLRQHVGHFRQWUDtGR
SUHYLRHLQJUHVRGLUHFWR
'HUHFKRV DQXODGRV SRU LQVROYHQFLDV \ RWUDV FDXVDV GH
OLTXLGDFLRQHVGHFRQWUDtGRSUHYLRHLQJUHVRGLUHFWR
'HUHFKRV DQXODGRV SRU DSOD]DPLHQWR \ IUDFFLRQDPLHQWR GH
OLTXLGDFLRQHVGHFRQWUDtGRSUHYLRHLQJUHVRGLUHFWR
'HUHFKRVDQXODGRVSRUDQXODFLyQGHOLTXLGDFLRQHVGHFRQWUDtGR
SUHYLRHLQJUHVRSRUUHFLER
'HUHFKRV DQXODGRV SRU LQVROYHQFLDV \ RWUDV FDXVDV GH
OLTXLGDFLRQHVGHFRQWUDtGRSUHYLRHLQJUHVRSRUUHFLER
'HUHFKRV DQXODGRV SRU DSOD]DPLHQWR \ IUDFFLRQDPLHQWR GH
OLTXLGDFLRQHVGHFRQWUDtGRSUHYLRHLQJUHVRSRUUHFLER
'HUHFKRVDQXODGRVSRUGHYROXFLyQGHLQJUHVRV
'HUHFKRVDQXODGRVGHSUHVXSXHVWRVFHUUDGRV
'HUHFKRVDQXODGRVSRUDQXODFLyQGHOLTXLGDFLRQHVGHFRQWUDtGR
SUHYLRHLQJUHVRGLUHFWR
'HUHFKRV DQXODGRV SRU LQVROYHQFLDV \ RWUDV FDXVDV GH
OLTXLGDFLRQHVGHFRQWUDtGRSUHYLRHLQJUHVRGLUHFWR
'HUHFKRV DQXODGRV SRU DSOD]DPLHQWR \ IUDFFLRQDPLHQWR GH
OLTXLGDFLRQHVGHFRQWUDtGRSUHYLRHLQJUHVRGLUHFWR
'HUHFKRV DQXODGRV SRU SUHVFULSFLyQ GH OLTXLGDFLRQHV GH
FRQWUDtGRSUHYLRHLQJUHVRGLUHFWR
3UHVXSXHVWR,QJUHVRV
6HSWLHPEUH
'HUHFKRVDQXODGRVSRUDQXODFLyQGHOLTXLGDFLRQHVGHFRQWUDtGR
SUHYLRHLQJUHVRSRUUHFLER
'HUHFKRV DQXODGRV SRU LQVROYHQFLDV \ RWUDV FDXVDV GH
OLTXLGDFLRQHVGHFRQWUDtGRSUHYLRHLQJUHVRSRUUHFLER
'HUHFKRV DQXODGRV SRU DSOD]DPLHQWR \ IUDFFLRQDPLHQWR GH
OLTXLGDFLRQHVGHFRQWUDtGRSUHYLRHLQJUHVRSRUUHFLER
'HUHFKRV DQXODGRV SRU SUHVFULSFLyQ GH OLTXLGDFLRQHV GH
FRQWUDtGRSUHYLRHLQJUHVRSRUUHFLER
'HXGRUHVSRURSHUDFLRQHVFRPHUFLDOHV3UHVXSXHVWRFRUULHQWH
'HXGRUHVSRURSHUDFLRQHVFRPHUFLDOHV3UHVXSXHVWRVFHUUDGRV
'HYROXFLyQGHLQJUHVRV
'HUHFKRVFDQFHODGRVHQHVSHFLHGHSUHVXSXHVWRFRUULHQWH
'HOLTXLGDFLRQHVGHFRQWUDtGRSUHYLRLQJUHVRGLUHFWR
'HOLTXLGDFLRQHVGHFRQWUDtGRSUHYLRLQJUHVRSRUUHFLER
'HUHFKRVFDQFHODGRVHQHVSHFLHGHSUHVXSXHVWRVFHUUDGRV
'HOLTXLGDFLRQHVGHFRQWUDtGRSUHYLRLQJUHVRGLUHFWR
'HOLTXLGDFLRQHVGHFRQWUDtGRSUHYLRLQJUHVRSRUUHFLER
'(8'25(61235(6838(67$5,26
'HXGRUHVSRU,9$UHSHUFXWLGR
'HXGRUHVSRUVHUYLFLRGHUHFDXGDFLyQ
'HXGRUHVDFRUWRSOD]RSRUDSOD]DPLHQWR\IUDFFLRQDPLHQWR
'HXGRUHVDODUJRSOD]RSRUDSOD]DPLHQWR\IUDFFLRQDPLHQWR
2WURVGHXGRUHVQRSUHVXSXHVWDULRV
$-867(63253(5,2',),&$&,Ï1
*DVWRVDQWLFLSDGRV
,QJUHVRVDQWLFLSDGRV
3529,6,21(6
3URYLVLyQSDUDLQVROYHQFLDV
*5832
&2035$6<*$67263251$785$/(=$
3UHVXSXHVWR,QJUHVRV
6HSWLHPEUH
3(5','$6352&('(17(6'(/,1029,/,=$'2275$63(5','$6'(
*(67,Ï1&255,(17(<*$6726(;&(3&,21$/(6
3pUGLGDVSURFHGHQWHVGHOLQPRYLOL]DGRLQPDWHULDO
3pUGLGDVSURFHGHQWHVGHOLQPRYLOL]DGRPDWHULDO
3pUGLGDVSURFHGHQWHVGHO3DWULPRQLR3~EOLFRGHO6XHOR
3pUGLGDVSRURSHUDFLRQHVGHHQGHXGDPLHQWR
3pUGLGDVGHFUpGLWRVLQFREUDEOHV
2WUDVSpUGLGDVGHJHVWLyQFRUULHQWH
*DVWRVH[WUDRUGLQDULRV
*DVWRV\SpUGLGDVGHHMHUFLFLRVDQWHULRUHV
3pUGLGD SRU OD PRGLILFDFLyQ GH REOLJDFLRQHV GH SUHVXSXHVWRV
FHUUDGRV
3pUGLGD SRU OD PRGLILFDFLyQ GH GHUHFKRV GH SUHVXSXHVWRV
FHUUDGRV
2WURVJDVWRV\SpUGLGDVGHHMHUFLFLRVDQWHULRUHV
'27$&,21(6$/$63529,6,21(6
'RWDFLyQDODSURYLVLyQGHOLQPRYLOL]DGRLQPDWHULDO
'RWDFLyQDODSURYLVLyQGHOLQPRYLOL]DGRPDWHULDO
'RWDFLyQDODSURYLVLyQGHO3DWULPRQLR3~EOLFRGHO6XHOR
'RWDFLyQDODSURYLVLyQGHH[LVWHQFLDV
'RWDFLyQDODSURYLVLyQSDUDLQVROYHQFLDV
'RWDFLyQDODSURYLVLyQSDUDYDORUHVQHJRFLDEOHVDODUJRSOD]R
'RWDFLyQDODSURYLVLyQSDUDLQVROYHQFLDVGHFUpGLWRVDODUJRSOD]R
'RWDFLyQDODSURYLVLyQSDUDYDORUHVQHJRFLDEOHVDFRUWRSOD]R
'RWDFLyQ D OD SURYLVLyQ SDUD LQVROYHQFLDV GH FUpGLWRV D FRUWR
SOD]R
*5832
9(17$6(,1*5(6263251$785$/(=$
,038(6726',5(&726
720. Impuesto sobre la renta de las personas físicas.
,PSXHVWRVREUHELHQHVLQPXHEOHV
3UHVXSXHVWR,QJUHVRV
6HSWLHPEUH
,PSXHVWRVREUHYHKtFXORVGHWUDFFLyQPHFiQLFD
,PSXHVWR VREUH HO LQFUHPHQWR GHO YDORU GH ORV WHUUHQRV GH
QDWXUDOH]DXUEDQD
,PSXHVWRVREUHDFWLYLGDGHVHFRQyPLFDV
2WURVLPSXHVWRV
,038(6726,1',5(&726
731. Impuestos sobre el valor añadido.
7310.
Impuesto sobre el valor añadido.
7311.
Impuesto general indirecto canario.
732. Impuestos especiales.
,PSXHVWRVREUHFRQVWUXFFLRQHVLQVWDODFLRQHV\REUDV
,PSXHVWRPXQLFLSDOVREUHJDVWRVVXQWXDULRV
,PSXHVWRV VREUH OD SURGXFFLyQ H LPSRUWDFLyQ GH ELHQHV \
VHUYLFLRV
7360.
Impuesto sobre la producción, los servicios y la importación en
las ciudades de Ceuta y Melilla. (*)
7361.
Arbitrio sobre importaciones y entregas de mercancías en las
islas Canarias. (*)
2WURVLPSXHVWRV
7$6$635(&,263Ò%/,&26<&2175,%8&,21(6(63(&,$/(6
7DVDVSRUSUHVWDFLyQGHVHUYLFLRVRUHDOL]DFLyQGHDFWLYLGDGHV
3UHFLRV S~EOLFRV SRU SUHVWDFLyQ GH VHUYLFLRV R UHDOL]DFLyQ GH
DFWLYLGDGHV
7DVDV SRU XWLOL]DFLyQ SULYDWLYD R DSURYHFKDPLHQWR HVSHFLDO GHO
GRPLQLRS~EOLFR
&RQWULEXFLRQHVHVSHFLDOHV
&XRWDVGHXUEDQL]DFLyQ
,QJUHVRVSRUDSURYHFKDPLHQWRXUEDQtVWLFR
75$16)(5(1&,$6<68%9(1&,21(6
7UDQVIHUHQFLDVFRUULHQWHV
6XEYHQFLRQHVFRUULHQWHV
7UDQVIHUHQFLDVGHFDSLWDO
3UHVXSXHVWR,QJUHVRV
6HSWLHPEUH
6XEYHQFLRQHVGHFDSLWDO
%(1(),&,26 352&('(17(6 '(/ ,1029,/,=$'2 27526 ,1*5(626
'(*(67,Ï1&255,(17((,1*5(626(;&(3&,21$/(6
%HQHILFLRVSURFHGHQWHVGHOLQPRYLOL]DGRLQPDWHULDO
%HQHILFLRVSURFHGHQWHVGHOLQPRYLOL]DGRPDWHULDO
%HQHILFLRVSURFHGHQWHVGHO3DWULPRQLR3~EOLFRGHO6XHOR
5HLQWHJURV
%HQHILFLRVSRURSHUDFLRQHVGHHQGHXGDPLHQWR
,QJUHVRVSRUDUUHQGDPLHQWRV
,QJUHVRVSRUVHUYLFLRVGLYHUVRV
2WURVLQJUHVRV
,QJUHVRVH[WUDRUGLQDULRV
,QJUHVRV\EHQHILFLRVGHHMHUFLFLRVDQWHULRUHV
%HQHILFLRSRUODPRGLILFDFLyQGHREOLJDFLRQHVGHSUHVXSXHVWRV
FHUUDGRV
%HQHILFLR SRU OD PRGLILFDFLyQ GH GHUHFKRV GH SUHVXSXHVWRV
FHUUDGRV
2WURVLQJUHVRV\EHQHILFLRVGHHMHUFLFLRVDQWHULRUHV
75$%$-265($/,=$'263$5$/$(17,'$'
7UDEDMRVUHDOL]DGRVSDUDLQYHUVLRQHVGHVWLQDGDVDOXVRJHQHUDO
7UDEDMRVUHDOL]DGRVSDUDHOLQPRYLOL]DGRLQPDWHULDO
7UDEDMRVUHDOL]DGRVSDUDHOLQPRYLOL]DGRPDWHULDO
7UDEDMRVUHDOL]DGRVSDUDLQYHUVLRQHVJHVWLRQDGDV
7UDEDMRVUHDOL]DGRVSDUDHO3DWULPRQLR3~EOLFRGHO6XHOR
,QFRUSRUDFLyQDODFWLYRGHJDVWRVGHIRUPDOL]DFLyQGHGHXGDV
(;&(626<$3/,&$&,21(6'(3529,6,21(6
([FHVRGHSURYLVLyQSDUDULHVJRV\JDVWRV
([FHVRGHSURYLVLyQGHOLQPRYLOL]DGRLQPDWHULDO
([FHVRGHSURYLVLyQGHOLQPRYLOL]DGRPDWHULDO
3URYLVLyQGHH[LVWHQFLDVDSOLFDGD
3URYLVLyQSDUDLQVROYHQFLDVDSOLFDGD
3UHVXSXHVWR,QJUHVRV
6HSWLHPEUH
([FHVRGHSURYLVLyQGHO3DWULPRQLR3~EOLFRGHO6XHOR
([FHVRGHSURYLVLyQSDUDYDORUHVQHJRFLDEOHVDODUJRSOD]R
([FHVR GH SURYLVLyQ SDUD LQVROYHQFLDV GH FUpGLWRV D ODUJR SOD]R
([FHVRGHSURYLVLyQSDUDYDORUHVQHJRFLDEOHVDFRUWRSOD]R
([FHVRGHSURYLVLyQSDUDLQVROYHQFLDVGHFUpGLWRVDFRUWRSOD]R
*5832
&8(17$6'(&21752/35(6838(67$5,2
'(&21752/35(6838(67$5,2(-(5&,&,2&255,(17(
3UHVXSXHVWRHMHUFLFLRFRUULHQWH
3UHVXSXHVWRGHJDVWRVFUpGLWRVLQLFLDOHV
3UHVXSXHVWRGHJDVWRVPRGLILFDFLRQHVGHFUpGLWR
&UpGLWRVH[WUDRUGLQDULRV
6XSOHPHQWRVGHFUpGLWR
$PSOLDFLRQHVGHFUpGLWR
7UDQVIHUHQFLDVGHFUpGLWR
,QFRUSRUDFLRQHVGHUHPDQHQWHVGHFUpGLWR
Créditos generados por ingresos
$MXVWHVSRUSUyUURJDSUHVXSXHVWDULD
%DMDVSRUDQXODFLyQ
3UHVXSXHVWRGHJDVWRVFUpGLWRVGHILQLWLYRV
&UpGLWRVGLVSRQLEOHV
&UpGLWRVUHWHQLGRVSDUDJDVWDU
&UpGLWRVUHWHQLGRVSDUDWUDQVIHUHQFLDV\EDMDV
&UpGLWRVQRGLVSRQLEOHV
3UHVXSXHVWRGHJDVWRVJDVWRVDXWRUL]DGRV
3UHVXSXHVWRGHJDVWRVJDVWRVFRPSURPHWLGRV
3UHVXSXHVWRGHLQJUHVRVSUHYLVLRQHVLQLFLDOHV
3UHVXSXHVWRGHLQJUHVRVPRGLILFDFLyQGHODVSUHYLVLRQHV
3UHVXSXHVWRGHLQJUHVRVSUHYLVLRQHVGHILQLWLYDV
3UHVXSXHVWR,QJUHVRV
6HSWLHPEUH
'(),1,&,21(6<5(/$&,21(6&217$%/(6
3UHVXSXHVWR,QJUHVRV
6HSWLHPEUH
*5832
$&5(('25(6<'(8'25(6
2SHUDFLRQHV GHULYDGDV GH UHODFLRQHV FRQ WHUFHURV H[FHSWR DTXHOODV TXH SRU VX
QDWXUDOH]DFRUUHVSRQGDQDFXHQWDVLQFOXLGDVHQORVJUXSRV\
3UHVXSXHVWR,QJUHVRV
6HSWLHPEUH
'(8'25(635(6838(67$5,26
'HXGRUHV SRU GHUHFKRV UHFRQRFLGRV 3UHVXSXHVWR GH LQJUHVRV
FRUULHQWH
'HOLTXLGDFLRQHVGHFRQWUDtGRSUHYLRLQJUHVRGLUHFWR
'HGHFODUDFLRQHVDXWROLTXLGDGDV
'HRWURVLQJUHVRVVLQFRQWUDtGRSUHYLR
'HOLTXLGDFLRQHVGHFRQWUDtGRSUHYLRLQJUHVRSRUUHFLER
'HXGRUHV SRU GHUHFKRV UHFRQRFLGRV 3UHVXSXHVWRV GH LQJUHVRV
FHUUDGRV
'HOLTXLGDFLRQHVGHFRQWUDtGRSUHYLRLQJUHVRGLUHFWR
'HOLTXLGDFLRQHVGHFRQWUDtGRSUHYLRLQJUHVRSRUUHFLER
'HUHFKRVDQXODGRVGHSUHVXSXHVWRFRUULHQWH
'HUHFKRV DQXODGRV SRU DQXODFLyQ GH OLTXLGDFLRQHV GH FRQWUDtGR
SUHYLRHLQJUHVRGLUHFWR
'HUHFKRV DQXODGRV SRU LQVROYHQFLDV \ RWUDV FDXVDV GH
OLTXLGDFLRQHVGHFRQWUDtGRSUHYLRHLQJUHVRGLUHFWR
'HUHFKRV DQXODGRV SRU DSOD]DPLHQWR \ IUDFFLRQDPLHQWR GH
OLTXLGDFLRQHVGHFRQWUDtGRSUHYLRHLQJUHVRGLUHFWR
'HUHFKRV DQXODGRV SRU DQXODFLyQ GH OLTXLGDFLRQHV GH FRQWUDtGR
SUHYLRHLQJUHVRSRUUHFLER
'HUHFKRV DQXODGRV SRU LQVROYHQFLDV \ RWUDV FDXVDV GH
OLTXLGDFLRQHVGHFRQWUDtGRSUHYLRHLQJUHVRSRUUHFLER
'HUHFKRV DQXODGRV SRU DSOD]DPLHQWR \ IUDFFLRQDPLHQWR GH
OLTXLGDFLRQHVGHFRQWUDtGRSUHYLRHLQJUHVRSRUUHFLER
'HUHFKRVDQXODGRVSRUGHYROXFLyQGHLQJUHVRV
'HUHFKRVDQXODGRVGHSUHVXSXHVWRVFHUUDGRV
'HUHFKRV DQXODGRV SRU DQXODFLyQ GH OLTXLGDFLRQHV GH FRQWUDtGR
SUHYLRHLQJUHVRGLUHFWR
'HUHFKRV DQXODGRV SRU LQVROYHQFLDV \ RWUDV FDXVDV GH
OLTXLGDFLRQHVGHFRQWUDtGRSUHYLRHLQJUHVRGLUHFWR
'HUHFKRV DQXODGRV SRU DSOD]DPLHQWR \ IUDFFLRQDPLHQWR GH
OLTXLGDFLRQHVGHFRQWUDtGRSUHYLRHLQJUHVRGLUHFWR
'HUHFKRV DQXODGRV SRU SUHVFULSFLyQ GH OLTXLGDFLRQHV GH
FRQWUDtGRSUHYLRHLQJUHVRGLUHFWR
'HUHFKRV DQXODGRV SRU DQXODFLyQ GH OLTXLGDFLRQHV GH FRQWUDtGR
SUHYLRHLQJUHVRSRUUHFLER
3UHVXSXHVWR,QJUHVRV
6HSWLHPEUH
'HUHFKRV DQXODGRV SRU LQVROYHQFLDV \ RWUDV FDXVDV GH
OLTXLGDFLRQHVGHFRQWUDtGRSUHYLRHLQJUHVRSRUUHFLER
'HUHFKRV DQXODGRV SRU DSOD]DPLHQWR \ IUDFFLRQDPLHQWR GH
OLTXLGDFLRQHVGHFRQWUDtGRSUHYLRHLQJUHVRSRUUHFLER
'HUHFKRV DQXODGRV SRU SUHVFULSFLyQ GH OLTXLGDFLRQHV GH
FRQWUDtGRSUHYLRHLQJUHVRSRUUHFLER
'HXGRUHVSRURSHUDFLRQHVFRPHUFLDOHV3UHVXSXHVWRFRUULHQWH
'HXGRUHVSRURSHUDFLRQHVFRPHUFLDOHV3UHVXSXHVWRVFHUUDGRV
'HYROXFLyQGHLQJUHVRV
'HUHFKRVFDQFHODGRVHQHVSHFLHGHSUHVXSXHVWRFRUULHQWH
'HOLTXLGDFLRQHVGHFRQWUDtGRSUHYLRLQJUHVRGLUHFWR
'HOLTXLGDFLRQHVGHFRQWUDtGRSUHYLRLQJUHVRSRUUHFLER
'HUHFKRVFDQFHODGRVHQHVSHFLHGHSUHVXSXHVWRVFHUUDGRV
'HOLTXLGDFLRQHVGHFRQWUDtGRSUHYLRLQJUHVRGLUHFWR
'HOLTXLGDFLRQHVGHFRQWUDtGRSUHYLRLQJUHVRSRUUHFLER
'HUHFKRV UHFRQRFLGRV D IDYRU GH OD HQWLGDG FRPR FRQVHFXHQFLD GH OD
HMHFXFLyQGHOSUHVXSXHVWR
'HXGRUHV SRU GHUHFKRV UHFRQRFLGRV 3UHVXSXHVWR GH LQJUHVRV
FRUULHQWH
&XHQWDGHXGRUDTXHUHFRJHORVGHUHFKRVUHFRQRFLGRVGXUDQWHHOHMHUFLFLR
SUHVXSXHVWDULR
)LJXUDUiHQHODFWLYRGHOEDODQFHIRUPDQGRSDUWHGHODDJUXSDFLyQ©$FWLYR
FLUFXODQWHª
)XQFLRQDUiDWUDYpVGHVXVGLYLVLRQDULDV
6XPRYLPLHQWRHVHOVLJXLHQWH
D
6H FDUJDUi SRU HO UHFRQRFLPLHQWR GH ORV GHUHFKRV D FREUDU FRQ
DERQRD
D &XHQWDVGHOJUXSRHQORVFDVRVHQWUHRWURVGHUHFHSFLyQGH
IRQGRVSURFHGHQWHVGHRSHUDFLRQHVGHHQGHXGDPLHQWRDODUJR
SOD]R, así comoGHILDQ]DV\GHSyVLWRVUHFLELGRVDODUJRSOD]R
D &XHQWDV GHO JUXSR SRU OD HQDMHQDFLyQ GH LQPRYLOL]DGR
LQPDWHULDO PDWHULDO \ ILQDQFLHUR \ GH ELHQHV \ GHUHFKRV GHO
3DWULPRQLR 3~EOLFR GHO 6XHOR DVt FRPR SRU HO UHLQWHJUR
DQWLFLSDGRGHFUpGLWRV \ODFDQFHODFLyQDQWLFLSDGDGHILDQ]DV\
GHSyVLWRVFRQVWLWXLGRVDODUJRSOD]R
D &XHQWDV GHO JUXSR SRU OD UHFHSFLyQ GH IRQGRV SURFHGHQWHV
GH RSHUDFLRQHV GH HQGHXGDPLHQWR OD HQDMHQDFLyQ GH
3UHVXSXHVWR,QJUHVRV
6HSWLHPEUH
LQYHUVLRQHV ILQDQFLHUDV WHPSRUDOHV HO UHLQWHJUR GH FUpGLWRV
FRQFHGLGRVDVtFRPRSRUODUHFHSFLyQGHILDQ]DV\GHSyVLWRVD
FRUWRSOD]R
D &XHQWDVGHOJUXSRSRUORVLQJUHVRV\EHQHILFLRV
D /D FXHQWD ©'HXGRUHV D FRUWR SOD]R SRU DSOD]DPLHQWR \
IUDFFLRQDPLHQWRªHQHOHMHUFLFLRGHOYHQFLPLHQWRGHOGHUHFKRD
FREUDURDODFDQFHODFLyQDQWLFLSDGDGHOPLVPR
D /D FXHQWD ©'HXGRUHV D ODUJR SOD]R SRU DSOD]DPLHQWR \
IUDFFLRQDPLHQWRªDODFDQFHODFLyQDQWLFLSDGD
E
D /D FXHQWD ©$MXVWHV SRVLWLYRV HQ OD LPSRVLFLyQ LQGLUHFWDª
SRUHOLPSRUWHGHODUHJXODUL]DFLyQDQXDO
6HDERQDUiFRQFDUJRD
E &XHQWDV GHO VXEJUXSR ©7HVRUHUtDª SRU HO FREUR GH
GHUHFKRVUHFRQRFLGRVHQHOHMHUFLFLRFRUULHQWH
E /D FXHQWD ©&REURV SHQGLHQWHV GH DSOLFDFLyQª HQ HO
PRPHQWR GH OD DSOLFDFLyQ GHILQLWLYD GH DTXHOORV LQJUHVRV
DSOLFDGRVWUDQVLWRULDPHQWHHQGLFKDFXHQWD
E /DFXHQWD©$FUHHGRUHVSRU,9$VRSRUWDGRªSRUHOLPSRUWH
GHODUHJXODUL]DFLyQDQXDOSRVLWLYDGHODLPSRVLFLyQLQGLUHFWD
E /DFXHQWD©'HUHFKRVDQXODGRVGHSUHVXSXHVWRFRUULHQWHª
SRUODUHJXODUL]DFLyQGHORVGHUHFKRVDQXODGRV(VWHDVLHQWRVH
KDFH D ILQ GH HMHUFLFLR \ D WUDYpV GH ODV GLYLVLRQDULDV GH OD
FXHQWD D H[FHSFLyQ GH OD ©'HUHFKRV DQXODGRV SRU
GHYROXFLyQGHLQJUHVRVª
E /D FXHQWD ©'HUHFKRV FDQFHODGRV HQ HVSHFLH GH
SUHVXSXHVWR FRUULHQWHª SRU OD UHJXODUL]DFLyQ GH ORV GHUHFKRV
FDQFHODGRV(VWHDVLHQWRVHKDFHDILQGHHMHUFLFLR\DWUDYpV
GHVXVGLYLVLRQDULDV
/D VXPD GH VX GHEH LQGLFDUi HO WRWDO GH GHUHFKRV OLTXLGDGRV HQ HO
HMHUFLFLR /D GH VX KDEHU DQWHV GH OD UHJXODUL]DFLyQ ORV GHUHFKRV
OLTXLGDGRVHQHOHMHUFLFLRFREUDGRVGXUDQWHHOPLVPR
6X VDOGR GHXGRU UHFRJHUi GHVSXpV GH OD UHJXODUL]DFLyQ HO LPSRUWH GH
ORVGHUHFKRVOLTXLGDGRVHQHOHMHUFLFLRSHQGLHQWHVGHFREUR
(OGtDGHHQHURHQHODVLHQWRGHDSHUWXUDHOVDOGRGHHVWDFXHQWDHQ
GH GLFLHPEUH DQWHULRU IRUPDUi SDUWH GHO VDOGR LQLFLDO GH OD FXHQWD ©'HXGRUHV SRU GHUHFKRV UHFRQRFLGRV 3UHVXSXHVWRV GH LQJUHVRV
FHUUDGRVª(VWHWUDVSDVRGHVDOGRVHUHDOL]DUiGLUHFWDPHQWHVLQSUDFWLFDU
DVLHQWRDOJXQR
3UHVXSXHVWR,QJUHVRV
6HSWLHPEUH
'HXGRUHV SRU GHUHFKRV UHFRQRFLGRV 3UHVXSXHVWRV GH LQJUHVRV
FHUUDGRV
5HFRJH HQ GH HQHUR HO LPSRUWH GH ORV GHUHFKRV UHFRQRFLGRV HQ
HMHUFLFLRV DQWHULRUHV FX\R FREUR QR KD VLGR KHFKR HIHFWLYR HQ GH
GLFLHPEUHGHOSUHFHGHQWH
)LJXUDUiHQHODFWLYRGHOEDODQFHIRUPDQGRSDUWHGHODDJUXSDFLyQ©$FWLYR
FLUFXODQWHª
)XQFLRQDUiDWUDYpVGHVXVGLYLVLRQDULDV
6XPRYLPLHQWRHVHOVLJXLHQWH
D
E
6HFDUJDUiFRQDERQRD
D /DVXEFXHQWD©%HQHILFLRSRUODPRGLILFDFLyQGHGHUHFKRV
GHSUHVXSXHVWRVFHUUDGRVªRELHQODFXHQWDGHEDODQFHDTXH
HO LQJUHVR SUHVXSXHVWDULR VH KXELHUD LPSXWDGR SRU OD
UHFWLILFDFLyQ DO DO]D GHO VDOGR HQWUDQWH GH ORV GHUHFKRV
UHFRQRFLGRVHQHMHUFLFLRVDQWHULRUHV
D /D VXEFXHQWD ©3pUGLGD SRU OD PRGLILFDFLyQ GH GHUHFKRV
GHSUHVXSXHVWRVFHUUDGRVªRELHQODFXHQWDGHEDODQFHDTXH
HO LQJUHVR SUHVXSXHVWDULR VH KXELHUD LPSXWDGR SRU OD
UHFWLILFDFLyQ D OD EDMD GHO VDOGR HQWUDQWH GH GHUHFKRV
UHFRQRFLGRVHQHMHUFLFLRVDQWHULRUHV(VWHDVLHQWRVHUiGHVLJQR
QHJDWLYR
6HDERQDUiFRQFDUJRD
E &XHQWDV GHO VXEJUXSR ©7HVRUHUtDª SRU HO FREUR GH ORV
GHUHFKRVUHFRQRFLGRVHQHMHUFLFLRVDQWHULRUHV
E /D FXHQWD ©&REURV SHQGLHQWHV GH DSOLFDFLyQª HQ HO
PRPHQWR GH OD DSOLFDFLyQ GHILQLWLYD GH DTXHOORV LQJUHVRV
DSOLFDGRVWUDQVLWRULDPHQWHHQGLFKDFXHQWD
E /D FXHQWD ©'HUHFKRV DQXODGRV GH SUHVXSXHVWRV
FHUUDGRVª SRU OD UHJXODUL]DFLyQ HQ ILQ GH HMHUFLFLR GH ORV
GHUHFKRVDQXODGRVDWUDYpVGHVXVGLYLVLRQDULDV
E /D FXHQWD ©'HUHFKRV FDQFHODGRV HQ HVSHFLH GH
SUHVXSXHVWRV FHUUDGRVª SRU OD UHJXODUL]DFLyQ HQ ILQ GH
HMHUFLFLR GH ORV GHUHFKRV FDQFHODGRV D WUDYpV GH VXV
GLYLVLRQDULDV
/D VXPD GH VX GHEH LQGLFDUi HO WRWDO GH GHUHFKRV UHFRQRFLGRV HQ
HMHUFLFLRV DQWHULRUHV \ TXH HQ GHHQHURVHHQFRQWUDEDQSHQGLHQWHV GH
FREUR /D GH VX KDEHU DQWHV GH OD UHJXODUL]DFLyQ HO WRWDO GH GHUHFKRV
FREUDGRVGXUDQWHHOHMHUFLFLR
6X VDOGR GHXGRU UHFRJHUi GHVSXpV GH OD UHJXODUL]DFLyQ ORV GHUHFKRV
OLTXLGDGRVHQHMHUFLFLRVDQWHULRUHVSHQGLHQWHVGHFREUR
3UHVXSXHVWR,QJUHVRV
6HSWLHPEUH
'HUHFKRVDQXODGRVGHSUHVXSXHVWRFRUULHQWH
5HFRJHDQXODFLRQHVGHGHUHFKRVUHFRQRFLGRV
)XQFLRQDUiDWUDYpVGHVXVGLYLVLRQDULDV
6XPRYLPLHQWRHVHOVLJXLHQWH
D
6HDERQDUiFRQFDUJRD
D /DVFXHQWDVGHLPSXWDFLyQTXHILJXUDQHQHODSDUWDGRDGHOD
FXHQWD©'HXGRUHVSRUGHUHFKRVUHFRQRFLGRV3UHVXSXHVWR
GH LQJUHVRV FRUULHQWHª SRU OD DQXODFLyQ GH GHUHFKRV SRU
DQXODFLyQGHOLTXLGDFLRQHV
D /D FXHQWD ©3pUGLGDV GH FUpGLWRV LQFREUDEOHVª SRU OD
DQXODFLyQGHGHUHFKRVSRULQVROYHQFLDV
D /D FXHQWD ©*DVWRV H[WUDRUGLQDULRVª FRPR FRQVHFXHQFLD
GHODDQXODFLyQGHGHUHFKRVSRUFDXVDVGLVWLQWDVDODVTXHVH
UHFRJHQHQORVGHPiVDSDUWDGRVGHHVWDOHWUDD
D /DV FXHQWDV GHO VXEJUXSR ©'HXGRUHV QR SUHVXSXHVWDULRVª
UHSUHVHQWDWLYDV GH ORV FUpGLWRV D FRUWR \ D ODUJR SOD]R TXH
VXUMDQ FRPR FRQVHFXHQFLD GH OD DQXODFLyQ GH GHUHFKRV
SUHVXSXHVWDULRVSRUDSOD]DPLHQWR\IUDFFLRQDPLHQWR
E
D /D FXHQWD ©'HYROXFLyQ GH LQJUHVRVª SRU DQXODFLyQ GH
GHUHFKRV SRU GHYROXFLyQ GH LQJUHVRV XQD YH] VH KD\D
HIHFWXDGRHOSDJRGHODPLVPD
6HFDUJDUiFRQDERQRD
E /D FXHQWD HQ ILQ GH HMHUFLFLR SRU HO VDOGR GH WRGDV VXV
GLYLVLRQDULDV H[FHSWR OD ©'HUHFKRV DQXODGRV SRU
GHYROXFLyQ GH LQJUHVRVª FRPR FRQVHFXHQFLD GH OD
UHJXODUL]DFLyQ GH ORV GHUHFKRV DQXODGRV H[FHSWR ORV TXH VH
KD\DQDQXODGRSRUGHYROXFLyQGHLQJUHVRV
E /D FXHQWD HQ ILQ GH HMHUFLFLR SRU HO VDOGR GH VX
GLYLVLRQDULD FRPR FRQVHFXHQFLD GH OD UHJXODUL]DFLyQ GH
GHUHFKRVDQXODGRVSRUGHYROXFLyQGHLQJUHVRV
6X VDOGR DFUHHGRU DQWHV GH OD UHJXODUL]DFLyQ UHFRJHUi ORV GHUHFKRV
DQXODGRV HQ HO HMHUFLFLRFRUUHVSRQGLHQWHVDGHUHFKRVUHFRQRFLGRVHQ HO
PLVPR
'HUHFKRVDQXODGRVGHSUHVXSXHVWRVFHUUDGRV
5HFRJHDQXODFLRQHVGHGHUHFKRVUHFRQRFLGRVHQHMHUFLFLRVDQWHULRUHVTXH
ILJXUHQ SHQGLHQWHV GH FREUR HQ OD FXHQWD ©'HXGRUHV SRU GHUHFKRV
UHFRQRFLGRV3UHVXSXHVWRVGHLQJUHVRVFHUUDGRVª
)XQFLRQDUiDWUDYpVGHVXVGLYLVLRQDULDV
6XPRYLPLHQWRHVHOVLJXLHQWH
3UHVXSXHVWR,QJUHVRV
6HSWLHPEUH
D
6HDERQDUiFRQFDUJRD
D /D VXEFXHQWD ©3pUGLGD SRU OD PRGLILFDFLyQ GH GHUHFKRV
GHSUHVXSXHVWRVFHUUDGRVªRELHQODFXHQWDGHEDODQFHDTXH
HOLQJUHVRSUHVXSXHVWDULRVHKXELHUDLPSXWDGRSRUODDQXODFLyQ
GHGHUHFKRVSRUDQXODFLyQGHOLTXLGDFLRQHV
D /D FXHQWD ©3pUGLGDV GH FUpGLWRV LQFREUDEOHVª SRU OD
DQXODFLyQGHGHUHFKRVSRULQVROYHQFLDV\RWUDVFDXVDV
D /D FXHQWD ©*DVWRV H[WUDRUGLQDULRVª FRPR FRQVHFXHQFLD
GHODDQXODFLyQGHGHUHFKRVSRUFDXVDVGLVWLQWDVDODVTXHVH
UHFRJHQHQORVGHPiVDSDUWDGRVGHHVWDOHWUDD
D /DV FXHQWDV GHO VXEJUXSR ©'HXGRUHV QR SUHVXSXHVWDULRVª
UHSUHVHQWDWLYDVGHORVFUpGLWRVDFRUWR\ODUJRSOD]RTXHVXUMDQ
FRPR FRQVHFXHQFLD GH OD DQXODFLyQ GH GHUHFKRV
SUHVXSXHVWDULRVSRUDSOD]DPLHQWR\IUDFFLRQDPLHQWR
E
D /D VXEFXHQWD SRU OD DQXODFLyQ GH GHUHFKRV SRU
SUHVFULSFLyQ
6HFDUJDUiFRQDERQRDODSRUODUHJXODUL]DFLyQGHORVGHUHFKRV
DQXODGRV(VWHDVLHQWRVHKDUiHQILQGHHMHUFLFLR\SRUHOVDOGRGH
VXVGLYLVLRQDULDV
6X VDOGR DFUHHGRU DQWHV GH OD UHJXODUL]DFLyQUHFRJHUiODVDQXODFLRQHV
TXHVHHIHFW~HQGXUDQWHHOHMHUFLFLRGHGHUHFKRVOLTXLGDGRVHQHMHUFLFLRV
DQWHULRUHV
'HXGRUHVSRURSHUDFLRQHVFRPHUFLDOHV3UHVXSXHVWRFRUULHQWH
5HFRJH ORV GHUHFKRV UHFRQRFLGRV GXUDQWH HO SHUtRGR GH YLJHQFLD GHO
SUHVXSXHVWR FRPR FRQVHFXHQFLD GH RSHUDFLRQHV FRPHUFLDOHV (VWD
FXHQWD VH XWLOL]DUi H[FOXVLYDPHQWH SRU ORV 2UJDQLVPRV $XWyQRPRV GH
FDUiFWHUFRPHUFLDOLQGXVWULDOILQDQFLHURRDQiORJR\VyORHQUHODFLyQFRQ
ODVRSHUDFLRQHVFRPHUFLDOHV
)LJXUDUiHQHODFWLYRGHOEDODQFHIRUPDQGRSDUWHGHODDJUXSDFLyQ©$FWLYR
FLUFXODQWHª
6XPRYLPLHQWRHVHOVLJXLHQWH
D
6HFDUJDUiFRQDERQRD
D &XHQWDV GHO VXEJUXSR ©9HQWDVª H[FHSWR OD ©'HYROXFLRQHV GH YHQWDV \ RSHUDFLRQHV VLPLODUHVª \ ©5DSSHOVVREUHYHQWDVªSRUORVGHUHFKRVUHFRQRFLGRV
D /D FXHQWD ©'HYROXFLRQHV GH FRPSUDV \ RSHUDFLRQHV
VLPLODUHVª DO UHFRQRFHU ORV GHUHFKRV SRU FRPSUDV TXH VRQ
GHYXHOWDVDORVSURYHHGRUHVFXDQGRKXELHUDQVLGRSDJDGDV
D /D FXHQWD ©5DSSHOV SRU FRPSUDVª DO UHFRQRFHU ORV
GHUHFKRVSRUORVFRQFHGLGRVDODHQWLGDGSRUORVSURYHHGRUHV
3UHVXSXHVWR,QJUHVRV
6HSWLHPEUH
D &XHQWDV GHO JUXSR D ODV TXH VH LPSXWHQ LQJUHVRV GH WLSR
FRPHUFLDO
E
D &XHQWDV GHO JUXSR DO UHFRQRFHU ORV GHUHFKRV SRU
DQXODFLRQHVGHJDVWRVGHWLSRFRPHUFLDOFXDQGRKXELHUDQVLGR
SDJDGRV
6HDERQDUiFRQFDUJRD
E &XHQWDVGHOVXEJUXSR©7HVRUHUtDªSRUORVFREURV
E /D FXHQWD ©&REURV SHQGLHQWHV GH DSOLFDFLyQª HQ HO
PRPHQWR GH OD DSOLFDFLyQ GHILQLWLYD GH DTXHOORV LQJUHVRV
DSOLFDGRVWUDQVLWRULDPHQWHHQGLFKDFXHQWD
E /D FXHQWD ©3pUGLGDV GH FUpGLWRV LQFREUDEOHVª SRU ODV
LQVROYHQFLDVILUPHV
E /D FXHQWD SRU HO LPSRUWH GH ODV GHYROXFLRQHV GH YHQWDV
TXHQRKXELHUDQVLGRFREUDGDV
E &XHQWDV GHO JUXSR FXDQGR VH DQXOHQ LQJUHVRV GH WLSR
FRPHUFLDOTXHQRKXELHUDQVLGRFREUDGRV
6X VDOGR GHXGRU UHFRJHUi ORV GHUHFKRV OLTXLGDGRV GXUDQWH HO HMHUFLFLR
SRURSHUDFLRQHVFRPHUFLDOHVTXHHVWiQSHQGLHQWHVGHFREUR
(OGtDGHHQHURHQHODVLHQWRGHDSHUWXUDHOVDOGRGHHVWDFXHQWDHQ
GH GLFLHPEUH DQWHULRU IRUPDUi SDUWH GHO VDOGR LQLFLDO GH OD FXHQWD ©'HXGRUHV SRU RSHUDFLRQHV FRPHUFLDOHV 3UHVXSXHVWRV FHUUDGRVª (VWH
WUDVSDVRGHVDOGRVHUHDOL]DUiGLUHFWDPHQWHVLQSUDFWLFDUDVLHQWRDOJXQR
'HXGRUHVSRURSHUDFLRQHVFRPHUFLDOHV3UHVXSXHVWRVFHUUDGRV
5HFRJH HQ GH HQHUR HO LPSRUWH GH ORV GHUHFKRV UHFRQRFLGRV HQ
HMHUFLFLRVDQWHULRUHV por operaciones comercialesFX\RFREURQRKDVLGR
KHFKR HIHFWLYR HQGHGLFLHPEUHGHOHMHUFLFLRSUHFHGHQWH(VWDFXHQWD
VH XWLOL]DUi H[FOXVLYDPHQWH SRU ORV 2UJDQLVPRV $XWyQRPRV GH FDUiFWHU
FRPHUFLDO LQGXVWULDO ILQDQFLHUR R DQiORJR \ VyOR HQ UHODFLyQ FRQ ODV
RSHUDFLRQHVFRPHUFLDOHV
)LJXUDUiHQHODFWLYRGHOEDODQFHIRUPDQGRSDUWHGHODDJUXSDFLyQ©$FWLYR
FLUFXODQWHª
6XPRYLPLHQWRHVHOVLJXLHQWH
D
6HFDUJDUiFRQDERQRD
D /DFXHQWD©%HQHILFLRSRUODPRGLILFDFLyQGHGHUHFKRVGH
SUHVXSXHVWRV FHUUDGRVª SRU OD UHFWLILFDFLyQ DO DO]D GHO VDOGR
HQWUDQWHGHGHUHFKRVUHFRQRFLGRVHQHMHUFLFLRVDQWHULRUHV
D /D FXHQWD ©3pUGLGD SRU OD PRGLILFDFLyQ GH GHUHFKRV GH
SUHVXSXHVWRVFHUUDGRVªSRUODUHFWLILFDFLyQDODEDMDGHOVDOGR
3UHVXSXHVWR,QJUHVRV
6HSWLHPEUH
E
HQWUDQWHGHGHUHFKRVUHFRQRFLGRVHQHMHUFLFLRVDQWHULRUHV(VWH
DVLHQWRVHUiGHVLJQRQHJDWLYR
6HDERQDUiFRQFDUJRD
E &XHQWDVGHOVXEJUXSR©7HVRUHUtDªSRUORVFREURV
E /D FXHQWD ©&REURV SHQGLHQWHV GH DSOLFDFLyQª HQ HO
PRPHQWR GH OD DSOLFDFLyQ GHILQLWLYD GH DTXHOORV LQJUHVRV
DSOLFDGRVWUDQVLWRULDPHQWHHQGLFKDFXHQWD
E /D FXHQWD ©3pUGLGDV GH FUpGLWRV LQFREUDEOHVª SRU ODV
LQVROYHQFLDVILUPHV
E/D VXEFXHQWD ©3pUGLGD SRU OD PRGLILFDFLyQ GH GHUHFKRV
GH SUHVXSXHVWRV FHUUDGRVª SRU OD DQXODFLyQ GH LQJUHVRV
FRPHUFLDOHVTXHQRKXELHUDQVLGRFREUDGRV
6X VDOGR GHXGRU UHFRJHUi HO LPSRUWH GH GHUHFKRV OLTXLGDGRV SRU
RSHUDFLRQHVFRPHUFLDOHVHQHMHUFLFLRVDQWHULRUHVTXHHVWiQSHQGLHQWHVGH
FREUR
'HYROXFLyQGHLQJUHVRV
5HFRJHHOLPSRUWHGHODVGHYROXFLRQHVGHLQJUHVRVHIHFWXDGDVGXUDQWHHO
HMHUFLFLR
6XPRYLPLHQWRHVHOVLJXLHQWH
D
E
6H FDUJDUi FRQ DERQR D OD FXHQWD ©'HUHFKRV DQXODGRV GH
SUHVXSXHVWRFRUULHQWHªDWUDYpVGHVXGLYLVLRQDULD©'HUHFKRV
DQXODGRV SRU GHYROXFLyQ GH LQJUHVRVª SRU HO LPSRUWH GH ODV
GHYROXFLRQHVGHLQJUHVRVSDJDGDV
6H DERQDUi SRU VX VDOGR FRQ FDUJR D OD VXEFXHQWD FRQ
PRWLYR GH OD UHJXODUL]DFLyQ GH ODV GHYROXFLRQHV GH LQJUHVRV
UHDOL]DGDV GXUDQWH HO HMHUFLFLR (VWH DVLHQWR VH HIHFWXDUi HQ ILQ GH
HMHUFLFLR
6X VDOGR GHXGRU DQWHV GH OD UHJXODUL]DFLyQ UHFRJHUi HO WRWDO GH
GHYROXFLRQHVHIHFWXDGDVHQHOHMHUFLFLR
'HUHFKRVFDQFHODGRVHQHVSHFLHGHSUHVXSXHVWRFRUULHQWH
5HFRJH ODV FDQFHODFLRQHV GH GHUHFKRV UHFRQRFLGRV SURGXFLGDV FRPR
FRQVHFXHQFLD GH DGMXGLFDFLRQHV GH ELHQHV HQ SDJR GH GHXGDV \ RWURV
FREURVHQHVSHFLH
)XQFLRQDUiDWUDYpVGHVXVGLYLVLRQDULDV
6XPRYLPLHQWRHVHOVLJXLHQWH
D
6H DERQDUi FRQ FDUJR D OD FXHQWD R FXHQWDV GH EDODQFH
UHSUHVHQWDWLYDVGHOELHQRELHQHVUHFLELGRV
3UHVXSXHVWR,QJUHVRV
6HSWLHPEUH
E
6H FDUJDUi FRQ DERQR D OD FXHQWD ©'HXGRUHV SRU GHUHFKRV
UHFRQRFLGRV3UHVXSXHVWRGHLQJUHVRVFRUULHQWHªHQILQGHHMHUFLFLR
SRU HO VDOGR GH VXV GLYLVLRQDULDV FRPR FRQVHFXHQFLD GH OD
UHJXODUL]DFLyQGHORVGHUHFKRVFDQFHODGRV
6X VDOGR DFUHHGRU DQWHV GH OD UHJXODUL]DFLyQ UHFRJHUi ORV GHUHFKRV
FDQFHODGRV HQ HVSHFLH HQ HO HMHUFLFLR FRUUHVSRQGLHQWHV D GHUHFKRV
UHFRQRFLGRVHQHOPLVPR
'HUHFKRVFDQFHODGRVHQHVSHFLHGHSUHVXSXHVWRVFHUUDGRV
5HFRJH FDQFHODFLRQHV GH GHUHFKRV UHFRQRFLGRV HQ HMHUFLFLRV DQWHULRUHV
TXH ILJXUHQ SHQGLHQWHV GH FREUR HQ OD FXHQWD ©'HXGRUHV SRU
GHUHFKRV UHFRQRFLGRV 3UHVXSXHVWRV GH LQJUHVRV FHUUDGRVª SURGXFLGRV
FRPR FRQVHFXHQFLD GH DGMXGLFDFLRQHV GH ELHQHV HQ SDJR GH GHXGDV \
RWURVFREURVHQHVSHFLH
)XQFLRQDUiDWUDYpVGHVXVGLYLVLRQDULDV
6XPRYLPLHQWRHVHOVLJXLHQWH
D
E
6H DERQDUi FRQ FDUJR D OD FXHQWD R FXHQWDV GH EDODQFH
UHSUHVHQWDWLYDVGHOELHQRELHQHVUHFLELGRV
6H FDUJDUi FRQ DERQR D OD FXHQWD HQ ILQ GH HMHUFLFLR SRU HO
VDOGR GH VXV GLYLVLRQDULDV FRPR FRQVHFXHQFLD GH OD UHJXODUL]DFLyQ
GHORVGHUHFKRVFDQFHODGRV
6XVDOGRDFUHHGRUDQWHVGHODUHJXODUL]DFLyQUHFRJHUiODVFDQFHODFLRQHV
HQ HVSHFLH TXH VH HIHFW~HQ GXUDQWH HO HMHUFLFLR GH GHUHFKRV OLTXLGDGRV
HQHMHUFLFLRVDQWHULRUHV
3UHVXSXHVWR,QJUHVRV
6HSWLHPEUH
'(8'25(61235(6838(67$5,26
'HXGRUHVSRU,9$UHSHUFXWLGR
'HXGRUHVSRUVHUYLFLRGHUHFDXGDFLyQ
'HXGRUHVDFRUWRSOD]RSRUDSOD]DPLHQWR\IUDFFLRQDPLHQWR
'HXGRUHVDODUJRSOD]RSRUDSOD]DPLHQWR\IUDFFLRQDPLHQWR
2WURVGHXGRUHVQRSUHVXSXHVWDULRV
'HXGRUHVDFRUWRSOD]RSRUDSOD]DPLHQWR\IUDFFLRQDPLHQWR
5HFRJHGHUHFKRVDFREUDUFRQYHQFLPLHQWRDFRUWRSOD]RSURFHGHQWHVGH
DQXODFLRQHVSRUDSOD]DPLHQWR\IUDFFLRQDPLHQWRGHGHUHFKRVUHFRQRFLGRV
HQODVFXHQWDV©'HXGRUHVSRUGHUHFKRVUHFRQRFLGRV3UHVXSXHVWRGH
LQJUHVRV FRUULHQWHª \ ©'HXGRUHV SRU GHUHFKRV UHFRQRFLGRV
3UHVXSXHVWRVGHLQJUHVRVFHUUDGRVª
)LJXUDUiHQHODFWLYRGHOEDODQFH
6XPRYLPLHQWRHVHOVLJXLHQWH
D
E
6HFDUJDUiSRUODDQXODFLyQGHOGHUHFKRSUHVXSXHVWDULRFRQDERQR
DODVFXHQWDV©'HUHFKRVDQXODGRVGHSUHVXSXHVWRFRUULHQWHªy
©'HUHFKRV DQXODGRV GH SUHVXSXHVWRV FHUUDGRVª D WUDYpV GH
VXVGLYLVLRQDULDVFRUUHVSRQGLHQWHV
6HDERQDUiHQHOHMHUFLFLRGHOYHQFLPLHQWRGHOGHUHFKRDFREUDURD
ODFDQFHODFLyQDQWLFLSDGDGHOPLVPRFRQFDUJRDODFXHQWD
6X VDOGR GHXGRU UHFRJHUi HO LPSRUWH SHQGLHQWH GH YHQFLPLHQWR D FRUWR
SOD]R
'HXGRUHVDODUJRSOD]RSRUDSOD]DPLHQWR\IUDFFLRQDPLHQWR
5HFRJHGHUHFKRVDFREUDUFRQYHQFLPLHQWRDODUJRSOD]RSURFHGHQWHVGH
DQXODFLRQHVSRUDSOD]DPLHQWR\IUDFFLRQDPLHQWRGHGHUHFKRVUHFRQRFLGRV
HQODVFXHQWDV©'HXGRUHVSRUGHUHFKRVUHFRQRFLGRV3UHVXSXHVWRGH
LQJUHVRV FRUULHQWHª \ ©'HXGRUHV SRU GHUHFKRV UHFRQRFLGRV
3UHVXSXHVWRVGHLQJUHVRVFHUUDGRVª
)LJXUDUiHQHODFWLYRGHOEDODQFH
6XPRYLPLHQWRHVHOVLJXLHQWH
D
E
6HFDUJDUiSRUODDQXODFLyQGHOGHUHFKRSUHVXSXHVWDULRFRQDERQR
DODVFXHQWDV©'HUHFKRVDQXODGRVGHSUHVXSXHVWRFRUULHQWHªy
©'HUHFKRV DQXODGRV GH SUHVXSXHVWRV FHUUDGRVª D WUDYpV GH
VXVGLYLVLRQDULDVFRUUHVSRQGLHQWHV
6HDERQDUiFRQFDUJRD
E /D FXHQWD SRU OD FDQFHODFLyQ DQWLFLSDGD GHO GHUHFKR GH
FREUR
3UHVXSXHVWR,QJUHVRV
6HSWLHPEUH
E /D FXHQWD ©'HXGRUHV D FRUWR SOD]R SRU DSOD]DPLHQWR \
IUDFFLRQDPLHQWRª SRU OD SDUWH GHO GHUHFKR TXH WHQJD
YHQFLPLHQWRDFRUWRSOD]R
6X VDOGR GHXGRU UHFRJHUi HO LPSRUWH SHQGLHQWH GH YHQFLPLHQWR D ODUJR
SOD]R
3UHVXSXHVWR,QJUHVRV
6HSWLHPEUH
$-867(63253(5,2',),&$&,Ï1
*DVWRVDQWLFLSDGRV
,QJUHVRVDQWLFLSDGRV
,QJUHVRVDQWLFLSDGRV
,QJUHVRVFRQWDELOL]DGRVHQHOHMHUFLFLRTXHVHFLHUUDTXHFRUUHVSRQGHQDO
VLJXLHQWH
)LJXUDUiHQHOSDVLYRGHOEDODQFH
6XPRYLPLHQWRHVHOVLJXLHQWH
D
E
6HDERQDUiDOFLHUUHGHOHMHUFLFLRFRQFDUJRDODVFXHQWDVGHOJUXSR
TXHKD\DQUHJLVWUDGRORVLQJUHVRVDLPSXWDUDOHMHUFLFLRSRVWHULRU
6HFDUJDUiDOSULQFLSLRGHOHMHUFLFLRVLJXLHQWHFRQDERQRDFXHQWDV
GHOJUXSR
3UHVXSXHVWR,QJUHVRV
6HSWLHPEUH
3529,6,21(6
3URYLVLyQSDUDLQVROYHQFLDV
3URYLVLyQSDUDLQVROYHQFLDV
3URYLVLRQHVSDUDFUpGLWRVLQFREUDEOHVFRQRULJHQHQRSHUDFLRQHVSURSLDV
GHODDFWLYLGDGKDELWXDOGHODHQWLGDG
)LJXUDUi HQ HO DFWLYR GHO EDODQFH FRPSHQVDQGR ODV FXHQWDV
FRUUHVSRQGLHQWHVGHORVVXEJUXSRV©'HXGRUHVSUHVXSXHVWDULRVª\
©'HXGRUHVQRSUHVXSXHVWDULRVª
6X PRYLPLHQWR HV HO VLJXLHQWH VHJ~Q OD DOWHUQDWLYD DGRSWDGD SRU OD
HQWLGDG
&XDQGRODHQWLGDGFLIUHHOLPSRUWHGHODSURYLVLyQDOILQDOGHOHMHUFLFLR
PHGLDQWHXQDHVWLPDFLyQJOREDOGHOULHVJRGHIDOOLGRVH[LVWHQWHHQORV
VDOGRVGHGHXGRUHV
D
E
6H FDUJDUi LJXDOPHQWH DO ILQDO GHO HMHUFLFLR SRU OD GRWDFLyQ
UHDOL]DGD DO FLHUUH GHO HMHUFLFLR SUHFHGHQWH FRQ DERQR D OD
FXHQWD©3URYLVLyQSDUDLQVROYHQFLDVDSOLFDGDª
&XDQGR OD HQWLGDG cifre el importe deODSURYLVLyQHQIXQFLyQGH XQ
VLVWHPDLQGLYLGXDOL]DGRGHVHJXLPLHQWRGHORVVDOGRVGHGHXGRUHV
D
E
6H DERQDUi DO ILQDO GHO HMHUFLFLR SRU OD HVWLPDFLyQ UHDOL]DGD
FRQ FDUJR D OD FXHQWD ©'RWDFLyQ D OD SURYLVLyQ SDUD
LQVROYHQFLDVª
6H DERQDUi D OR ODUJR GHO HMHUFLFLR SRU HO LPSRUWH GH ORV
ULHVJRV TXH VH YD\DQ HVWLPDQGR FRQ FDUJR D OD FXHQWD ©'RWDFLyQDODSURYLVLyQSDUDLQVROYHQFLDVª
6HFDUJDUiDPHGLGDTXHVHYD\DQGDQGRGHEDMDORVVDOGRVGH
GHXGRUHV SDUD ORV TXH VH GRWy SURYLVLyQ LQGLYLGXDOL]DGD R
FXDQGRGHVDSDUH]FDHOULHVJRSRUHOLPSRUWHGHODPLVPDFRQ
DERQRDODFXHQWD©3URYLVLyQSDUDLQVROYHQFLDVDSOLFDGDª
3UHVXSXHVWR,QJUHVRV
6HSWLHPEUH
*5832
&2035$6<*$67263251$785$/(=$
&RPSUHQGH ODV FXHQWDV GHVWLQDGDV D UHFRJHU GH DFXHUGR FRQ VX QDWXUDOH]D R
GHVWLQR ORV JDVWRV FRUULHQWHV \ SpUGLGDV H[WUDRUGLQDULDV GHO HMHUFLFLR DVt FRPR ODV
WUDQVIHUHQFLDV\VXEYHQFLRQHVGHFDSLWDOFRQFHGLGDV
3UHVXSXHVWR,QJUHVRV
6HSWLHPEUH
3(5','$6 352&('(17(6 '(/ ,1029,/,=$'2 275$6 3(5','$6 '(
*(67,Ï1&255,(17(<*$6726(;&(3&,21$/(6
3pUGLGDVSURFHGHQWHVGHOLQPRYLOL]DGRLQPDWHULDO
3pUGLGDVSURFHGHQWHVGHOLQPRYLOL]DGRPDWHULDO
3pUGLGDVSURFHGHQWHVGHO3DWULPRQLR3~EOLFRGHO6XHOR
3pUGLGDVSRURSHUDFLRQHVGHHQGHXGDPLHQWR
3pUGLGDVGHFUpGLWRVLQFREUDEOHV
2WUDVSpUGLGDVGHJHVWLyQFRUULHQWH
*DVWRVH[WUDRUGLQDULRV
*DVWRV\SpUGLGDVGHHMHUFLFLRVDQWHULRUHV
3pUGLGD SRU OD PRGLILFDFLyQ GH REOLJDFLRQHV GH SUHVXSXHVWRV
FHUUDGRV
3pUGLGD SRU OD PRGLILFDFLyQ GH GHUHFKRV GH SUHVXSXHVWRV
FHUUDGRV
2WURVJDVWRV\SpUGLGDVGHHMHUFLFLRVDQWHULRUHV
3pUGLGDVGHFUpGLWRVLQFREUDEOHV
3pUGLGDVSRULQVROYHQFLDVILUPHVGHGHXGRUHV
6XPRYLPLHQWRHVHOVLJXLHQWH
D
E
6H FDUJDUi SRU HO LPSRUWH GH ODV LQVROYHQFLDV ILUPHV FRQ DERQR D
FXHQWDV GHO VXEJUXSR ©'HXGRUHV SUHVXSXHVWDULRVª \ ©'HXGRUHVQRSUHVXSXHVWDULRVª
6H DERQDUi SRU VX VDOGR DO FLHUUH GHO HMHUFLFLR FRQ FDUJR D OD
FXHQWD©5HVXOWDGRVGHOHMHUFLFLRª
*DVWRV\SpUGLGDVGHHMHUFLFLRVDQWHULRUHV
,QFOX\H ORV JDVWRV \ SpUGLGDV UHOHYDQWHV FRUUHVSRQGLHQWHV D HMHUFLFLRV
DQWHULRUHV SXGLpQGRVH FRQWDELOL]DU SRU QDWXUDOH]D ORV TXH WHQJDQ SRFD
LPSRUWDQFLDUHODWLYD&RPSUHQGHUiHQWRGRFDVRODVSpUGLGDVSURGXFLGDV
SRU OD PRGLILFDFLyQ GH REOLJDFLRQHV \ GHUHFKRV SUHVXSXHVWDULRV GH
HMHUFLFLRVFHUUDGRV
)XQFLRQDUiDWUDYpVGHVXVGLYLVLRQDULDV
3pUGLGD SRU OD PRGLILFDFLyQ GH GHUHFKRV GH SUHVXSXHVWRV
FHUUDGRV
6XPRYLPLHQWRHVHOVLJXLHQWH
D
6HFDUJDUiFRQDERQRDODFXHQWD©'HUHFKRVDQXODGRV
GH SUHVXSXHVWRV FHUUDGRVª D WUDYpV GH VXV GLYLVLRQDULDV
SRU OD DQXODFLyQ GH OLTXLGDFLRQHV GH GHUHFKRV UHFRQRFLGRV
3UHVXSXHVWR,QJUHVRV
6HSWLHPEUH
E
HQHMHUFLFLRVDQWHULRUHVSRULQJUHVRVHFRQyPLFRV\HQWRGR
FDVRSRUODDQXODFLyQGHGHUHFKRVSRUSUHVFULSFLyQ
6HDERQDUiFRQFDUJRD
E /D FXHQWD ©'HXGRUHV SRU GHUHFKRV UHFRQRFLGRV
3UHVXSXHVWRVGHLQJUHVRVFHUUDGRVªRDODFXHQWD
©'HXGRUHVSRURSHUDFLRQHVFRPHUFLDOHV3UHVXSXHVWRV
FHUUDGRVªVHJ~QFRUUHVSRQGDSRUODUHFWLILFDFLyQDOD
EDMD GHO VDOGR HQWUDQWH GH GHUHFKRV UHFRQRFLGRV HQ
HMHUFLFLRV DQWHULRUHV SRU LQJUHVRV HFRQyPLFRV (VWH
DVLHQWRVHUiGHVLJQRQHJDWLYR
E /DFXHQWD©5HVXOWDGRVGHOHMHUFLFLRªSRUVXVDOGR
DOFLHUUHGHOHMHUFLFLR
3UHVXSXHVWR,QJUHVRV
6HSWLHPEUH
'27$&,21(6$/$63529,6,21(6
'RWDFLyQDODSURYLVLyQGHOLQPRYLOL]DGRLQPDWHULDO
'RWDFLyQDODSURYLVLyQGHOLQPRYLOL]DGRPDWHULDO
'RWDFLyQDODSURYLVLyQGHO3DWULPRQLR3~EOLFRGHO6XHOR
'RWDFLyQDODSURYLVLyQGHH[LVWHQFLDV
'RWDFLyQDODSURYLVLyQSDUDLQVROYHQFLDV
'RWDFLyQDODSURYLVLyQSDUDYDORUHVQHJRFLDEOHVDODUJRSOD]R
'RWDFLyQ D OD SURYLVLyQ SDUD LQVROYHQFLDV GH FUpGLWRVDODUJRSOD]R
'RWDFLyQDODSURYLVLyQSDUDYDORUHVQHJRFLDEOHVDFRUWRSOD]R
'RWDFLyQDODSURYLVLyQSDUDLQVROYHQFLDVGHFUpGLWRVDFRUWRSOD]R
'RWDFLyQDODSURYLVLyQSDUDLQVROYHQFLDV
&RUUHFFLyQYDORUDWLYDUHDOL]DGDDOFLHUUHGHOHMHUFLFLRSRUGHSUHFLDFLyQGH
FDUiFWHUUHYHUVLEOHHQGHXGRUHVFRQWDELOL]DGRVHQHOJUXSR
6XPRYLPLHQWRHVHOVLJXLHQWH
D
E
6HFDUJDUiSRUHOLPSRUWHGHODGHSUHFLDFLyQHVWLPDGDFRQDERQRD
ODFXHQWD©3URYLVLyQSDUDLQVROYHQFLDVª
6H DERQDUi SRU VX VDOGR DO FLHUUH GHO HMHUFLFLR FRQ FDUJR D OD
FXHQWD©5HVXOWDGRVGHOHMHUFLFLRª
127$
&XDQGR OD HQWLGDG GRWH OD SURYLVLyQ HQ IXQFLyQ GH XQ VLVWHPD
GH VHJXLPLHQWR LQGLYLGXDOL]DGR GH ORV VDOGRV GH GHXGRUHV OD
GHILQLFLyQ\ORVPRYLPLHQWRVGHODFXHQWDVHDGDSWDUiQDOR
HVWDEOHFLGR DO UHVSHFWR HQ OD FXHQWD ©3URYLVLyQ SDUD
LQVROYHQFLDVª
3UHVXSXHVWR,QJUHVRV
6HSWLHPEUH
*5832
9(17$6(,1*5(6263251$785$/(=$
&RPSUHQGHORVUHFXUVRVSURFHGHQWHVGHODFDSDFLGDGLPSRVLWLYDGHODHQWLGDG\GH
ORV UHQGLPLHQWRV GHO HMHUFLFLR GH VX DFWLYLGDG DVt FRPR ODV WUDQVIHUHQFLDV \
VXEYHQFLRQHVUHFLELGDVWDQWRFRUULHQWHVFRPRGHFDSLWDORWURVLQJUHVRV\EHQHILFLRV
H[WUDRUGLQDULRV
3UHVXSXHVWR,QJUHVRV
6HSWLHPEUH
,038(6726',5(&726
,PSXHVWRVREUHODUHQWDGHODVSHUVRQDVItVLFDV
,PSXHVWRVREUHELHQHVLQPXHEOHV
,PSXHVWRVREUHYHKtFXORVGHWUDFFLyQPHFiQLFD
,PSXHVWRVREUHHOLQFUHPHQWRGHOYDORUGHORVWHUUHQRVGHQDWXUDOH]D
XUEDQD
,PSXHVWRVREUHDFWLYLGDGHVHFRQyPLFDV
2WURVLPSXHVWRV
(VWHVXEJUXSRUHFRJHWRGRWLSRGHLQJUHVRVH[LJLGRVVLQFRQWUDSUHVWDFLyQFX\R
KHFKR LPSRQLEOH HVWp FRQVWLWXLGR SRU QHJRFLRV DFWRV R KHFKRV GH QDWXUDOH]D
MXUtGLFD R HFRQyPLFD TXH SRQJDQ GH PDQLILHVWR OD FDSDFLGDG FRQWULEXWLYD GHO
VXMHWR SDVLYR FRPR FRQVHFXHQFLD GH OD SRVHVLyQ GH XQ SDWULPRQLR R OD
REWHQFLyQGHXQDUHQWD
(OPRYLPLHQWRGHODVFXHQWDVGHHVWHVXEJUXSRHVHOVLJXLHQWH
D
E
6H DERQDUiQ SRU HO LPSRUWH GH ORV LPSXHVWRV OLTXLGDGRV R ODV
FRWL]DFLRQHVVRFLDOHVGHYHQJDGDVFRQFDUJRDODFXHQWD©'HXGRUHV
SRUGHUHFKRVUHFRQRFLGRV3UHVXSXHVWRGHLQJUHVRVFRUULHQWHª
6HFDUJDUiQFRQDERQRD
E /D FXHQWD ©'HUHFKRV DQXODGRV GH SUHVXSXHVWR FRUULHQWHª D
WUDYpVGHVXVGLYLVLRQDULDVSRUHOLPSRUWHGHORVGHUHFKRVDQXODGRV
SRUDQXODFLyQGHOLTXLGDFLRQHV
E /D FXHQWD ©$FUHHGRUHV SRU GHYROXFLyQ GH LQJUHVRVª HQ HO
PRPHQWRTXHVHGLFWHHODFXHUGRGHGHYROXFLyQ
E /DFXHQWD©5HVXOWDGRVGHOHMHUFLFLRªDOFLHUUHGHOHMHUFLFLRSRU
VXVDOGR
,PSXHVWRVREUHODUHQWDGHODVSHUVRQDVItVLFDV
5HFRJHODUHFDXGDFLyQFHGLGDDODVHQWLGDGHVORFDOHVSRUHOLPSXHVWRGHO
(VWDGRDTXHVHUHILHUHVXGHQRPLQDFLyQ
,PSXHVWRVREUH
&DGDXQDGHHVWDVFXHQWDVUHFRJHHOLPSXHVWR\HQVXFDVRHOUHFDUJRD
TXHVHUHILHUHVXGHQRPLQDFLyQ
2WURVLPSXHVWRV
5HFRJH ORV LPSXHVWRV GLUHFWRV QR LQFOXLGRV HQ RWUDV FXHQWDV GH HVWH
VXEJUXSR$WtWXORGHHMHPSORVHSXHGHQFLWDUORVLPSXHVWRVH[WLQJXLGRV\
ORV UHFDUJRV VREUH LPSXHVWRV GHO (VWDGR R GH ODV &RPXQLGDGHV
$XWyQRPDV
3UHVXSXHVWR,QJUHVRV
6HSWLHPEUH
,038(6726,1',5(&726
,PSXHVWRVVREUHHOYDORUDxDGLGR
7310.
Impuesto sobre el valor añadido.
7311.
Impuesto general indirecto canario
,PSXHVWRVHVSHFLDOHV
,PSXHVWRVREUHFRQVWUXFFLRQHVLQVWDODFLRQHV\REUDV
735. Impuesto municipal sobre gastos suntuarios. (*)
736. Impuestos sobre la producción e importación de bienes y servicios.
(*)
7360.
Impuesto sobre la producción, los servicios y la importación en las
ciudades de Ceuta y Melilla. (*)
7361.
Arbitrio sobre importaciones y entregas de mercancías en las islas
Canarias. (*)
2WURVLPSXHVWRV
6H LQFOXLUiQ HQ HVWH VXEJUXSR WRGR WLSR GH LQJUHVRV H[LJLGRV VLQ
FRQWUDSUHVWDFLyQ FX\R KHFKR LPSRQLEOH HVWp FRQVWLWXLGRSRUQHJRFLRVDFWRV R
KHFKRV GH QDWXUDOH]D MXUtGLFD R HFRQyPLFD TXH SRQJDQ GH PDQLILHVWR OD
FDSDFLGDGFRQWULEXWLYDGHOVXMHWRSDVLYRFRPRFRQVHFXHQFLDGHODFLUFXODFLyQ
GHORVELHQHVRHOJDVWRGHODUHQWD
(OPRYLPLHQWRGHODVFXHQWDVGHHVWHVXEJUXSRHVHOVLJXLHQWH
D
E
6HDERQDUiQSRUHOLPSRUWHGHORVLPSXHVWRVGHYHQJDGRVFRQFDUJRDOD
FXHQWD ©'HXGRUHV SRU GHUHFKRV UHFRQRFLGRV 3UHVXSXHVWR GH
LQJUHVRVFRUULHQWHª
6HFDUJDUiQFRQDERQRD
E /D FXHQWD ©'HUHFKRV DQXODGRV GH SUHVXSXHVWR FRUULHQWHª D
WUDYpVGHVXVGLYLVLRQDULDVSRUHOLPSRUWHGHORVGHUHFKRVDQXODGRV
FXDQGRpVWRVVHDQSRUDQXODFLyQGHOLTXLGDFLRQHV
E /D FXHQWD ©$FUHHGRUHV SRU GHYROXFLyQ GH LQJUHVRVª HQ HO
PRPHQWRTXHVHGLFWHHODFXHUGRGHGHYROXFLyQ
E /DFXHQWD©5HVXOWDGRVGHOHMHUFLFLRªDOFLHUUHGHOHMHUFLFLRSRU
VXVDOGR
,PSXHVWRV
(VWDVFXHQWDVUHFRJHQODUHFDXGDFLyQFHGLGDDODVHQWLGDGHVORFDOHVSRU
ORVLPSXHVWRVGHO(VWDGRDTXHVHUHILHUHVXGHQRPLQDFLyQ
,PSXHVWRVREUHFRQVWUXFFLRQHVLQVWDODFLRQHV\REUDV
5HFRJHHOLPSXHVWRPXQLFLSDODOTXHVHUHILHUHVXGHQRPLQDFLyQ
3UHVXSXHVWR,QJUHVRV
6HSWLHPEUH
,PSXHVWRPXQLFLSDOVREUHJDVWRVVXQWXDULRV
5HFRJH HO LPSXHVWR PXQLFLSDO DO TXH VH UHILHUH VX GHQRPLQDFLyQ HQ OD
PRGDOLGDGTXHJUDYDHODSURYHFKDPLHQWRGHFRWRVGHFD]D\SHVFD
Impuestos sobre la producción e importación de bienes y servicios.
(*)
)XQFLRQDUiDWUDYpVGHVXVGLYLVLRQDULDV
,PSXHVWRVREUHODSURGXFFLyQORVVHUYLFLRV\ODLPSRUWDFLyQ
HQODVFLXGDGHVGH&HXWD\0HOLOOD
5HFRJHHOLPSXHVWRDTXHVHUHILHUHVXGHQRPLQDFLyQ
$UELWULRVREUHLPSRUWDFLRQHV\HQWUHJDVGHPHUFDQFtDVHQODV
LVODV&DQDULDV
(VWDFXHQWDUHFRJHODUHFDXGDFLyQFHGLGDDODVHQWLGDGHVORFDOHV
FDQDULDVSRUHOLPSXHVWRDTXHVHUHILHUHVXGHQRPLQDFLyQ
2WURVLPSXHVWRV
5HFRJH ORV LPSXHVWRV LQGLUHFWRV QR LQFOXLGRV HQ RWUDV FXHQWDV GH HVWH
VXEJUXSR$WtWXORGHHMHPSORVHSXHGHQFLWDUORVLPSXHVWRVH[WLQJXLGRV\
ORV UHFDUJRV VREUH LPSXHVWRV GHO (VWDGR R GH ODV &RPXQLGDGHV
$XWyQRPDV
3UHVXSXHVWR,QJUHVRV
6HSWLHPEUH
7$6$635(&,263Ò%/,&26<&2175,%8&,21(6(63(&,$/(6
7DVDVSRUSUHVWDFLyQGHVHUYLFLRVRUHDOL]DFLyQGHDFWLYLGDGHV
3UHFLRV S~EOLFRV SRU SUHVWDFLyQ GH VHUYLFLRV R UHDOL]DFLyQ GH
DFWLYLGDGHV
7DVDV SRU XWLOL]DFLyQ SULYDWLYD R DSURYHFKDPLHQWR HVSHFLDO GHO
GRPLQLRS~EOLFR
&RQWULEXFLRQHVHVSHFLDOHV
&XRWDVGHXUEDQL]DFLyQ
,QJUHVRVSRUDSURYHFKDPLHQWRXUEDQtVWLFR
(OPRYLPLHQWRGHODVFXHQWDVGHHVWHVXEJUXSRHVHOVLJXLHQWH
D
E
6HDERQDUiQSRUHOLPSRUWHGHOLQJUHVRFRUUHVSRQGLHQWHFRQFDUJR D OD
FXHQWD ©'HXGRUHV SRU GHUHFKRV UHFRQRFLGRV 3UHVXSXHVWR GH
LQJUHVRVFRUULHQWHª
6HFDUJDUiQFRQDERQRD
E /D FXHQWD ©'HUHFKRV DQXODGRV GH SUHVXSXHVWR FRUULHQWHª D
WUDYpVGHVXVGLYLVLRQDULDVSRUHOLPSRUWHGHORVGHUHFKRVDQXODGRV
SRUDQXODFLyQGHOLTXLGDFLRQHV
E /D FXHQWD ©$FUHHGRUHV SRU GHYROXFLyQ GH LQJUHVRVª HQ HO
PRPHQWRTXHVHGLFWHHODFXHUGRGHGHYROXFLyQ
E /DFXHQWD©5HVXOWDGRVGHOHMHUFLFLRªSRUVXVDOGRDOFLHUUHGHO
HMHUFLFLR
7DVDVSRUSUHVWDFLyQGHVHUYLFLRVRUHDOL]DFLyQGHDFWLYLGDGHV
,QJUHVRVGHGHUHFKRS~EOLFR\GHFDUiFWHUWULEXWDULRTXHVHH[LJHQFRPR
FRQVHFXHQFLD GH OD SUHVWDFLyQ GH VHUYLFLRV S~EOLFRV R OD UHDOL]DFLyQ GH
DFWLYLGDGHVDGPLQLVWUDWLYDVGHFRPSHWHQFLDORFDOTXHVHUHILHUDQDIHFWHQ
REHQHILFLHQGHPRGRSDUWLFXODUDORVVXMHWRVSDVLYRV
3UHFLRV S~EOLFRV SRU SUHVWDFLyQ GH VHUYLFLRV R UHDOL]DFLyQ GH
DFWLYLGDGHV
,QJUHVRV GH GHUHFKR S~EOLFR TXH VH H[LJHQ FRPR FRQVHFXHQFLD GH OD
SUHVWDFLyQGHVHUYLFLRVRODUHDOL]DFLyQGHDFWLYLGDGHVGHODFRPSHWHQFLD
GHODHQWLGDGORFDOTXHQRWHQJDQODFRQGLFLyQGHWDVD
7DVDV SRU XWLOL]DFLyQ SULYDWLYD R DSURYHFKDPLHQWR HVSHFLDO GHO
GRPLQLRS~EOLFR
,QJUHVRVGHGHUHFKRS~EOLFR\GHFDUiFWHUWULEXWDULRTXHVHH[LJHQFRPR
FRQVHFXHQFLDGHODXWLOL]DFLyQSULYDWLYDRHODSURYHFKDPLHQWRHVSHFLDOGHO
GRPLQLRS~EOLFRORFDO
3UHVXSXHVWR,QJUHVRV
6HSWLHPEUH
&RQWULEXFLRQHVHVSHFLDOHV
,QJUHVRV GH GHUHFKR S~EOLFR \ GH FDUiFWHU WULEXWDULR GHULYDGRV GH OD
UHDOL]DFLyQ SRU OD HQWLGDG GH REUDV S~EOLFDV R GHO HVWDEOHFLPLHQWR R
DPSOLDFLyQGHVHUYLFLRVS~EOLFRV
&XRWDVGHXUEDQL]DFLyQ
$SRUWDFLRQHVH[LJLGDVSRUOD$GPLQLVWUDFLyQDFWXDQWHDORVSURSLHWDULRVGH
ORVWHUUHQRVDXUEDQL]DUSDUDFRVWHDUORVJDVWRVGHXUEDQL]DFLyQ
,QJUHVRVSRUDSURYHFKDPLHQWRXUEDQtVWLFR
,QJUHVRVHQFRQFHSWRGHDSURYHFKDPLHQWRXUEDQtVWLFRFRUUHVSRQGLHQWHD
OD$GPLQLVWUDFLyQ
6XPRYLPLHQWRHVHOVLJXLHQWH
D
E
6HDERQDUiFRQFDUJRD
D /D FXHQWD ©'HXGRUHV SRU GHUHFKRV UHFRQRFLGRV
3UHVXSXHVWR GH LQJUHVRV FRUULHQWHª SRU HO LPSRUWH GH OD
VXVWLWXFLyQHQPHWiOLFRGHODSURYHFKDPLHQWRXUEDQtVWLFR
D /D FXHQWD GHO VXEJUXSR ©3DWULPRQLR 3~EOLFR GHO 6XHORª
UHSUHVHQWDWLYD GHO ELHQ R GHUHFKR HQ TXH VH PDWHULDOLFH HO
DSURYHFKDPLHQWR
XUEDQtVWLFR
FRUUHVSRQGLHQWH
D
OD
$GPLQLVWUDFLyQ
6HFDUJDUiFRQDERQRD
E /DFXHQWD©'HUHFKRVDQXODGRVGHSUHVXSXHVWRFRUULHQWHª
D WUDYpV GH VXV GLYLVLRQDULDV SRU HO LPSRUWH GH ORV GHUHFKRV
DQXODGRVSRUDQXODFLyQGHOLTXLGDFLRQHV
E /DFXHQWD©$FUHHGRUHVSRUGHYROXFLyQGHLQJUHVRVªHQHO
PRPHQWRTXHVHGLFWHHODFXHUGRGHGHYROXFLyQ
E /DFXHQWD©5HVXOWDGRVGHOHMHUFLFLRªDOFLHUUHGHOHMHUFLFLR
SRUVXVDOGR
3UHVXSXHVWR,QJUHVRV
6HSWLHPEUH
75$16)(5(1&,$6<68%9(1&,21(6
7UDQVIHUHQFLDVFRUULHQWHV
6XEYHQFLRQHVFRUULHQWHV
7UDQVIHUHQFLDVGHFDSLWDO
6XEYHQFLRQHVGHFDSLWDO
)RQGRVRELHQHVUHFLELGRVSRUODHQWLGDGVLQFRQWUDSDUWLGDGLUHFWDGHVWLQDGRV
DILQDQFLDURSHUDFLRQHVFRUULHQWHV\GHFDSLWDO
7UDQVIHUHQFLDVFRUULHQWHV
)RQGRV R ELHQHV UHFLELGRV SRU OD HQWLGDG SDUD OD ILQDQFLDFLyQ GH
RSHUDFLRQHVFRUULHQWHVQRFRQFUHWDVQLHVSHFtILFDV
6XPRYLPLHQWRHVHOVLJXLHQWH
D
E
6HDERQDUiFRQFDUJRD
D *HQHUDOPHQWH OD FXHQWD ©'HXGRUHV SRU GHUHFKRV
UHFRQRFLGRV 3UHVXSXHVWR GH LQJUHVRV FRUULHQWHª HQ HO
PRPHQWRTXHODWUDQVIHUHQFLDVHDYHQFLGDOtTXLGD\H[LJLEOH
D /DFXHQWDTXHFRUUHVSRQGDVHJ~QODQDWXUDOH]DGHOELHQTXHVH
UHFLEDHQHOFDVRGHWUDQVIHUHQFLDVHQHVSHFLH
6HFDUJDUiQFRQDERQRD
E /DFXHQWD©'HUHFKRVDQXODGRVGHSUHVXSXHVWRFRUULHQWHª
D WUDYpV GH VXV GLYLVLRQDULDV SRU HO LPSRUWH GH ORV GHUHFKRV
DQXODGRVSRUDQXODFLyQGHOLTXLGDFLRQHV
E /DFXHQWD©$FUHHGRUHVSRUGHYROXFLyQGHLQJUHVRVªHQHO
PRPHQWRTXHVHGLFWHHODFXHUGRGHGHYROXFLyQ
E /DFXHQWD©5HVXOWDGRVGHOHMHUFLFLRªDOFLHUUHGHOHMHUFLFLR
SRUVXVDOGR
6XEYHQFLRQHVFRUULHQWHV
)RQGRV R ELHQHV UHFLELGRV SRU OD HQWLGDG SDUD ILQDQFLDU RSHUDFLRQHV
FRUULHQWHV FRQFUHWDV \ HVSHFtILFDV 'HQWUR GH HOODV VH LQFOX\HQ ODV
VXEYHQFLRQHVGHH[SORWDFLyQFRQFHGLGDVDODHQWLGDGFRQODILQDOLGDGGH
LQIOXLUHQORVSUHFLRVRSHUPLWLUXQDUHPXQHUDFLyQVXILFLHQWHGHORVIDFWRUHV
GHSURGXFFLyQDVtFRPRFRPSHQVDUUHVXOWDGRVQHJDWLYRVGHH[SORWDFLyQ
SURGXFLGRVGXUDQWHHOHMHUFLFLR
6X PRYLPLHQWR HV DQiORJR DO VHxDODGR SDUD OD FXHQWD ©7UDQVIHUHQFLDVFRUULHQWHVª
7UDQVIHUHQFLDVGHFDSLWDO
)RQGRV R ELHQHV GH FDSLWDO UHFLELGRV SRU OD HQWLGDG SDUD HO
HVWDEOHFLPLHQWRGHODHVWUXFWXUDEiVLFDHQVXFRQMXQWRGHODHQWLGDG
3UHVXSXHVWR,QJUHVRV
6HSWLHPEUH
6X PRYLPLHQWR HV DQiORJR DO VHxDODGR SDUD OD FXHQWD ©7UDQVIHUHQFLDVFRUULHQWHVª
6XEYHQFLRQHVGHFDSLWDO
)RQGRV UHFLELGRV SRU OD HQWLGDG SDUD OD DGTXLVLFLyQ R FRQVWUXFFLyQ GH
DFWLYRVILMRVSUHYLDPHQWHGHWHUPLQDGRVDVtFRPRODUHFHSFLyQGHELHQHV
GHFDSLWDO\DIRUPDGRV
7HQGUiQ WDPELpQ HVWD FRQVLGHUDFLyQ ORV IRQGRV UHFLELGRV SRU OD HQWLGDG
SDUD OD FRPSHQVDFLyQ GH UHVXOWDGRV QHJDWLYRV DFXPXODGRV \ OD
FDQFHODFLyQRPLQRUDFLyQGHHOHPHQWRVGHSDVLYR
6XPRYLPLHQWRHVHOVLJXLHQWH
D
6HDERQDUiFRQFDUJRD
D *HQHUDOPHQWH OD FXHQWD ©'HXGRUHV SRU GHUHFKRV
UHFRQRFLGRV 3UHVXSXHVWR GH LQJUHVRV FRUULHQWHª HQ HO
PRPHQWRTXHODVXEYHQFLyQVHDYHQFLGDOtTXLGD\H[LJLEOH
D &XHQWDVGHOJUXSRSRUODUHFHSFLyQGHELHQHVGHFDSLWDO\D
IRUPDGRV
E
D &XHQWDVGHORVJUXSRVySRUODDVXQFLyQGHGHXGDVVHJ~Q
ODQDWXUDOH]DGHODGHXGDDVXPLGD
6HFDUJDUiQFRQDERQRD
E /DFXHQWD©'HUHFKRVDQXODGRVGHSUHVXSXHVWRFRUULHQWHª
D WUDYpV GH VXV GLYLVLRQDULDV SRU HO LPSRUWH GH ORV GHUHFKRV
DQXODGRVSRUDQXODFLyQGHOLTXLGDFLRQHV
E /DFXHQWD©$FUHHGRUHVSRUGHYROXFLyQGHLQJUHVRVªHQHO
PRPHQWRTXHVHGLFWHHODFXHUGRGHGHYROXFLyQ
E /DFXHQWD©5HVXOWDGRVGHOHMHUFLFLRªDOFLHUUHGHOHMHUFLFLR
SRUVXVDOGR
3UHVXSXHVWR,QJUHVRV
6HSWLHPEUH
%(1(),&,26352&('(17(6'(/,1029,/,=$'227526,1*5(626'(
*(67,Ï1&255,(17((,1*5(626(;&(3&,21$/(6
%HQHILFLRVSURFHGHQWHVGHOLQPRYLOL]DGRLQPDWHULDO
%HQHILFLRVSURFHGHQWHVGHOLQPRYLOL]DGRPDWHULDO
%HQHILFLRVSURFHGHQWHVGHO3DWULPRQLR3~EOLFRGHO6XHOR
5HLQWHJURV
%HQHILFLRVSRURSHUDFLRQHVGHHQGHXGDPLHQWR
,QJUHVRVSRUDUUHQGDPLHQWRV
,QJUHVRVSRUVHUYLFLRVGLYHUVRV
2WURVLQJUHVRV
,QJUHVRVH[WUDRUGLQDULRV
,QJUHVRV\EHQHILFLRVGHHMHUFLFLRVDQWHULRUHV
%HQHILFLR SRU OD PRGLILFDFLyQ GH REOLJDFLRQHV GH SUHVXSXHVWRV
FHUUDGRV
%HQHILFLR SRU OD PRGLILFDFLyQ GH GHUHFKRV GH SUHVXSXHVWRV
FHUUDGRV
2WURVLQJUHVRV\EHQHILFLRVGHHMHUFLFLRVDQWHULRUHV
5HLQWHJURV
5HFRJH HO LPSRUWH GH ORV UHLQWHJURV GH JDVWRV HFRQyPLFRV GH HMHUFLFLRV
FHUUDGRV
6XPRYLPLHQWRHVHOVLJXLHQWH
D
E
6HDERQDUiDOUHFRQRFLPLHQWRGHORVLQJUHVRVFRQFDUJRDODFXHQWD
©'HXGRUHVSRUGHUHFKRVUHFRQRFLGRV3UHVXSXHVWRGHLQJUHVRV
FRUULHQWHª
6HFDUJDUiFRQDERQRD
E /DFXHQWD©'HUHFKRVDQXODGRVGHSUHVXSXHVWRFRUULHQWHª
D WUDYpV GH VXV GLYLVLRQDULDV SRU HO LPSRUWH GH ORV GHUHFKRV
DQXODGRVSRUDQXODFLyQGHOLTXLGDFLRQHV
E /DFXHQWD©$FUHHGRUHVSRUGHYROXFLyQGHLQJUHVRVªHQHO
PRPHQWRTXHVHGLFWHHODFXHUGRGHGHYROXFLyQ
E /D FXHQWD ©5HVXOWDGRV GHO HMHUFLFLRª SRU VX VDOGR DO
FLHUUHGHOHMHUFLFLR
,QJUHVRVSRUDUUHQGDPLHQWRV
/RV GHYHQJDGRV SRU HO DOTXLOHU GH ELHQHV PXHEOHV H LQPXHEOHV FHGLGRV
SDUDHOXVRRGLVSRVLFLyQGHWHUFHURV
3UHVXSXHVWR,QJUHVRV
6HSWLHPEUH
&RPSUHQGH WDPELpQ ORV GHULYDGRV GH WRGR WLSR GH FRQFHVLRQHV \
DSURYHFKDPLHQWRV HVSHFLDOHV TXH OD HQWLGDG SXHGD SHUFLELU 1R VH
LQFOX\HQ DTXt ORV LQJUHVRV SRU WDVDV SRU OD XWLOL]DFLyQ SULYDWLYD R HO
DSURYHFKDPLHQWRHVSHFLDOGHOGRPLQLRS~EOLFRUHFRJLGRVHQODFXHQWD
©7DVDV SRU XWLOL]DFLyQ SULYDWLYD R DSURYHFKDPLHQWR HVSHFLDO GHO GRPLQLR
S~EOLFRª
6XPRYLPLHQWRHVDQiORJRDOVHxDODGRSDUDODFXHQWD©5HLQWHJURVª
,QJUHVRVSRUVHUYLFLRVGLYHUVRV
/RVRULJLQDGRVSRUODSUHVWDFLyQHYHQWXDOGHFLHUWRVVHUYLFLRVDWHUFHURV
6XPRYLPLHQWRHVDQiORJRDOVHxDODGRSDUDODFXHQWD©5HLQWHJURVª
2WURVLQJUHVRV
2WURV LQJUHVRV QR UHFRJLGRV HQ RWUDV FXHQWDV \ QR ILQDQFLHURV
GHYHQJDGRVSRUODHQWLGDG
$WtWXORGHHMHPSORVHSXHGHQFLWDUDOFDQFHVUHGHQFLyQDPHWiOLFRGHOD
SUHVWDFLyQSHUVRQDO\GHWUDQVSRUWHRVyORGHWUDQVSRUWHHWF
6XPRYLPLHQWRHVDQiORJRDOVHxDODGRSDUDODFXHQWD©5HLQWHJURVª
,QJUHVRVH[WUDRUGLQDULRV
%HQHILFLRVHLQJUHVRVGHFXDQWtDVLJQLILFDWLYDTXHQRGHEDQFRQVLGHUDUVH
SHULyGLFRVDOHYDOXDUORVUHVXOWDGRVIXWXURVGHODHQWLGDG
&RPR UHJOD JHQHUDO XQ EHQHILFLR R LQJUHVR VH FRQVLGHUDUi FRPR SDUWLGD
H[WUDRUGLQDULD ~QLFDPHQWH VL VH RULJLQD SRU KHFKRV R WUDQVDFFLRQHV TXH
FRQVLGHUDQGR OD DFWLYLGDG GH OD HQWLGDG FXPSOHQ ODV GRV FRQGLFLRQHV
VLJXLHQWHV
FDHQIXHUDGHODVDFWLYLGDGHVRUGLQDULDV\WtSLFDVGHOHQWHS~EOLFRy
QRVHHVSHUDUD]RQDEOHPHQWHTXHRFXUUDQFRQIUHFXHQFLD
6HLQFOXLUiQHQWUHRWURVORVSURFHGHQWHVGHODUHKDELOLWDFLyQGHDTXHOORV
FUpGLWRVTXHHQVXGtDIXHURQDPRUWL]DGRVSRULQVROYHQFLDVILUPHV
6XPRYLPLHQWRHVHOVLJXLHQWH
D
E
6HDERQDUiSRUHOLPSRUWHGHORVLQJUHVRVREHQHILFLRVFRQFDUJRD
ODV FXHQWDV FRUUHVSRQGLHQWHV VHJ~Q OD QDWXUDOH]D GHO LQJUHVR R
EHQHILFLR
6H FDUJDUi SRU VX VDOGR DO FLHUUH GHO HMHUFLFLR FRQ DERQR D OD
FXHQWD©5HVXOWDGRVGHOHMHUFLFLRª
3UHVXSXHVWR,QJUHVRV
6HSWLHPEUH
,QJUHVRV\EHQHILFLRVGHHMHUFLFLRVDQWHULRUHV
,QFOX\HORVLQJUHVRV\EHQHILFLRVUHOHYDQWHVFRUUHVSRQGLHQWHVDHMHUFLFLRV
DQWHULRUHV SXGLpQGRVH FRQWDELOL]DU SRU QDWXUDOH]D ORV TXH WHQJDQ SRFD
LPSRUWDQFLD UHODWLYD &RPSUHQGHUi HQ WRGR FDVR ORV EHQHILFLRV
SURGXFLGRV SRU OD PRGLILFDFLyQ GH REOLJDFLRQHV \ GHUHFKRV
SUHVXSXHVWDULRVGHHMHUFLFLRVFHUUDGRV
)XQFLRQDUiDWUDYpVGHVXVGLYLVLRQDULDV
%HQHILFLR SRU OD PRGLILFDFLyQ GH GHUHFKRV GH SUHVXSXHVWRV
FHUUDGRV
6XPRYLPLHQWRHVHOVLJXLHQWH
D
E
6HDERQDUiSRUODUHFWLILFDFLyQDODO]DGHOVDOGRHQWUDQWHGH
ORV GHUHFKRV UHFRQRFLGRV HQ HMHUFLFLRV DQWHULRUHV SRU
LQJUHVRVHFRQyPLFRVFRQFDUJRDODFXHQWD©'HXGRUHV
SRU GHUHFKRV UHFRQRFLGRV 3UHVXSXHVWRV GH LQJUHVRV
FHUUDGRVª R D OD FXHQWD ©'HXGRUHV SRU RSHUDFLRQHV
FRPHUFLDOHV3UHVXSXHVWRVFHUUDGRVªVHJ~QFRUUHVSRQGD
6HFDUJDUiSRUVXVDOGRDOFLHUUHGHOHMHUFLFLRFRQDERQRD
ODFXHQWD©5HVXOWDGRVGHOHMHUFLFLRª
2WURVLQJUHVRV\EHQHILFLRVGHHMHUFLFLRVDQWHULRUHV
6XPRYLPLHQWRHVHOVLJXLHQWH
D
E
6HDERQDUiSRUHOLPSRUWHGHORVLQJUHVRVREHQHILFLRVFRQ
FDUJR D ODV FXHQWDV FRUUHVSRQGLHQWHV VHJ~Q OD QDWXUDOH]D
GHOLQJUHVRREHQHILFLR
6HFDUJDUiSRUVXVDOGRDOFLHUUHGHOHMHUFLFLRFRQDERQRD
ODFXHQWD©5HVXOWDGRVGHOHMHUFLFLRª
3UHVXSXHVWR,QJUHVRV
6HSWLHPEUH
(;&(626<$3/,&$&,21(6'(3529,6,21(6
([FHVRGHSURYLVLyQSDUDULHVJRV\JDVWRV
([FHVRGHSURYLVLyQGHOLQPRYLOL]DGRPDWHULDO
([FHVRGHSURYLVLyQGHOLQPRYLOL]DGRLQPDWHULDO
3URYLVLyQSDUDH[LVWHQFLDVDSOLFDGD
3URYLVLyQSDUDLQVROYHQFLDVDSOLFDGD
([FHVRGHSURYLVLyQGHO3DWULPRQLR3~EOLFRGHO6XHOR
([FHVRGHSURYLVLyQSDUDYDORUHVQHJRFLDEOHVDODUJRSOD]R
([FHVR GH SURYLVLyQ SDUD LQVROYHQFLDV GH FUpGLWRV D ODUJR SOD]R
([FHVRGHSURYLVLyQSDUDYDORUHVQHJRFLDEOHVDFRUWRSOD]R
([FHVRGHSURYLVLyQSDUDLQVROYHQFLDVGHFUpGLWRVDFRUWRSOD]R
([FHVRGHSURYLVLyQSDUDULHVJRV\JDVWRV
'LIHUHQFLD SRVLWLYD HQWUH HO LPSRUWH GH OD SURYLVLyQ H[LVWHQWH \ HO TXH OH
FRUUHVSRQGD GH DFXHUGR FRQ ORV FULWHULRV GH FXDQWLILFDFLyQ GH GLFKD
SURYLVLyQ
6XPRYLPLHQWRHVHOVLJXLHQWH
D
E
6H DERQDUi SRU OD FLWDGD GLIHUHQFLD FRQ FDUJR D FXHQWDV GHO
VXEJUXSR©3URYLVLRQHVSDUDULHVJRV\JDVWRVª
6H FDUJDUi SRU VX VDOGR DO FLHUUH GHO HMHUFLFLR FRQ DERQR D OD
FXHQWD©5HVXOWDGRVGHOHMHUFLFLRª
3URYLVLyQSDUDLQVROYHQFLDVDSOLFDGD
,PSRUWHGHODSURYLVLyQH[LVWHQWHDOFLHUUHGHOHMHUFLFLRDQWHULRU
6XPRYLPLHQWRHVHOVLJXLHQWH
D
E
6H DERQDUi SRU HO LPSRUWH GRWDGR HQ HO HMHUFLFLR SUHFHGHQWH FRQ
FDUJRDODFXHQWD©3URYLVLyQSDUDLQVROYHQFLDVª
6H FDUJDUi SRU VX VDOGR DO FLHUUH GHO HMHUFLFLR FRQ DERQR D OD
FXHQWD©5HVXOWDGRVGHOHMHUFLFLRª
127$
&XDQGR OD HQWLGDG GRWH OD SURYLVLyQ HQ IXQFLyQ GH XQ VLVWHPD
GH VHJXLPLHQWR LQGLYLGXDOL]DGR GH ORV VDOGRV GH GHXGRUHV OD
GHILQLFLyQ\ORVPRYLPLHQWRVGHODFXHQWDVHDGDSWDUiQDOR
HVWDEOHFLGR DO UHVSHFWR HQ OD FXHQWD ©3URYLVLyQ SDUD
LQVROYHQFLDVª
3UHVXSXHVWR,QJUHVRV
6HSWLHPEUH
*5832
&8(17$6'(&21752/35(6838(67$5,2
5HIOHMDQ HOPRYLPLHQWRGHORVFUpGLWRV\SUHYLVLRQHVTXHILJXUDQHQHOSUHVXSXHVWR
HQ DTXHOODV IDVHV TXH SUHFHGDQ DO UHFRQRFLPLHQWR GH OD REOLJDFLyQ R GHO GHUHFKR
HIHFWRVpVWRVTXHVHUHFRJHQHQFXHQWDVGHOJUXSR
3UHVXSXHVWR,QJUHVRV
6HSWLHPEUH
'(&21752/35(6838(67$5,2(-(5&,&,2&255,(17(
3UHVXSXHVWRHMHUFLFLRFRUULHQWH
3UHVXSXHVWRGHJDVWRVFUpGLWRVLQLFLDOHV
3UHVXSXHVWRGHJDVWRVPRGLILFDFLRQHVGHFUpGLWR
&UpGLWRVH[WUDRUGLQDULRV
6XSOHPHQWRVGHFUpGLWR
$PSOLDFLRQHVGHFUpGLWR
7UDQVIHUHQFLDVGHFUpGLWR
,QFRUSRUDFLRQHVGHUHPDQHQWHVGHFUpGLWR
Créditos generados por ingresos
$MXVWHVSRUSUyUURJDSUHVXSXHVWDULD
%DMDVSRUDQXODFLyQ
3UHVXSXHVWRGHJDVWRVFUpGLWRVGHILQLWLYRV
&UpGLWRVGLVSRQLEOHV
&UpGLWRVUHWHQLGRVSDUDJDVWDU
&UpGLWRVUHWHQLGRVSDUDWUDQVIHUHQFLDV\EDMDV
&UpGLWRVQRGLVSRQLEOHV
3UHVXSXHVWRGHJDVWRVJDVWRVDXWRUL]DGRV
3UHVXSXHVWRGHJDVWRVJDVWRVFRPSURPHWLGRV
3UHVXSXHVWRGHLQJUHVRVSUHYLVLRQHVLQLFLDOHV
3UHVXSXHVWRGHLQJUHVRVPRGLILFDFLyQGHODVSUHYLVLRQHV
3UHVXSXHVWRGHLQJUHVRVSUHYLVLRQHVGHILQLWLYDV
3UHVXSXHVWRHMHUFLFLRFRUULHQWH
'HVWLQDGD D UHFRJHU HO LPSRUWH GH ORV SUHVXSXHVWRV GH LQJUHVRV \
JDVWRV DSUREDGRV SDUD FDGD HMHUFLFLR \ GH VXV SRVWHULRUHV
PRGLILFDFLRQHV
6XPRYLPLHQWRHVHOVLJXLHQWH
D
6HDERQDUiFRQFDUJRD
D /D FXHQWD ©3UHVXSXHVWR GH LQJUHVRV SUHYLVLRQHV
LQLFLDOHVª SRU HO LPSRUWH GHO SUHVXSXHVWR GH LQJUHVRV
DSUREDGR
D /DFXHQWD©3UHVXSXHVWRGHLQJUHVRVPRGLILFDFLRQHVGH
ODVSUHYLVLRQHVªSRUHOLPSRUWHGHODVPRGLILFDFLRQHVTXHD
3UHVXSXHVWR,QJUHVRV
6HSWLHPEUH
WUDYpV GH DFWR IRUPDO VH SURGX]FDQ HQ ODV SUHYLVLRQHV GH
LQJUHVRV
D /D VXEFXHQWD ©&UpGLWRV GLVSRQLEOHVª HQ HO PRPHQWR
GHOFLHUUHSRUODVXPDWRWDOGHREOLJDFLRQHVUHFRQRFLGDV
D /D VXEFXHQWD ©&UpGLWRV GLVSRQLEOHVª HQ HO PRPHQWR
GHOFLHUUHSRUHOVDOGRGHORVJDVWRVFRPSURPHWLGRV
D /D VXEFXHQWD ©&UpGLWRV GLVSRQLEOHVª HQ HO PRPHQWR
GHOFLHUUHSRUHOVDOGRGHORVJDVWRVDXWRUL]DGRV
E
D La cuenta 003 «Presupuesto de gastos: créditos definitivos»,
a través de sus divisionarias, por el importe de los saldos de
crédito en el momento del cierre.
6HFDUJDUiFRQDERQRD
E /D FXHQWD ©3UHVXSXHVWR GH JDVWRV FUpGLWRV LQLFLDOHVª
SRUHOLPSRUWHWRWDOGHOSUHVXSXHVWRGHJDVWRVDSUREDGRSDUD
FDGDHMHUFLFLR
E /D FXHQWD ©3UHVXSXHVWR GH JDVWRV PRGLILFDFLRQHV GH
FUpGLWRVª a través de sus divisionarias, SRU ODV SRVWHULRUHV
PRGLILFDFLRQHV 6L HVWDV VRQ QHJDWLYDV HO DVLHQWR VHUi GH
VLJQRQHJDWLYR
E /D FXHQWD ©3UHVXSXHVWR GH LQJUHVRV SUHYLVLRQHV
GHILQLWLYDVª SRU HO LPSRUWH GH VX VDOGR HQ HO PRPHQWR GHO
FLHUUH
/DVXPDGHOGHEHLQGLFDUiHOLPSRUWHWRWDOGHOSUHVXSXHVWRGHJDVWRV
/DGHVXKDEHUHOWRWDOGHOSUHVXSXHVWRGHLQJUHVRV
Generalmente, esta cuenta aparecerá saldada en todo momento.
3UHVXSXHVWRGHLQJUHVRVSUHYLVLRQHVLQLFLDOHV
,PSRUWH GH ODV SUHYLVLRQHV GH LQJUHVRV TXH ILJXUDQ HQ HO SUHVXSXHVWR
LQLFLDOPHQWHDSUREDGRSRUODDXWRULGDGFRPSHWHQWH
6XPRYLPLHQWRHVHOVLJXLHQWH
D
E
6H FDUJDUi FRQ DERQR D OD FXHQWD ©3UHVXSXHVWR HMHUFLFLR
FRUULHQWHª SRU ODV SUHYLVLRQHV TXH ILJXUDQ HQ HO SUHVXSXHVWR GH
LQJUHVRV
6H DERQDUi VLPXOWiQHDPHQWH DO DVLHQWR DQWHULRU FRQ FDUJR D OD
FXHQWD ©3UHVXSXHVWR GH LQJUHVRV SUHYLVLRQHV GHILQLWLYDVª
SRUHOPLVPRLPSRUWH
(VWDFXHQWDDSDUHFHUiVDOGDGDHQWRGRPRPHQWR
3UHVXSXHVWRGHLQJUHVRVPRGLILFDFLyQGHODVSUHYLVLRQHV
5HFRJH ODV YDULDFLRQHV TXH VH SURGX]FDQ HQ ODV SUHYLVLRQHV GH
LQJUHVRVDWUDYpVGHXQDFWRIRUPDOQRSRUKDEHUDOFDQ]DGRXQJUDGR
GHHMHFXFLyQVXSHULRUDOSUHYLVWR
3UHVXSXHVWR,QJUHVRV
6HSWLHPEUH
6XPRYLPLHQWRHVHOVLJXLHQWH
D
E
6H FDUJDUi FRQ DERQR D OD FXHQWD ©3UHVXSXHVWR HMHUFLFLR
FRUULHQWHªSRUODVPRGLILFDFLRQHVSRVLWLYDVTXHVHSURGX]FDQPor
las modificaciones negativas el asiento será de signo negativo.
6H DERQDUi VLPXOWiQHDPHQWH DO DVLHQWR DQWHULRU FRQ FDUJR D OD
FXHQWD ©3UHVXSXHVWR GH LQJUHVRV SUHYLVLRQHV GHILQLWLYDVª
SRUHOPLVPRLPSRUWH
(VWDFXHQWDDSDUHFHUiVDOGDGDHQWRGRPRPHQWR
3UHVXSXHVWRGHLQJUHVRVSUHYLVLRQHVGHILQLWLYDV
,PSRUWH WRWDO GH ODV SUHYLVLRQHV GHO SUHVXSXHVWR GH LQJUHVRV
LQLFLDOPHQWHDSUREDGRPiVODVPRGLILFDFLRQHV
6XPRYLPLHQWRHVHOVLJXLHQWH
D
E
6HFDUJDUiFRQDERQRD
D /D FXHQWD ©3UHVXSXHVWR GH LQJUHVRV SUHYLVLRQHV
LQLFLDOHVªSRUHOLPSRUWHGHODVPLVPDV
D /D FXHQWD ©3UHVXSXHVWR GH LQJUHVRV PRGLILFDFLyQ GH
ODV SUHYLVLRQHVª SRU ODV TXH VH SURGX]FDQ GXUDQWH HO
HMHUFLFLR
6H DERQDUi FRQ FDUJR D OD FXHQWD ©3UHVXSXHVWR HMHUFLFLR
FRUULHQWHªHQHOPRPHQWRGHFLHUUHSRUVXVDOGR
6XVDOGRGHXGRUUHFRJHUiDQWHVGHOFLHUUHODVSUHYLVLRQHVGHILQLWLYDV
GHLQJUHVRV
3UHVXSXHVWR,QJUHVRV
6HSWLHPEUH
1250$6'(9$/25$&,Ï1
'('(5(&+2635(6838(67$5,26(,1*5(626
3UHVXSXHVWR,QJUHVRV
6HSWLHPEUH
'HUHFKRVDFREUDUSUHVXSXHVWDULRV\REOLJDFLRQHVSUHVXSXHVWDULDV
/RVGHUHFKRVDFREUDUSUHVXSXHVWDULRVILJXUDUiQSRUHOLPSRUWHDSHUFLELU
/RVGHUHFKRVDFREUDUSURFHGHQWHVGHLQJUHVRVGH'HUHFKR3~EOLFRKDEUiQGH
YDORUDUVHSRUHOLPSRUWHGHWHUPLQDGRHQHODFWRGHOLTXLGDFLyQTXHORVJHQHUH
WDQWR SURFHGDQ GH LQJUHVRV VLQ FRQWUDSUHVWDFLyQ \ GH H[DFFLyQ REOLJDWRULD
FRPR GH SUHVWDFLRQHV GH VHUYLFLRV UHDOL]DFLyQ GH DFWLYLGDGHV \ XWLOL]DFLyQ
SULYDWLYDRDSURYHFKDPLHQWRHVSHFLDOGHOGRPLQLRS~EOLFR
/RV GHUHFKRV GH FREUR GHULYDGRV GH OD YHQWD GH ELHQHV FRQFHSWXDGRV FRPR
H[LVWHQFLDV KDEUiQ GH UHJLVWUDUVH SRU HO LPSRUWH GH OD FRQWUDSUHVWDFLyQ D
SHUFLELU SRU OD YHQWD VLQ LQFOXLU ORV LPSXHVWRV OHJDOPHQWH UHSHUFXWLEOHV QL ORV
JDVWRV VDWLVIHFKRV SRU FXHQWD GHO GHXGRU ORV FXDOHV VH LQWHJUDUiQ HQ RWUDV
FXHQWDVDFREUDUQRSUHVXSXHVWDULDV
/RVGHUHFKRVGHFREURGHULYDGRVGHRWUDVSUHVWDFLRQHVGHVHUYLFLRV\FHVLRQHV
GH ELHQHV SDWULPRQLDOHV HIHFWXDGDV HQ UpJLPHQ GH 'HUHFKR 3ULYDGR VH
UHJLVWUDUiQ SRU HO LPSRUWH GH OD FRQWUDSUHVWDFLyQ D SHUFLELU SRU ORV PLVPRV
VLJXLpQGRVH ORV PLVPRV FULWHULRV TXH HQ HO SiUUDIR DQWHULRU HQ FXDQWR D ORV
LPSXHVWRV OHJDOPHQWH UHSHUFXWLEOHV \ ORV JDVWRV VDWLVIHFKRV SRU FXHQWD GHO
GHXGRU
/RV GHUHFKRV GH FREUR GHULYDGRV GH OD HPLVLyQ GH SDVLYRV ILQDQFLHURV VH
UHJLVWUDUiQSRUHOLPSRUWHDSHUFLELUHQHOPRPHQWRGHODHPLVLyQ
'HEHUiQ UHDOL]DUVH ODV FRUUHFFLRQHV YDORUDWLYDV TXH SURFHGDQ GRWiQGRVH HQ
VX FDVR ODV SURYLVLRQHV TXH UHIOHMHQ HO ULHVJR GH LQVROYHQFLD FRQ UHVSHFWR DO
FREURGHORVGHUHFKRVGHTXHVHWUDWH
9HQWDV\RWURVLQJUHVRV
/RV LQJUHVRV GHULYDGRV GH SHUFHSFLRQHV REOLJDWRULDV VLQ FRQWUDSUHVWDFLyQ VH
UHJLVWUDUiQ SRU HO LPSRUWH GH ORV GHUHFKRV GH FREUR VXUJLGRV FRPR
FRQVHFXHQFLDGHODFWRGHOLTXLGDFLyQFRUUHVSRQGLHQWHTXHORVFXDQWLILTXH
(QODFRQWDELOL]DFLyQGHODYHQWDGHELHQHVVHWHQGUiQHQFXHQWDODVVLJXLHQWHV
UHJODV
D
E
F
/DV YHQWDV VH FRQWDELOL]DUiQ VLQ LQFOXLU ORV LPSXHVWRV TXH JUDYDQ HVWDV
RSHUDFLRQHV /RV JDVWRV LQKHUHQWHV D ODV PLVPDV LQFOXLGRV ORV
WUDQVSRUWHV D FDUJR GH OD HQWLGDG VH FRQWDELOL]DUiQ HQ ODV FXHQWDV
FRUUHVSRQGLHQWHVGHOJUXSRVLQSHUMXLFLRGHORHVWDEOHFLGRHQODVUHJODV
G\HVLJXLHQWHV
/RV GHVFXHQWRV \ VLPLODUHV LQFOXLGRV HQ IDFWXUDV TXH QR REHGH]FDQ D
SURQWRSDJRVHFRQVLGHUDUiQFRPRPHQRULPSRUWHGHODYHQWD
/RV GHVFXHQWRV \ VLPLODUHV TXH VHDQ FRQFHGLGRV SRU OD HPSUHVD SRU
SURQWR SDJR HVWpQ R QR LQFOXLGRV HQ IDFWXUD VH FRQVLGHUDUiQ JDVWRV
3UHVXSXHVWR,QJUHVRV
6HSWLHPEUH
G
H
ILQDQFLHURVFRQWDELOL]iQGRVHHQODFXHQWD©'HVFXHQWRVVREUHYHQWDV
SRUSURQWRSDJRª
/RV GHVFXHQWRV \ VLPLODUHV TXH VH EDVHQ HQ KDEHU DOFDQ]DGR XQ
GHWHUPLQDGR YROXPHQ GH SHGLGRV VH FRQWDELOL]DUiQ HQ OD FXHQWD ©5DSSHOVVREUHYHQWDVª
/RVGHVFXHQWRV\VLPLODUHVSRVWHULRUHVDODHPLVLyQGHIDFWXUDRULJLQDGRV
SRUGHIHFWRVGHFDOLGDGLQFXPSOLPLHQWRGHORVSOD]RVGHHQWUHJDXRWUDV
FDXVDV DQiORJDV VH FRQWDELOL]DUiQ HQ OD FXHQWD ©'HYROXFLRQHV GH
YHQWDV\RSHUDFLRQHVVLPLODUHVª
(QODFRQWDELOL]DFLyQGHLQJUHVRVSRUVHUYLFLRVVHUiQWDPELpQGHDSOLFDFLyQODV
UHJODVDQWHULRUHV
/DVWUDQVIHUHQFLDV\VXEYHQFLRQHVUHFLELGDVWDQWRFRUULHQWHVFRPRGHFDSLWDO
VH YDORUDUiQ SRU HO LPSRUWH UHFLELGR /DV WUDQVIHUHQFLDV R VXEYHQFLRQHV HQ
HVSHFLH VH FXDQWLILFDUiQ SRU HO YDORU YHQDO GH ORV ELHQHV UHFLELGRV \ ODV
VXEYHQFLRQHVGHFDSLWDOSRUDVXQFLyQGHGHXGDVSRUHOYDORUDFWXDOGHpVWDV
/RV LQJUHVRV GHULYDGRV GH DGTXLVLFLRQHV GH FDUiFWHU OXFUDWLYR KHUHQFLDV
OHJDGRV \ GRQDFLRQHV VH UHJLVWUDUiQ SRU HO YDORU HVWDEOHFLGR HQ OD
FRUUHVSRQGLHQWHWDVDFLyQSHULFLDO
/RV EHQHILFLRV GHULYDGRV GH WUDQVPLVLRQHV GH DFWLYRV TXH QR VH FRQVLGHUHQ
H[LVWHQFLDVVHGHWHUPLQDUiQSRUODGLIHUHQFLDHQWUHHOGHUHFKRDFREUDUUHFLELGR
HQFRQWUDSUHVWDFLyQ\HOYDORUFRQWDEOHQHWRGHODFWLYRHQWUHJDGRPLQRUDGDSRU
ORVJDVWRVLQKHUHQWHVDODRSHUDFLyQ
Descargar