Fiscalidad de las Inversiones en Start-Ups

8/16/2019 Fiscalidad de las Inversiones en Start-Ups

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Acsebicjbj jg

Ghcick _ãrgz _khdk4 jg lunck jg 4?21


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2. Iks rgtks jg ibs nugvbs tgenkikfèbs b ib acsebicjbj.

Tgtks prcnecpbigs jg ibs nugvbs tgenkikfèbs b ib acsebicjbj<

Tgscjgnecb acsebi jg ib Utbrt-Wp gn Gspbòb.

Iks Tgscjgntgs acsebigs gstân sulgtbs bi frbvbhgn jgi Chpugstk skdrg Ukecgjbjgs -CU

(pgrsknbs lurèjcebs) k bi Chpugstk skdrg ib Tgntb jg ibs _grsknbs Aèscebs - CT_A

(pgrsknbs aèscebs) pkr ib rgntb fikdbi.

Iks Nk Tgscjgntgs gstân sulgtks bi frbvbhgn jgi Chpugstk skdrg ib Tgntb jg Nk

Tgscjgntgs ―CTNT pkr ib rgntb kdtgncjb y ikebiczbjb gn Gspbòb.

― Ekn Gstbdigechcgntk _grhbngntg.

― Ucn Gstbdigechcgntk _grhbngntg.

Ikebiczbecõn jg ibs rgntbs.

Ebicacebecõn jg ibs rgntbs.

_rgecks jg trbnsagrgnecb.


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Tgscjgnecb jg ibs pgrsknbs lurèjcebs (Brtèeuik = jg ib Igy 46/4?2: jgi Chpugstk

skdrg Ukecgjbjgs)<

Ukn rgscjgntgs gn tgrrctkrck gspbòki ibs gntcjbjgs,

Rug sg mudcgrbn eknstctucjk eknakrhg b ibs igygs gspbòkibs.

Rug tgnfbn su jkhcecick skecbi gn tgrrctkrck gspbòki.

Rug tgnfbn su sgjg jg jcrgeecõn gagetcvb gn tgrrctkrck gspbòki.

Ug gntgnjgrâ qug unb gntcjbj tcgng su sgjg jg jcrgeecõn gagetcvb gn tgrrctkrck gspbòki

eubnjk gn ãi rbjcqug ib jcrgeecõn y ekntrki jgi eknluntk jg sus betcvcjbjgs.

Nkrhb bntcarbujg acsebi pbrb gi ebsk qug unb gntcjbj gstã rbjcebjb gn bifün pbès k

tgrrctkrck jg nuib trcdutbecõn k ebicacebjk ekhk pbrbèsk.

Gi jkhcecick acsebi jg iks ekntrcduygntgs rgscjgntgs gn tgrrctkrck gspbòki sgrâ gi jg su

jkhcecick skecbi, scghprg qug gn ãi gstã gagetcvbhgntg egntrbiczbjb ib fgstcõn

bjhcncstrbtcvb y ib jcrgeecõn jg sus ngfkecks. Gn ktrk ebsk, sg btgnjgrâ bi iufbr gn

qug sg rgbiceg jcemb fgstcõn k jcrgeecõn.


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Gi eknegptk jg ’gstbdigechcgntk pgrhbngntg‘ y ibs nugvbs tgenkikfèbs.

Jcrgetcvb 4???/52/EG, jg agemb = jg lunck jg 4???, rgibtcvb b jgtgrhcnbjks bspgetks

lurèjceks jg iks sgrvcecks jg ib skecgjbj jg ib cnakrhbecõn, gn pbrtceuibr gi ekhgreck

gigetrõncek gn gi hgrebjk cntgrckr (Jcrgetcvb skdrg gi ekhgreck gigetrõncek).

Ug jgacng ekhk ’prgstbjkr jg sgrvcecks gstbdigecjk’, b bqugi ’prgstbjkr qug glgreg jg

hbngrb gagetcvb unb betcvcjbj geknõhceb b trbvãs jg unb cnstbibecõn gstbdig y pkr un

pgrèkjk jg tcghpk cnjgtgrhcnbjk. Ib prgsgnecb y utciczbecõn jg iks hgjcks tãenceks y jg

ibs tgenkikfèbs utciczbjbs pbrb prgstbr gi sgrvceck nk eknstctuygn gn sè hcshks gi gstbdigechcgntk jgi prgstbjkr jg sgrvcecks‘.

Brtèeuik 4 jg Igy 5:/4??4, jg 22 jg luick, jg sgrvcecks jg ib skecgjbj jg cnakrhbecõn y

jg ekhgreck gigetrõncek.

Brtèeuik 7 jgi Hkjgik jg Eknvgnck jg ib KEJG pbrb gvctbr ib jkdig chpkscecõn.

Brtèeuik 25.2 jgi Tgbi Jgergtk Igfcsibtcvk 7/4??:, jg 7 jg hbrzk, jgi Zgxtk Tgaunjcjk

jg ib Igy jgi Chpugstk skdrg ib Tgntb jg Nk Tgscjgntgs.

Brtèeuik 44.5 jg ib Igy 46/4?2:, jg 4= jg nkvcghdrg, jgi Chpugstk skdrg Ukecgjbjgs.


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Gi eknegptk jg ’gstbdigechcgntk pgrhbngntg‘ (Brtèeuik 25.2 ZTCNTN)<

Wnb pgrsknb aèsceb k gntcjbj kpgrb hgjcbntg G_ gn Gspbòb eubnjk pkr eubiqucgr

tètuik jcspknfb gn ãstg, jg akrhb ekntcnubjb k mbdctubi,

jg cnstbibeckngs k iufbrgs jg trbdblk jg eubiqucgr ènjkig, gn iks qug rgbiceg tkjb k pbrtg

jg su betcvcjbj, k

betüg gn ãi pkr hgjck jg un bfgntg butkrczbjk pbrb ekntrbtbr, gn nkhdrg y pkr eugntb jgi

ekntrcduygntg, qug glgrzb ekn mbdctubicjbj jcemks pkjgrgs.

Gn pbrtceuibr, sg gntgnjgrâ qug eknstctuygn G_ ibs sgjgs jg jcrgeecõn, ibs sueursbigs,

ibs kacecnbs, ibs aâdrcebs, iks tbiigrgs, iks bihbegngs, tcgnjbs u ktrks gstbdigechcgntks,

(…), bsè ekhk ibs kdrbs jg eknstrueecõn, cnstbibecõn k hkntblg euyb jurbecõn gxegjb

jg sgcs hgsgs.

Gi prkdighb jg ib jgacncecõn gs qug gstâ dbsbjk gn un eknegptk jg ekhgreck aèscek

y jg dcgngs hbtgrcbigs, bsè ekhk ib gxcstgnecb jg ekntrbtbecõn jcrgetb y hbnubi.

»Cntbnfcdigs;

»Ekntrbtbecõn gigetrõnceb;


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Ekntrkvgrscb gn ib jgacncecõn<

Ib jgacncecõn jbjb pkr ib nkrhbtcvb cntgrnb (brtèeuik 25 jgi ZTICTNT) jcstb jg ib

nkrhb cntgrnbecknbi jg rgagrgnecb (brtèeuik 7 jgi Hkjgik jg Eknvgnck KEJG), yb qug

ib prchgrb gs hâs bhpicb.

Gi brtèeuik 7 HEKEJG gxeiuyg jg ib nkecõn jg G_ iks egntrks jg ekhprbs, jg bihbegnblg

y jg rgekfcjb jg cnakrhbecõn0

Gi brtèeuik 25 jgi ZTICTNT ekntcgng unb eiâusuib rgscjubi jg G_ jg frbn bhpictuj< ’ iufbr

jg trbdblk jg eubiqucgr ènjkig‘0

Ib icstb jg supugstks jg G_ jgi ZTICTNT tcgng ebrâetgr bdcgrtk y nbturbigzb eknstctutcvb,

gstk gs, ib gnuhgrbecõn gs unb prgsunecõn curcs gt jg curg jg G_ y nk unb prgsunecõn curcs

tbntuh (bjhctg prugdb gn ekntrbrck) ekhk ib qug gstbdigeg gi brtèeuik 7.4 jgi HEKEJG0

Gi ZTICTNT ekntghpib G_ jg tghpkrbjb, gstbecknbigs k jg drgvg jurbecõn.

Gn eubiqucgr ebsk, gn tkjb sctubecõn gn qug sgb bpicebdig un Eknvgnck pbrb gvctbr ib

jkdig chpkscecõn qug ekntgnfb un eknegptk jg G_ jcstcntk bi rgekfcjk gn ib nkrhbtcvb

cntgrnb, prgvbigeg ib nkrhb cntgrnbecknbi sgfün gstbdigeg gi brtèeuik 31 EG.


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Gi eknegptk jg ’gstbdigechcgntk pgrhbngntg‘ gn iks Ekhgntbrcks bi Brtèeuik 7 jgiHkjgik jg Eknvgncks jg Jkdig Chpkscecõn - KEJG<

Wnb pâfcnb wgd (’ecdgrsctck‘, gntgnjcjk ekhk ekhdcnbecõn jg skatwbrg y jbtksgigetrõnceks) nk eknstctuyg pkr sè hcshb un dcgn tbnfcdig y ebrgeg jgi gighgntkaèscek/gstâtcek, nk tcgng unb ikebiczbecõn qug eknstctuyb un "iufbr jg ngfkecks".

Gi sgrvcjkr pugjg eknvgrtcrsg gn G_ jg unb ghprgsb scghprg qug sgb jg su prkpcgjbj(klk sgrvcjkr gxeiuscvk k jgjcebjk vs. sgrvcjkr ekhpbrtcjk).

Ghprgsb qug jgsbrrkiib su ngfkeck b trbvãs jg unb wgd qug jcspkng bjghâs jg unsgrvcjkr (gn prkpcgjbj k gn biqucigr), jknjg bihbegnb y jgsjg jknjg utciczb ib pâfcnb

wgd, gi iufbr jknjg sg udceb gi sgrvcjkr pkjrâ sgr un G_.

Eubnjk unb ghprgsb gxpiktb un gqucpk cnakrhâtcek jgsjg unb jgtgrhcnbjb udcebecõn,pugjg qug sg jã un G_, bunqug gn jcemk iufbr nk sg ngegsctg pgrsknbi pbrb tbi betcvcjbj.

Nk kdstbntg, eubnjk ibs kpgrbeckngs jg ekhgreck gigetrõncek iigvbjbs b ebdk b trbvãs jgun gqucpk cnakrhâtcek ikebiczbjk gn un jgtgrhcnbjk pbès sg ichctgn b betcvcjbjgsprgpbrbtkrcbs k buxcicbrgs, nk gxcstcrâ un G_ scghprg qug tbigs auneckngs nk eknstctuybn gnsè hcshbs unb pbrtg gsgnecbi jg ib betcvcjbj jg ib ghprgsb.

Betcvcjbjgs prgpbrbtkrcbs y buxcicbrgs jg ib jg ekhprbvgntb hgjcbntg Cntgrngt.


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Gi eknegptk jg ’gstbdigechcgntk pgrhbngntg‘ y gi ekhgreck gigetrõncek.

Ugntgnecb jg Bujcgnecb Nbecknbi jg agemb = jg lunck jg 4?27< ’(…) ib jketrcnb

ecgntèaceb vcgng b eknscjgrbr qug unb «wgd sctg°, ekhk ekhdcnbecõn jg un skatwbrg y

jbtks gigetrõnceks, nk gs bifk tbnfcdig y pkr ik tbntk nk pugjg sgr eknscjgrbjk ekhkun iufbr aclk jg ngfkecks. _kr gi ekntrbrck, un sgrvcjkr, gn gi qug ib «wgd sctg° gs

bihbegnbjb y b trbvãs jgi eubi gs beegscdig, gs un gqucpk, y ekhk tbi sè tcgng

prgsgnecb aèsceb, pkr ik qug gi iufbr jknjg sg gneugntrg sctubjk sè pkjrèb eknstctucr un

iufbr jg ngfkecks aclk.‘


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Gi eknegptk jg ’gstbdigechcgntk pgrhbngntg‘ y gi ekhgreck gigetrõncek.

Tgskiuecõn JFZ EQ ?162-21, jg agemb 2= jg agdrgrk jg 4?21< ’ibs betcvcjbjgs jg

ekhgreck b trbvãs jg ib rgj jg Cntgrngt u ktrks hgjcks jg vgntb gigetrõnceks, jgdgn

trcdutbr jg beugrjk ekn ib vgrjbjgrb nbturbigzb jg ib betcvcjbj geknõhceb glgrecjb,jgpgnjcgnjk ãstb jg ibs eknjceckngs qug ekneurrbn gn gi vgnjgjkr y jgi hkjk gn

qug sg rgbiceg ib vgntb. (…) ik qug ebrbetgrczb ib betcvcjbj qug glgregrâ ib eknsuitbntg,

eknscstgntg gn ekhgreck bi pkr hgnkr jg hbtgrcbigs giãetrceks y gigetrõnceks b trbvãs

jg cntgrngt, gs ib gstbdcicjbj y aclgzb jgi iufbr y ib agemb gn qug sg rgbiczb, tkjb vgz qug gi ekhgreck rgbiczbjk b trbvãs jg ib rgj cnakrhâtceb prgecsbrâ, bi hgnks, jg un

gspbeck aèscek ecgrtk jknjg sg cnstbig gi krjgnbjkr ekrrgspknjcgntg pbrb su ekngxcõn

b ib hgnecknbjb rgj y jgsjg gi qug sg rgbiczbrâ ib ectbjb betcvcjbj ekhgrecb i.‘ _kr

tbntk, gxcstg ’gstbdigechcgntk pgrhbngntg‘.


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Ebicacebecõn jg ibs rgntbs b iks gagetks jg su trcdutbecõn cntgrnbecknbi.

Dgngacecks ghprgsbrcbigs (brtèeuik 6 HEKEJG).

Ekn ebrâetgr fgngrbi, iks dgngacecks jg unb ghprgsb jg un Gstbjk ekntrbtbntg skibhgntg

pugjgn skhgtgrsg b chpkscecõn gn gsg Gstbjk, sbivk qug kpgrg gn gi ktrk Gstbjk pkr

hgjck jg un G_.

Eânkngs (brtèeuik 24 HEKEJG).

Iks eânkngs prkegjgntgs jg un Gstbjk ekntrbtbntg y pbfbjks b un rgscjgntg jgi ktrkGstbjk ekntrbtbntg pugjgn skhgtgrsg b chpkscecõn gn gsg ktrk Gstbjk..


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Gn gi ebsk jgi Ekhgreck kaa-icng, ekn ebrâetgr fgngrbi, ibs rgntbs sg ebicacebn, b

gagetks acsebigs, ekhk dgngacecks ghprgsbrcbigs.

Gn gi ebsk jgi Ekhgreck kn-icng, jbjb ib nbturbigzb cntbnfcdig, ekn ebrâetgr fgngrbi,

ibs rgntbs, mbdctubihgntg, tcgngn unb nbturbigzb hcxtb jg dgngacecks ghprgsbrcbigs y

eânkngs<

Bsgskrbhcgntk tãencek, trbnsagrgnecbs jg @nkw ―Mkw, sgrvcecks tãenceks gspgecbiczbjks,

suhcncstrk jg prkjuetks jcfctbiczbjks, jgsebrfb jg prkjuetks jcfctbigs b gagetks jg ib

gxpiktbecõn jg iks jgrgemks jg butkr, skatwbrg jg jurbecõn ichctbjb y ktrbs icegnecbs skdrg

cnakrhbecõn jcfctbi, betubiczbeckngs y bfrgfbjks jgi skatwbrg u ktrk prkjuetk jcfctbi,

prkfrbhbs jg ekhputbecõn u ktrk prkjuetk jcfctbi jg usk üncek, mkstcnf, prkvggjkrgs jg

sgrvcecks jg bpicebecõn (BU_), bihbegnbhcgntk jg jbtks, kdtgnecõn jg jbtks, beegskgigetrõncek b bsgskrbhcgntk prkagscknbi, beegsk b sctcks wgd cntgrbetcvks, gte.


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Ugntgnecb Bujcgnecb Nbecknbi jg agemb 44 jg hbrzk jg 4?24< ebicaceb ekhk eânkngs

iks pbfks pkr iks jgrgemks jg usk jg prkfrbhbs cnakrhâtceks.

Tgskiuecõn JFZ Q?633-21, jg agemb 43 jg agdrgrk jg 4?21. ’Gn ib hgjcjb gn qug iks

pbfks sg rgbicegn gn ekntrbprgstbecõn jg ib utciczbecõn jg un jgrgemk jg butkr skdrg

ib bpicebecõn qug gs bdskiutbhgntg gstânjbr y nk bjbptbjb jg bifün hkjk pbrb gi

bjqucrgntg, nk pkjrân sgr ebicacebjks ekhk eânkngs, scgnjk dgngacecks ghprgsbrcbigs

ekn brrgfik bi brtèeuik 6 jgi Eknvgnck. Bschcshk (…), gn ib hgjcjb gn qug ibakrhbecõn sg ichctg b ib trbnshcscõn jg iks eknkechcgntks y bscstgnecb ngegsbrcb pbrb

ikfrbr gi gagetcvk usk jgi prkjuetk pkr pbrtg jg ib eknsuitbntg, jcemb akrhbecõn nk

jgdgrèb gneubjrbrsg gn gi eknegptk jg egscõn jg ’`nkw-mkw‘ nc bscstgnecb tãenceb,

gxeiuyãnjksg ib ebicacebecõn ekhk eânkngs jg iks pbfks rgbiczbjks gnekntrbprgstbecõn.‘


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NKZB. Tgaigxcõn skdrg iks cnegntcvks acsebigs gn chpkscecõn jcrgetb.

»Eõhk cnvgrtchks;

B tètuik cnjcvcjubi

(pgrsknb aèsceb)

Hgjcbntg Ukecgjbj

(pgrsknb lurèjceb)

Chpugstk skdrg ib Tgntb

jg ib _grsknbs Aèscebs

(CT_A k CTNT).

Chpugstk skdrg

Ukecgjbjgs (CU k CTNT).


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NKZB. Tgaigxcõn skdrg iks cnegntcvks acsebigs gn chpkscecõn jcrgetb.

Gi eceik vcrtuksk<

Cnegntcvks acsebigs gn

sgjg jgi CNQGTUKT

Cnegntcvks acsebigs gnsgjg jg IB UKECGJBJ

Ibs jgjueeckngs y/k

dkncacebeckngs acsebigs

pgrhctgn jcspkngr jghbykr ebpbecjbj

geknõhceb< gs jgecr, sg

abvkrgeg ib cnvgrscõn. Ib kptchczbecõn acsebi jg

ib Ukecgjbj pgrhctgeknsgfucr y kargegr un

hbykr rgtkrnk jg ib

cnvgrscõn (rgntbdcicjbj).


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4. Chpugstk skdrg Ukecgjbjgs

Nugvk rãfchgn jg jgjueeckngs pbrb gvctbr ib jkdig chpkscecõn

Nbturbigzb

rãfchgnTgbi Jgergtk Igfcsibtcvk :/4??:, jg 7 jg hbrzk.

Gxgnecõn- Gxgnecõn pbrb gvctbr ib jkdig chpkscecõn geknõhceb cntgrnbecknbi skdrg Jcvcjgnjks y

piusvbièbs jg augntg gxtrbnlgrb (pbrtcecpbeckngs gn nk rgscjgntgs) (brtèeuik 42).

- Gxgnecõn jg jgtgrhcnbjbs rgntbs kdtgncjbs gn gi gxtrbnlgrk b trbvãs jg G_ (brtèeuik 44).

Jgjueecõn

gn euktb

- Jgjueecõn pbrb gvctbr ib jkdig chpkscecõn cntgrnb skdrg jcvcjgnjks y piusvbièbs jg augntg

cntgrnb (brtèeuik 5?).

- Jgjueecõn pbrb gvctbr ib jkdig chpkscecõn (lurèjceb) cntgrnbecknbi< chpugstk skpkrtbjk pkr gi

sulgtk pbscvk (brtèeuik 52).

- Jgjueecõn pbrb gvctbr ib jkdig chpkscecõn (geknõhceb) cntgrnbecknbi< jcvcjgnjks y

pbrtcecpbeckngs gn dgngacecks (brtèeuik 54).


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Nugvk rãfchgn jg jgjueeckngs pbrb gvctbr ib jkdig chpkscecõn

Nbturbigzb

rãfchgnIgy 46/4?2:, 46 jg nkvcghdrg, jgi Chpugstk skdrg Ukecgjbjgs.

Gxgnecõn- Gxgnecõn pbrb gvctbr ib jkdig chpkscecõn skdrg jcvcjgnjks y piusvbièbs jg gntcjbjgs rgscjgntgs

y nk rgscjgntgs (brtèeuik 42).

- Gxgnecõn jg jgtgrhcnbjbs rgntbs kdtgncjbs gn gi gxtrbnlgrk b trbvãs jg G_ (brtèeuik 44).

Jgjueecõngn euktb

- Jgjueecõn pbrb gvctbr ib jkdig chpkscecõn lurèjceb (cntgrnbecknbi)< chpugstk skpkrtbjk pkr gi

sulgtk pbscvk (brtèeuik 52).

- Jgjueecõn pbrb gvctbr ib jkdig chpkscecõn geknõhceb (cntgrnbecknbi)< jcvcjgnjks y

pbrtcecpbeckngs gn dgngacecks (brtèeuik 54).


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Gi Tãfchgn fgngrbi jg gxgnecõn pbrb gvctbr ib jkdig chpkscecõn (brtèeuik 42 ICU)<

_brtcecpbecõn scfncacebtcvb<

_brtcecpbecõn jcrgetb k cnjcrgetb jg, bi hgnks, gi 7% gn ebpctbi skecbi0 k

_brtcecpbecõn euyk vbikr jg bjqucscecõn sgb supgrckr b 4? hciikngs jg gurks.

Hbntgnchcgntk jg ib pbrtcecpbecõn< bi hgnks, un bòk, jg akrhb cncntgrruhpcjb.

Tgfib gspgecbi pbrb mkijcnfs< sg gxcfcrâ pbrtcecpbecõn cnjcrgetb qug euhpib rgqucsctk

jg pbrtcecpbecõn y hbntgnchcgntk jg pibzk (sbivk eubnjk ib gntcjbj mkijcnf nk

mudcgsg tgncjk jgrgemk b ib bpicebecõn jgi rãfchgn jg gxgnecõn k jg jgjueecõn pkr

jkdig chpkscecõn).

Ib gxgnecõn rgqucgrg kdsgrvbr ib pbrtcecpbecõn y vcneuibr b iks jcvcjgnjks pgrecdcjks.

Ug gxcfg gn tkjk ebsk pbrtcecpbecõn jg bi hgnks jgi 7% jgi ebpctbi skecbi, sbivk qug ibs

cnjcrgetbhgntg pbrtcecpbjbs (b sgfunjk k uitgrckr ncvgi) akrhgn frupk hgrebntci ekn ib

gntcjbj jcrgetbhgntg pbrtcecpbjb y akrhuign gstbjks ekntbdigs eknskicjbjks.


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Gn ebsk jg pbrtcecpbeckngs gn gntcjbjgs nk rgscjgntgs, jgdg gxcstcr unb trcdutbecõn

hènchb< sg gxcfg qug ib pbrtcecpbjb gstã sulgtb b un chpugstk jg nbturbigzb cjãntceb k

bnâikfb bi CU y b un tcpk nkhcnbi jg, bi hgnks, gi 2?%. Ug eknscjgrb euhpicjk gstg rgqucsctk eubnjk ib pbrtcecpbjb rgscjg gn un pbès ekn gi qug

Gspbòb tgnfb suserctk un EJC y ekntgnfb eiâusuib jg cntgrebhdck jg cnakrhbecõn.

Gn gi ebsk jg qug ib gntcjbj pbrtcecpbjb nk rgscjgntg kdtgnfb jcvcjgnjks k bschcibjks y/k

piusvbièbs pkr pbrtcecpbeckngs gn ktrbs gntcjbjgs, sg gxcfg gi hcshk rgqucsctk gn ibsgntcjbjgs cnjcrgetbhgntg pbrtcecpbjbs.

Nk bpiceb gxgnecõn rgspgetk jg bqugiiks jcvcjgnjks k pbrtcecpbeckngs gn dgngacecks euyb

jcstrcduecõn fgngrg un fbstk acsebihgntg jgjuecdig gn ib gntcjbj pbfbjkrb (’mèdrcjks‘).

Tgfuibecõn gspgecbi eubnjk ib pbrtcecpbecõn mudcgsg scjk vbikrbjb eknakrhg ibs

rgfibs jgi rãfchgn acsebi jg kpgrbeckngs jg rggstrueturbecõn ghprgsbrcbi, gs jgecr, sg

mudcgsgn bekfcjk prgvcbhgntg bi jcagrchcgntk jg rgntbs.


19/56



Tgntbs b ibs qug bpiceb<

Jcvcjgnjks k pbrtcecpbeckngs gn dgngacecks, ekn cnjgpgnjgnecb jg ib eknscjgrbecõn

ekntbdig.

Tgtrcdueckngs b prãstbhks pbrtcecpbtcvks ktkrfbjks pkr gntcjbjgs qug akrhgn pbrtg jgi

hcshk frupk hgrebntci, sbivk qug fgngrgn un fbstk acsebihgntg jgjuecdig gn ib pbfbjkrb.

_iusvbièbs kdtgncjbs gn ib trbnshcscõn jg ibs pbrtcecpbeckngs (cneiuscvg gn supugstks jg

icqucjbecõn jg skecgjbj, sgpbrbecõn jg skecks, kpgrbeckngs jg rggstrueturbecõn y egscõn

fikdbi jg betcvks y pbscvks).

― Gi rgqucsctk jg pbrtcecpbecõn y bntcfùgjbj jgdg jbrsg gn gi hkhgntk jg trbnshcscõn.

―

Gi rgqucsctk jg chpugstk hènchk (nk rgscjgntgs), jgdg euhpicrsg gn tkjks y ebjb unkjg iks glgrececks jg tgngnecb jg ib pbrtcecpbecõn.

° Gn ebsk jg qug nk sg euhpicgsg gi rgqucsctk jg trcdutbecõn hènchb, sg bpicebrâ

ib gxgnecõn jg akrhb prkpkrecknbi.


20/56



Tgntbs b ibs qug nk bpiceb<

Tgntbs kdtgncjbs gn gi hbrek jg ekntrbtks jg prãstbhk jg vbikrgs y bschcibjks.

Tgntbs jgrcvbjbs jg ib trbnshcscõn jg ib pbrtcecpbecõn, jcrgetb k cnjcrgetb, gn unb gntcjbj

qug tgnfb ib eknscjgrbecõn jg gntcjbj pbtrchkncbi (brtèeuik 7.4 ICU) y nk sg ekrrgspknjb

ekn iks dgngacecks nk jcstrcducjks fgngrbjks jurbntg gi tcghpk jg tgngnecb.

Tgntbs jgrcvbjbs jg ib trbnshcscõn jg ib pbrtcecpbecõn gn unb BCG gspbòkib k gurkpgb y

nk sg ekrrgspknjb ekn iks dgngacecks nk jcstrcducjks fgngrbjks jurbntg gi tcghpk jg

tgngnecb, bsè ekhk ibs rgntbs kdtgncjbs pkr BCG gspbòkibs y gurkpgbs, y pkr WZG–s,

eubnjk, bi hgnks unk jg sus skecks, tgnfb ib eknjcecõn jg pgrsknb aèsceb.

Tgntbs jcstrcducjbs pkr gi aknjk jg rgfuibecõn püdicek jgi hgrebjk mcpktgebrck.

Tgntbs jg augntg gxtrbnlgrb qug ib gntcjbj cntgfrg gn su dbsg chpkncdig y gn rgibecõn ekn

ibs eubigs sg bpicqug ib JJCC (brtèeuiks 52 y 54 ICU).

Tgntbs jg pbrtcecpbjb rgscjgntg gn pbrbèsk acsebi, sbivk rgscjb gn WG y sg bergjctg qug ib

kpgrbtcvb rgspknjg b hktcvks geknõhceks vâicjks y gxcstg betcvcjbj geknõhceb.


21/56


Gxgnecõn rgntbs kdtgncjbs gn gxtrbnlgrk b trbvãs G_ (brtèeuik 44 ICU)<

Tgntbs kdtgncjbs gn gi gxtrbnlgrk b trbvãs jg un G_ sctubjk augrb jg Gspbòb eubnjkgi hcshk mbyb gstbjk sulgtk y nk gxgntk b un chpugstk jg nbturbigzb cjãntceb kbnâikfb bi CU (ekn un tcpk nkhcnbi jg, bi hgnks, un 2?%).

Tgntbs pksctcvbs< gxgntbs.

Tgntbs ngfbtcvbs< nk sg cntgfrbn gn DC, sbivk gn ebsk jg trbnshcscõn jgi G_ k egsg.

― _kscdcicjbj jg ekhpgnsbecõn jg rgntbs pksctcvbs ekn rgntbs ngfbtcvbs nk chputbjbs

(brtèeuik 52.: ICU).

Tgntbs jgrcvbjbs jg ib trbnshcscõn jg un G_ (k egsg jg G_).

Tgntbs pksctcvbs< gxgntbs.

Tgntbs ngfbtcvbs< sg cntgfrbn gn DC pgrk ekrrgfcjbs ekn gi chpkrtg jg ibs rgntbs pksctcvbsqug sg mbdèbn kdtgncjk ekn bntgrckrcjbj y mbdèbn jbjk jgrgemk b gxgnecõn k JJCC.

_kscdcicjbj jg kpgrbr ekn jks k vbrcks G_ gn un hcshk pbès.

Ichctbeckngs gn rgibecõn b ibs acfurbs jg BCG, WZG–s y eubnjk gi G_ gstã sctubjk gn

un tgrrctkrck ebicacebjk ekhk pbrbèsk acsebi (ekn hbtczbeckngs).


22/56


Jgjueecõn pbrb gvctbr ib jkdig chpkscecõn lurèjceb. Chpugstk skpkrtbjk pkr gi

ekntrcduygntg (brtèeuik 52 ICU)<

Eubnjk gn ib dbsg chpkncdig sg cntgfrgn rgntbs kdtgncjbs y frbvbjbs gn gi

gxtrbnlgrk, sg jgjuecrâ jg ib euktb èntgfrb ib hgnkr jg ibs jks ebntcjbjgs scfucgntgs<

Gi chpkrtg gagetcvk jg ik sbtcsagemk gn gi gxtrbnlgrk pkr rbzõn jg frbvbhgn jg

nbturbigzb cjãntceb k bnâikfb b gstg Chpugstk. Kdvcbhgntg, nk sg jgjuecrân iks

chpugstks nk pbfbjks gn vcrtuj jg gxgnecõn, dkncacebecõn k eubiqucgr ktrk dgngaceck acsebi.

Uc bpicebecõn un EJC, ib jgjueecõn nk pkjrâ gxegjgr jgi chpugstk qug ekrrgspknjbsgfün gi EJC.

Gi chpkrtg ’tgõrcek‘ gn Gspbòb, gi chpkrtg jg ib euktb èntgfrb qug gn Gspbòb

ekrrgspknjgrèb pbfbr pkr ibs rgntbs sc sg mudcgrbn kdtgncjk gn gstg tgrrctkrck.

Gn ib dbsg chpkncdig, sg cntgfrb gi ’chpkrtg drutk‘ jgi rgnjchcgntk (gs jgecr, ib dbsg

jg ib rgntb prgvcb bi chpugstk gxtrbnlgrk). Nk kdstbntg, sgrâ fbstk jgjuecdig ib pbrtg

jgi chpugstk gxtrbnlgrk qug nk sgb kdlgtk jg jgjueecõn gn euktb.


23/56


Jgjueecõn pbrb gvctbr ib jkdig chpkscecõn lurèjceb. Chpugstk skpkrtbjk pkr gi

ekntrcduygntg (brtèeuik 52 ICU)<

Eubnjk gi ekntrcduygntg mbyb kdtgncjk gn gi pgrèkjk chpksctcvk vbrcbs rgntbs jgi

gxtrbnlgrk, ib jgjueecõn sg rgbiczbrâ bfrupbnjk ibs prkegjgntgs jg un hcshk pbèsgxeiucjbs ibs rgntbs jg G_, qug sg ekhputbrân bcsibjbhgntg pkr ebjb unk jg ãstks.

Ibs ebntcjbjgs nk jgjuecjbs (pkr cnsuacecgnecb jg euktb) pkjrân jgjuecrsg gn iks

pgrckjks scfucgntgs.

Jgrgemk jg Bjhcncstrbecõn pbrb ekhprkdbr jgjueeckngs< 2? bòks. Zrbnseurrcjk jcemk

pibzk, gi ekntrcduygntg jgdgrâ bergjctbr jgjueeckngs hgjcbntg gxmcdcecõn jgeibrbecõn

y ib ekntbdcicjbj (ekn egrtcacebecõn jg jgpõsctk gn Tgfcstrk Hgrebntci).


24/56


Jgjueecõn pbrb gvctbr ib jkdig chpkscecõn geknõhceb cntgrnbecknbi (brtèeuik 54 ICU)<

Jcvcjgnjks k pbrtcecpbeckngs gn dgngacecks pbfbjks pkr unb gntcjbj nk rgscjgntg gn

tgrrctkrck gspbòki.

Ibs rgntbs gstbr cneiucjbs gn ib DC.

Tgqucsctks (pbrtcecpbecõn jcrgetb g cnjcrgetb)<

― _brtcecpbecõn scfncacebtcvb.

― Zgngnecb (2 bòk).

Jgjueecõn jgi chpugstk gagetcvbhgntg pbfbjk (pkr ib gntcjbj nk rgscjgntg) rgspgetk

jg iks dgngacecks ekn ebrfk b iks eubigs sg bdknbn iks jcvcjgnjks.

Ièhctg< chpkrtg tgõrcek gn Gspbòb. Gn gstg ebsk, gi gxegsk nk gs fbstk jgjuecdig.

Ichctbeckngs b ib bpicebecõn jg ib jgjueecõn.

Tgfibs gspgecbigs jg rgntbs ngfbtcvbs gn trbnshcscõn jg pbrtcecpbeckngs.

Jgjueecõn gxegsk y jgrgemk jg ekhprkdbecõn Bjhcncstrbecõn.


25/56


’_btgnt-Dkx‘ (brtèeuik 45 ICU y Jcspkscecõn Zrbnsctkrcb 4?ª).

Tgjbeecõn vcfgntg (jgsjg 43 jg sgptcghdrg jg 4?25) mbstb 5? jg lunck jg 4?21.

Tgjbeecõn b pbrtcr 2 jg luick jg 4?21, sgfün Igy :=/4?27, jg 43 jg ketudrg, jg _FG.

Tgntbs b ibs qug bpiceb<

Tgntbs prkegjgntgs jg ib egscõn jgi jgrgemk jg usk k jg gxpiktbecõn jg pbtgntgs,

jcdulks k hkjgiks, pibnks, aõrhuibs k prkegjchcgntks sgergtks (jcsgòks cnjustrcbigs),

jg jgrgemks skdrg cnakrhbeckngs rgibtcvbs b gxpgrcgnecbs cnjustrcbigs, ekhgrecbigs kecgntèacebs (’@nkw-mkw‘)0

Hugstrbrcks tgxtcigs y jcsgòk jg rkpb (JFZ Q?=43/4?22, jg 52 jg hbrzk),

Ugfün Zrcdunbi Uuprghk (gntrg ktrbs, Ugntgnecbs jg 5? jg hbyk y 23 jg jcecghdrg jg

4??4), rgsuitb chprgsecnjcdig jcstcnfucr iks ekntrbtks jg egscõn k icegnecb jg `nkw-mkw

(sbdgr mbegr) jg iks ekntrbtks jg bscstgnecb tãenceb, scgnjk bhdks jks hkjbicjbjgs

jcagrgnecbjbs jgi ekntrbtk jg trbnsagrgnecb jg tgenkikfèb.

Tgntbs jgrcvbjbs jg ib trbnshcscõn jg iks betcvks cntbnfcdigs rgagrcjks, eubnjk jcemb

trbnshcscõn sg rgbiceg gntrg gntcjbjgs qug nk tgnfbn ib eknjcecõn jg vcneuibjbs.


26/56


Tgntbs gxprgsbhgntg gxeiucjbs<

Tgntbs prkegjgntgs jg ib egscõn jgi jgrgemk jg usk k jg gxpiktbecõn, k jg ib

trbnshcscõn, jg hbrebs, kdrbs ictgrbrcbs, brtèstcebs k ecgntèacebs, cneiucjbs ibs pgièeuibs

ecnghbtkfrâacebs. Tgntbs prkegjgntgs jg jgrgemks pgrsknbigs susegptcdigs jg egscõn, ekhk iks

jgrgemks jg chbfgn.

Tgntbs prkegjgntgs jg ib egscõn jgi jgrgemk jg usk k jg gxpiktbecõn jg prkfrbhbs

cnakrhâtceks, gqucpks cnjustrcbigs, ekhgrecbigs k ecgntèaceks, nc jg eubiqucgr ktrk

jgrgemk k betcvk nk cntbnfcdig.

Tgntbs prkegjgntgs jg ibs prgstbeckngs beegskrcbs k gighgntks beegskrcks, sgrvcecks

jg bscstgnecb tãenceb, gte. (Tgskiuecõn JFZ Q?515/4?21 jg 2 jg agdrgrk jg 4?21).


27/56


Gxgnecõn pbrecbi jgi 1?% (vèb rgjueecõn jg ib dbsg chpkncdig) jg ibs rgntbs kdtgncjbs.

Mbstb 5?/?1/4?21, sg bpiceb gxgnecõn jgi 1?% pgrk sg gxcfg qug ib gntcjbj egjgntg

mbyb ergbjk betcvks, bi hgnks, gn un 47% jg su ekstg.

B pbrtcr 2/?6/4?21< Tgjueecõn jgi % rgsuitbntg jg<

1?% * (Ekgacecgntg)

Ekgacecgntg<

― Nuhgrbjkr < fbstks jcrgetbhgntg rgibecknbjks ekn ergbecõn jg betcvks, cneiucjb ibsudekntrbtbecõn b nk vcneuibjks, ekn cnerghgntbjks gn 5?%.

― Jgnkhcnbjkr < fbstks tktbigs jcrgetbhgntg rgibecknbjks ekn ergbecõn y bjqucscecõn jg iks

betcvks, cneiuygnjk sudekntrbtbeckngs.

Gn ncnfün ebsk sg cneiucrân gn gi ekgacecgntg, fbstks acnbnecgrks, bhkrtczbeckngs jg dcgngscnhugdigs y fbstks qug nk gstãn jcrgetbhgntg rgibecknbjks ekn ib ergbecõn jgi betcvk.

Tgntb< gn ebsk jg egscõn, jcagrgnecb pksctcvb gntrg cnfrgsks y iks fbstks jcrgetbhgntg

vcneuibjks (cneiucjb bhkrtczbecõn acsebi jg cntbnfcdigs ekn vcjb ütci jgacncjb y jgjueecõn

acsebi jg iks cntbnfcdigs ekn vcjb ütci cnjgacncjb). Gn ebsk trbnshcscõn, sgfün Ekntbdcicjbj,jknjg iks fbstks jg trbnshcscõn hcnkrbn gi dgngaceck (rgntb) y nk gi vbikr jg trbnshcscõn.


28/56


’_btgnt-Dkx‘. Tgqucsctks.

Rug gi egscknbrck utciceg iks jgrgemks gn unb betcvcjbj geknõhceb y qug gi rgsuitbjk

jg ib utciczbecõn sg hbtgrcbicegn gn dcgngs/sgrvcecks qug sgbn fbstk pbrb ib egjgntg.

Rug gi egscknbrck nk rgscjb gn pbès k tgrrctkrck jg nuib trcdutbecõn k pbrbèsk acsebi.

Jgdg jcagrgnecbrsg ib pbrtg jg egscõn y ibs prgstbeckngs beegskrcbs jg sgrvcecks.

Tgfcstrk ekntbdig jcagrgnecbjk.

Bpicebecõn ekn cnjgpgnjgnecb jg ib betcvbecõn ekntbdig jg iks fbstks skpkrtbjks.

Tgskiuecõn JFZ Q?72?/4?27, jg : jg agdrgrk jg 4?27< ib nk betcvbecõn jg iks fbstks

vcneuibjks b ib ergbecõn jg iks cntbnfcdigs nk bagetbrâ b ib eknscjgrbecõn jg jcemks fbstks

ekhk betcvks cntbnfcdigs, gn ib hgjcjb gn qug euhpibn ib jgacncecõn jg betcvk. Bsè, jgntrk

jgi ekstg jg iks betcvks cntbnfcdigs egjcjks sg cneiucrân iks fbstks jg C+J cneurrcjks pgsgb qug nk acfurgn betcvbjks.


29/56


Tgsgrvb jg ebpctbiczbecõn (brtèeuik 47 ICU)


30/56


Tgsgrvb jg ebpctbiczbecõn (brtèeuik 47 ICU)<

Gi ’cnerghgntk jg aknjks prkpcks‘ vgnjrâ jgtgrhcnbjk pkr ib jcagrgnecb pksctcvb gntrg

iks aknjks prkpcks gxcstgntgs bi ecgrrg y bi cnceck, scn cneiucr iks rgsuitbjks jgi glgrececk.

Bschcshk, ib nkrhb gxeiuyg jgtgrhcnbjbs kpgrbeckngs y rgsgrvbs< Bpkrtbeckngs jg skecks,

Bhpicbeckngs hgjcbntg ebpctbiczbecõn jg erãjctks,

Bhpicbeckngs pkr kpgrbeckngs ekn beeckngs prkpcbs k jg rggstrueturbecõn,

Tgsgrvbs jg ebrâetgr igfbi k gstbtutbrck.

Ktrks (Tgsgrvb jg ncvgibecõn y TCE, rgsgrvbs pkr ghcscõn jg cnstruhgntks acnbnecgrks

ekhpugstks, vbrcbeckngs jg aknjks prkpcks pkr ebhdcks gn tcpks jgi CU, gte.).

Tgjueecõn cnekhpbtcdig ekn ib rgjueecõn gn eknegptk jg abetkr jg bfktbhcgntk.

Gi cneuhpichcgntk jg iks rgqucsctks< rgfuibrczbecõn gn ib jgeibrbecõn jgi pgrckjk gn

qug sg prkjueg gi cneuhpichcgntk jg ibs eubntèbs cnjgdcjbhgntg rgjuecjbs luntk ekn

iks cntgrgsgs jg jghkrb (brtèeuik 247.5 ICU).


31/56


Tgsgrvb jg ncvgibecõn (brtèeuik 2?7 ICU)


32/56


Tgsgrvb jg ncvgibecõn (brtèeuik 2?7 ICU)<

Nk sg gntgnjgrâ jcspugstb ib rgsgrvb (g cneuhpicjb ib eknjcecõn)<

Gn ebsk jg sgpbrbecõn jgi skeck/beeckncstb.

Gichcnbecõn jg ib rgsgrvb gn ebsk jg unb kpgrbecõn jg rggstrueturbecõn.

Bpicebecõn jg ib rgsgrvb pkr kdicfbecõn igfbi.

Ibs ebntcjbjgs jgstcnbjbs b gstb rgsgrvb ekntbdig nk pkjrân bpicebrsg bi euhpichcgntk jg

ib rgsgrvb jg ebpctbiczbecõn (nc jg ibs TCE). Bschcshk, tbhpkek ekhputbn ekhk aknjksprkpcks pbrb jgtgrhcnbr ib rgsgrvb jg ebpctbiczbecõn.

Gi cneuhpichcgntk chpicebrâ gn ib euktb èntgfrb jgi pgrckjk jg cneuhpichcgntk, ib euktb

èntgfrb jg ibs ebntcjbjgs qug mbn scjk kdlgtk jg hcnkrbecõn (cnerghgntbjbs gn un

7%), bjghâs jg iks cntgrgsgs jg jghkrb.


33/56


Tgsgrvb jg ebpctbiczbecõn (brtèeuik 47 ICU) y Tgsgrvb jg ncvgibecõn (brtèeuik 2?7 ICU)<

»Euânjk jgdgn jktbrsg;. Tgskiuecõn JFZ Q:246/4?27, jg agemb 44 jg jcecghdrg<

Eknscjgrbhks pgrckjk chpksctcvk 4?27 ekn agemb jg ecgrrg jg glgrececk b 52 jg jcecghdrg.

Tgsgrvb jg ebpctbiczbecõn<

― _grckjk jg kdsgrvbecõn jg Aknjks _rkpcks< A_(52-24-4?27) ― A_(2-2-4?27)

― _ibzk pbrb jktbr ib Tgsgrvb< mbstb gi 5? jg lunck jg 4?21 (pibzk jg bprkdbecõn pkr

Luntb Fgngrbi jg ibs Eugntbs Bnubigs). Nk gs ngegsbrck qug acfurg gn dbibneg jgakrhb sgpbrbjb y ekn tètuik bprkpcbjk b 52 jg jcecghdrg jg 4?27.

° Gi pibzk jg cnjcspkncdcicjbj (7 bòks) ekhputb jgsjg 52 jg jcecghdrg jg 4?27.

― Gi chpkrtg jg ib Tgsgrvb rgjuecrâ ib DC4?27 (jgeibrbecõn hkjgik 4?? gn Luick 4?21).

Tgsgrvb jg ncvgibecõn<

― Jgdg jktbrsg ekn ebrfk b iks rgsuitbjks pksctcvks jgi glgrececk gn qug sg rgbiceg ib

hcnkrbecõn jg ib dbsg chpkncdig, pkr tbntk, ’eubnjk ib Luntb Fgngrbi rgsugivb skdrg

ib bpicebecõn jgi rgsuitbjk jgi glgrececk 4?27 ‘.


34/56

Zcpks chpksctcvks.

(*) Gntcjbjgs jg nugvb ergbecõn (hkjcacebecõn cntrkjuecjb pkr Tgbi Jgergtk-Igy :/4?25, jg 44 jg agdrgrk y

mky rgfuibjb gn brtèeuik 43.2 jg ICU)< tcpk bpicebdig gn iks jks prchgrks glgrececks qug ib skecgjbj kdtgnfb

dgngacecks scghprg qug sgb jg nugvb ergbecõn (gn pbrtceuibr, nk bpiceb sc sg ’bpkrtb‘ ngfkeck jg pgrsknb

aèsceb b skecgjbj), jgsbrrkiig betcvcjbj geknõhceb y nk sgb pbtrchkncbi.

Bpicebdig bi prchgr pgrckjk chpksctcvk gn ib DC sgb pksctcvb y bi pgrckjk chpksctcvk scfucgntg (ekn cnjgpgnjgnecb +/-)

(**) Gntcjbjgs ekn ecarb jg ngfkecks cnagrckr b 7 hciikngs jg gurks y pibntciib hgjcb cnagrckr b 47 pgrsknbs,

scghprg y eubnjk erggn k hbntgnfbn ghpigk (pibntciib ibdkrbi hgjcb). Qgr Jcspkscecõn Bjcecknbi Jukjãechb

jgi ZTICU (gn ib nugvb ICU yb nk sg ekntghpib gstb hkjbicjbj).


Gntcjbj 4?2: 4?27 4?21

Zcpk chpksctcvk fgngrbi 5?% 4=% 47%

Gntcjbjgs jg nugvb ergbecõn (*) Mbstb 5??.???₩ < 27%

Tgstk< 4?%27% 27%

Hcerkpyhgs (**) Mbstb 5??.???₩ < 4?%

Tgstk< 47%47% 47%

Ghprgsbs jg rgjuecjb jchgnscõn (_yhgs) Mbstb 5??.???₩ < 47%Tgstk< 5?%

Mbstb 5??.???₩ < 47%Tgstk< 4=%

47%


35/56


Jgjueeckngs jg C+J+c (brtèeuik 57 ICU).

EknegptkJgjueecõn

gn euktb

Cnvgstcfbecõn (C)

y/k Jgsbrrkiik (J)

(*)

_kregntblgsfgngrbigs

Ekn ebrâetgr fgngrbi 47%

Gxegsk skdrg ib hgjcb jg iks 4 bòks bntgrckrgs :4%

_kregntblgs

gspgecbigs ybjcecknbigs

Fbstks jg pgrsknbi ekrrgspknjcgntgs b cnvgstcfbjkrgs

eubicacebjks bjserctks gn gxeiuscvb b C+J26%

Cnvgrsckngs gn cnhkvciczbjk hbtgrcbi g cntbnfcdig bagetkgn gxeiuscvb bi jgsbrrkiik jg betcvcjbjgs jg C+J (sbivk

dcgngs cnhugdigs)

=%

Cnnkvbecõn tgenkiõfceb (c) 24%

Tgtks fikdbigs y gsgnecbigs gn hbtgrcb jg eknkechcgntk y tgenkikfèb. C+J

Tgtks sudlgtcvks y gsgnecbigs gn hbtgrcb jg eknkechcgntk y tgenkikfèb. c

Nk mby rgtks tgenkiõfceks Nk jgjueecõn


36/56



Gi eknegptk jg Cnvgstcfbecõn (C) y Jgsbrrkiik (J)<

Cnvgstcfbecõn (C) b ib cnjbfbecõn krcfcnbi pibncacebjb qug pgrscfb jgseudrcr nugvks

eknkechcgntks y unb supgrckr ekhprgnscõn gn gi âhdctk ecgntèacek y tgenkiõfcek,

Jgsbrrkiik (J) b ib bpicebecõn jg iks rgsuitbjks jg ib cnvgstcfbecõn k jg eubiqucgr ktrk tcpk

jg eknkechcgntk ecgntèacek pbrb ib abdrcebecõn jg nugvks hbtgrcbigs k prkjuetks k pbrb gi

jcsgòk jg nugvks prkegsks k scstghbs jg prkjueecõn, bsè ekhk pbrb ib hglkrb

tgenkiõfceb sustbnecbi jg hbtgrcbigs, prkjuetks, prkegsks k scstghbs prggxcstgntgs.


37/56



Ug eknscjgrb, cfubihgntg ekhk C+J<

Gi jcsgòk y gibdkrbecõn jg hugstrbrck pbrb gi ibnzbhcgntk jg nugvks prkjuetks.

Ib hbtgrcbiczbecõn jg iks nugvks prkjuetks k prkegsks gn un pibnk, gsqughb k jcsgòk.

Ib ergbecõn jg un prchgr prktktcpk nk ekhgrecbiczbdig.

Iks prkygetks jg jghkstrbecõn cncecbi k prkygetks pciktk, scghprg qug iks hcshks nk pugjbn eknvgrtcrsg k

utciczbrsg pbrb bpicebeckngs cnjustrcbigs k pbrb su gxpiktbecõn ekhgrecbi y tcgngn ekhk kdlgtcvk ib

gvbiubecõn jg iks rgsuitbjks biebnzbjks mbstb gsg hkhgntk, jg ebrb b vbicjbr ibs mcpõtgscs jgaunecknbhcgntk gstbdigecjbs.

Ib eknegpecõn jg skatwbrg bvbnzbjk< ergbecõn, ekhdcnbecõn y eknacfurbecõn jg skatwbrg bvbnzbjk,

hgjcbntg nugvks tgkrghbs y bifkrcthks k scstghbs kpgrbtcvks, ignfublgs, cntgrabegs y bpicebeckngs

jgstcnbjks b ib gibdkrbecõn jg prkjuetks, prkegsks k sgrvcecks nugvks k hglkrbjks sustbnecbihgntg. Ug

bschcibrâ b gstg eknegptk gi skatwbrg jgstcnbjk b abecictbr gi beegsk b iks sgrvcecks jg ib skecgjbj jg ib

cnakrhbecõn b ibs pgrsknbs ekn jcsebpbecjbj, eubnjk sg rgbiceg scn ânchk jg iuerk.

Nk sg cneiuygn ibs betcvcjbjgs mbdctubigs k rutcnbrcbs rgibecknbjbs ekn gi hbntgnchcgntk jgi skatwbrg

k sus betubiczbeckngs hgnkrgs (sgfün gi Hbnubi jg Arbsebtc, sg gxeiuyg hbntgnchcgntk jg scstghbs,

bjbptbecõn, eknvgrscõn/trbjueecõn jg ignfublgs gxcstgntgs, bjcecõn jg auneckngs bi usubrck, gte.)


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Cnnkvbecõn Zgenkiõfceb (c)< bvbneg tgenkiõfcek gn ib kdtgnecõn jg nugvks prkjuetks

k prkegsks jg prkjueecõn k hglkrbs sustbnecbigs jg iks yb gxcstgntgs.

Betcvcjbjgs jg jcbfnõstcek tgenkiõfcek tgnjgntgs b ib cjgntcacebecõn, ib jgacncecõn y ib krcgntbecõn jgskiueckngs tgenkiõfcebs bvbnzbjbs.

Jcsgòk cnjustrcbi g cnfgncgrèb jg prkegsks jg prkjueecõn.

Bjqucscecõn jg tgenkikfèb bvbnzbjb gn akrhb jg pbtgntgs, icegnecbs, "`nkw-mkw" y jcsgòks.

Kdtgnecõn jgi egrtcacebjk jg euhpichcgntk jg ibs nkrhbs jg bsgfurbhcgntk jg ib ebicjbj jg ib sgrcg

CUK 3???, FH_ k schcibrgs (scn cneiucr chpibntbecõn jg jcembs nkrhbs).

Ib hbtgrcbiczbecõn jg iks nugvks prkjuetks k prkegsks gn un pibnk, gsqughb k jcsgòk, ib ergbecõn jg

un prchgr prktktcpk nk ekhgrecbiczbdig, iks prkygetks jg jghkstrbecõn cncecbi k prkygetks pciktk y iks

hugstrbrcks tgxtcigs, jg ib cnjustrcb jgi ebizbjk, jgi eurtcjk, jg ib hbrrkqucngrèb, jgi lufugtg, jgihugdig y jg ib hbjgrb, scghprg qug nk pugjbn eknvgrtcrsg k utciczbrsg pbrb bpicebeckngs cnjustrcbigs

k pbrb su gxpiktbecõn ekhgrecbi .

Betcvcjbjgs jg prkygetks jg jghkstrbecõn cncecbi k prkygetks pciktk rgibecknbjks ekn ib bnchbecõn y

iks vcjgklugfks.


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Dbsg jg jgjueecõn<

Fbstks rgbiczbjks pkr gi sulgtk pbscvk, cneiucjbs ibs bhkrtczbeckngs jg iks dcgngs bagetks

b ibs ectbjbs betcvcjbjgs, gn eubntk gstãn jcrgetbhgntg rgibecknbjks ekn ibs betcvcjbjgsjg C+J y sg bpicqugn gagetcvbhgntg b ib rgbiczbecõn jg ãstbs.

― Ib dbsg jg jgjueecõn skn iks fbstks cneurrcjks, ekn cnjgpgnjgnecb jg su betcvbecõn ekntbdig k

su chputbecõn jcrgetb b ib Eugntb jg Tgsuitbjks.

― Ug cneiuygn gxprgsbhgntg ibs cnvgrsckngs gn gighgntks jg cnhkvciczbjk hbtgrcbi g cntbnfcdig,gxeiucjks iks tgrrgnks y gjcacecks.

Iks fbstks jgdgn eknstbr gspgeèacebhgntg cnjcvcjubiczbjks pkr prkygetks.

Iks fbstks jgdgn ekrrgspknjgr b betcvcjbjgs gagetubjbs gn Gspbòb k gn eubiqucgr

Gstbjk hcghdrk jg ib Wncõn Gurkpgb (WG) k jgi Gspbeck Geknõhcek Gurkpgk (GGG).Bschcshk tcgngn ib eknscjgrbecõn jg fbstks jg C+J ibs ebntcjbjgs pbfbjbs pbrb ib

rgbiczbecõn jg jcembs betcvcjbjgs gn Gspbòb k gn eubiqucgr Gstbjk hcghdrk jg ib WG k

jgi GGG, pkr gnebrfk jgi sulgtk pbscvk, cnjcvcjubihgntg k gn ekibdkrbecõn ekn ktrbs

gntcjbjgs.


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Jgjueeckngs jg C+J+c. Nkvgjbjgs.

Gn rgibecõn ekn ib dbsg jg ib jgjueecõn, ãstb sg hcnkrbrâ pkr gi chpkrtg tktbi jg ibs

sudvgneckngs rgecdcjbs g chputbdigs ekhk cnfrgsk gn gi glgrececk (bntgs, ib ectbjb

dbsg sg rgjueèb sõik gn gi 17% jg ibs sudvgneckngs). _kscdcicjbj jg ’hkngtczbr‘ jgjueecõn C+J+c (hkjcacebecõn cntrkjuecjb pkr ib Igy

2:/4?25, jg 46 jg sgptcghdrg y rgfuibjb betubihgntg gn brtèeuik 53.4 jg ib Igy

46/4?2:).


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Tãfchgn acsebi gspgecbi jg Gntcjbjgs jg Ebpctbi Tcgsfk.

Ebpètuik CQ jgi Zètuik QCC jg ib Igy jgi Chpugstk skdrg Ukecgjbjgs.

Gntcjbjgs jg ebpctbi-rcgsfk rgfuibjbs pkr ib Igy 44/4?2:, jg 24 jg nkvcghdrg<

Ukecgjbjgs jg Ebpctbi-Tcgsfk (UET). Ebpctbi hènchk 2.4??.???₩

Aknjks jg Ebpctbi-Tcgsfk (AET). Ebpctbi hènchk 2.17?.???₩

Kdlgtk skecbi< tkhb jg pbrtcecpbeckngs tghpkrbigs gn gi ebpctbi jg ghprgsbs nk acnbnecgrbs y

jg nbturbigzb nk cnhkdcicbrcb qug, gn gi hkhgntk jg ib tkhb jg pbrtcecpbecõn nk ektcegn gnhgrebjks kacecbigs.

Jgdg jcagrgnecbrsg<

Cnvgrsckngs rgbiczbjbs jgntrk jg iks ekgacecgntgs kdicfbtkrcks. Tãfchgn gspgecbi CU.

Cnvgrsckngs bekfcjbs b iks ekgacecgntgs jg icdrg jcspkscecõn. Tãfchgn krjcnbrck CU.


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Jcvcjgnjks<

Gxgnecõn pkr jkdig chpkscecõn ekn cnjgpgnjgnecb jgi pgrckjk jg tgngnecb y gi pkregntblg

jg pbrtcecpbecõn.

_iusvbièbs<

Gxgnecõn jgi 33% gn ebsk jg trbnshcscõn jg pbrtcecpbeckngs jg gntrg 4 y 27 bòks jg

bntcfùgjbj.

― Nk bpiceb jcemb gxgnecõn eubnjk ib bjqucrgntg k ib trbnshctgntg jg iks vbikrgs gstã

vcneuibjb ekn ib UET/AET k eubnjk sg trbtg jg un rgscjgntg gn pbrbèsk acsebi.

― Nk bpiceb sc ib pbrtcecpbjb gstâ eknstctucjb gn hâs jg un 7?% pkr cnhugdigs y nk

gstãn bagetks b unb betcvcjbj geknõhceb jg akrhb cncntgrruhpcjb jurbntg gi pgrckjkjg tgngnecb.

― Gn ebsk jg qug ib pbrtcecpbjb skdrgvgnfb ektczbjb, jgdg vgnjgrsg pbrtcecpbecõn gn

pibzk 5 bòks.

4 C t d U c j j


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Zrcdutbecõn gn gi skeck jg ib UET/AET<

_grsknb aèsceb< nk gxcstg jcstcnecõn bifunb rgspgetk eubiqucgr ktrb gntcjbj.

_grsknb lurèjceb<

― Iks jcvcjgnjks y piusvbièbs gstbrân gxgntks ekn cnjgpgnjgnecb jgi pgrckjk jg

tgngnecb y gi pkregntblg jg pbrtcecpbecõn.

Tgskiuecõn JFZ Q4631-27. Ib cnvgrscõn gn UET/AET b trbvãs jg unb skecgjbjcntgrhgjcb nk chpgjcrâ qug sg bpicqug ib gxgnecõn jgi brtèeuik 42 jg ib Igy jgi CU,

scghprg y eubnjk sg tgnfb hâs jgi 7% jg ib skecgjbj cntgrhgjcb, y sg gntcgnjk

euhpicjk gi rgqucsctk jg pbrtcecpbecõn cnjcrgetk gxcfcjk.

5 C t d i T t j i _ Aè c


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5. Chpugstk skdrg ib Tgntb jg ibs _grsknbs Aèscebs

Jgjueecõn gn euktb jgi CT_A pbrb cnvgrskrgs gn ghprgsbs jg nugvb k rgecgntg ergbecõn.

Qgrscõn Gstbtbi. Brtèeuik 1=.2 jg ib Igy jgi CT_A.

4?% jg ebntcjbjgs sbtcsagembs k bpkrtbjbs, ekn unb dbsg hâxchb jg 7?.???₩.

Bpkrtbeckngs bi ebpctbi y ibs ’bpkrtbeckngs jg iks eknkechcgntks ghprgsbrcbigs k prkagscknbigs bjgeubjks pbrb gi jgsbrrkiik jg ib gntcjbj gn iks tãrhcnks qug gstbdigzebn

gi beugrjk jg cnvgrscõn gntrg gi ekntrcduygntg y ib gntcjbj ‘.

― Tgskiuecõn JFZ Q2?27/4?21 jg agemb 2: jg hbrzk< Ib dbsg jg ib jgjueecõn gstbrâ

akrhbjb pkr gi vbikr jg bjqucscecõn jg ibs beeckngs k pbrtcecpbeckngs suserctbs, gieubi cneiucrâ gi chpkrtg jg ib prchb jg ghcscõn sbtcsagemk

Cnekhpbtcdcicjbj ekn jgjueeckngs butknõhcebs y rgstrceeckngs gn ebsk jg bpicebecõn jg ib

gxgnecõn pkr trbnshcscõn jg beeckngs k pbrtcecpbeckngs gn stbrt-ups.

5 C t d i T t j i _ Aè c


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Tgqucsctks jg ib gntcjbj euybs beeckngs k pbrtcecpbeckngs sg bjqucgrbn<

Akrhb lurèjceb< UB, UI, UBI k UII y nk ektczbjb.

Glgrececk betcvcjbj geknõhceb (nk pugjg tgngr pkr betcvcjbj ib fgstcõn jg un pbtrchknck

hkdcicbrck k cnhkdcicbrck eknakrhg gi brtèeuik :.=.Jks jg ib Igy 23/2332 jgi Chpugstk skdrg

gi _btrchknck, gn ncnfunk jg iks pgrckjks chpksctcvks ekneiucjks bntgs jg ib trbnshcscõn

jg ib pbrtcecpbecõn) Aknjks prkpcks cnagrckrgs b :??.??? Gurks bi cnceck jgi pgrckjk chpksctcvk gn qug sg

gagetüg ib cnvgrscõn. Gn gi ebsk jg qug ib gntcjbj akrhg pbrtg jg un frupk jg skecgjbjgs,

gi chpkrtg sg rgagrcrâ bi eknluntk jg gntcjbjgs.

Bjqucscecõn jgntrk jg iks 5 bòks scfucgntgs b ib eknstctuecõn.

Kdtgngr egrtcacebecõn gxpgjcjb pkr ib gntcjbj pbrtcecpbjb cnjcebnjk gi euhpichcgntk jg

iks rgqucsctks gn gi pgrèkjk chpksctcvk gn gi qug sg prkjueg bjqucscecõn.

Ib skecgjbj jgdgrâ prgsgntbr Hkjgik 217 jg jgeibrbecõn.

5 Chpugstk skdrg ib Tgntb jg ibs _grsknbs Aèscebs


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Eknjceckngs b euhpicr<

Ibs beeckngs k pbrtcecpbeckngs gn ib gntcjbj jgdgrân bjqucrcrsg, dcgn gn gi hkhgntk jg ibeknstctuecõn jg bquãiib k hgjcbntg bhpicbecõn jg ebpctbi jgntrk jg iks 5 bòks scfucgntgs b

ib eknstctuecõn jg ib Ukecgjbj.

Hbntgngr ib pbrtcecpbeckngs pkr un pibzk supgrckr b 5 bòks g cnagrckr b 24 bòks.

Ib pbrtcecpbecõn abhcicbr (jgi ekntrcduygntg y sus abhcicbrgs mbstb gi sgfunjk frbjk) nkpugjg supgrbr, ’jurbntg ncnfün jèb‘ jgi pgrckjk jg tgngnecb, supgrckr bi :?%.

Rug ib betcvcjbj nk sg glgrecgsg bntgrckrhgntg hgjcbntg ktrb tctuibrcjbj.

Ekkrjcnbecõn ekn gi hgebncshk jg gxgnecõn jg ibs fbnbnecbs pbtrchkncbigs (brtèeuik5=.4 ICT_A).



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Jgjueecõn gn euktb jgi CT_A pbrb cnvgrskrgs gn ghprgsbs jg nugvb k rgecgntg ergbecõn

― Qgrscõn EEBB. Gn Ebtbiuòb, brtèeuik 4? jg ib Iigc 41/4??3, jg 45 jg jcecghdrg.

5?% jg ebntcjbjgs sbtcsagembs k bpkrtbjbs, ekn unb dbsg hâxchb jg 4?.???₩.

Gn ebsk jg jgeibrbecõn eknluntb, gstg ièhctg sg bpiceb b ebjb unk jg iks ekntrcduygntgs.

Ib jgjueecõn sgrâ jgi 7?%, ekn unb dbsg hâxchb jg 4:.???₩, gn gi ebsk jg skecgjbjgs

ergbjbs k pbrtcecpbjbs pkr uncvgrscjbjgs k egntrks jg cnvgstcfbecõn.

_brtcecpbecõn jcrgetb k cnjcrgetb, luntk abhcicbrgs (5¼ frbjk) nk jgdg supgrbr 57%.

Gi ekntrcduygntg pugjg akrhbr pbrtg jgi õrfbnk jg bjhcncstrbecõn, pgrk nk iigvbr b

ebdk auneckngs glgeutcvbs, pbrtcecpbr gn jcrgeecõn nc tgngr rgibecõn ibdkrbi.

Akrhbiczbecõn jg iks beugrjks gn gsercturb püdiceb.

Hbntgnchcgntk cnvgrscõn, bi hgnks, 5 bòks.



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Jgjueecõn gn euktb jgi CT_A pbrb cnvgrskrgs gn ghprgsbs jg nugvb k rgecgntg ergbecõn

― Qgrscõn EEBB. Ebtbiuòb.

Tgqucsctks jg ib gntcjbj euybs beeckngs k pbrtcecpbeckngs sg bjqucgrbn<

Akrhb lurèjceb< UB, UI, UBI k UII.

Nk ektczbjb y mbdgrsg eknstctucjk jgntrk jg iks trgs bòks bntgrckrgs.

Jkhcecick skecbi y acsebi gn Ebtbiuòb.

Glgrececk betcvcjbj geknõhceb. Nk pugjg tgngr pkr betcvcjbj ib fgstcõn jg un pbtrchknck

hkdcicbrck k cnhkdcicbrck eknakrhg gi brtèeuik :.=.Jks jg ib Igy 23/2332 jgi C_.

Bi hgnks, jgdg tgngr 2 pgrsknb ekntrbtbjb ibdkrbihgntg y b lkrnbjb ekhpigtb gn gi

Tãfchgn Fgngrbi jg ib Ugfurcjbj Ukecbi.

Qkiuhgn jg abeturbecõn cnagrckr b 2.???.??? Gurks.

Iks rgqucsctks jg jkhcecick, betcvcjbj geknõhceb y pgrsknbi hènchk jgdgn euhpicrsg,

bi hgnks, jurbntg iks 5 bòks scfucgntgs b ib bjqucscecõn jg ib pbrtcecpbecõn.



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Glghpik bpicebecõn jgjueecõn gn euktb jgi CT_A pbrb cnvgrskrgs gn ghprgsbs jg nugvb k

rgecgntg ergbecõn.

Chpkrtg cnvgrscõn :7.??? ₩ 6?.??? ₩ 2??.??? ₩

Jgjueecõn CT_A

(Igy 57/4??1)

4?% jg (:7.???₩ -

4?.???₩) 8 7.???₩

4?% jg (6?.???₩ -

4?.???₩) 8 2?.???₩

4?% jg (2??.???₩ -

4?.???₩) 8 2?.???₩(*) ièhctg 7?.???₩

Jgjueecõn CT_A

(Iigc 41/4??3)

5?% jg 4?.???₩ 8

1.??? ₩

5?% jg 4?.???₩ 8

1.??? ₩

5?% jg 4?.???₩ 8

1.??? ₩

Zktbi jgjueecõn 22.??? ₩ 21.??? ₩ 21.??? ₩

% jgjueecõn CT_A

skdrg cnvgrscõn4:,::% 44,=1% 21,??%



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Gxgnecõn jg ibs rgntbs pkr trbnshcscõn jg ibs pbrtcecpbeckngs jg ghprgsbs jg

nugvb ergbecõn (brtèeuik 5=.4 jg ib Igy jgi CT_A).

Ug gxeiuyg jg frbvbhgn jg CT_A ibs fbnbnecbs pbtrchkncbigs qug sg kdtgnfbn jg ib

trbnshcscõn jg ibs beeckngs k pbrtcecpbeckngs pkr ibs qug sg mudcgrb prbetcebjk ib

jgjueecõn jgi brtèeuik 1=.2 jg ib Igy 57/4??1.

Ib pbrtg jg ib cnvgrscõn qug ekhputg pbrb ib jgjueecõn butknõhceb nk jbrèb jgrgemk b ib

hgnecknbjb rgcnvgrscõn.

Kdicfbecõn jg rgcnvgrscõn jgi prkjuetk gn nugvbs stbrt-ups.

_rkegjg gxgnecõn pbrecbi gn ebsk jg rgcnvgrscõn pbrecbi.

Ichctbeckngs gn ebsk jg ekhprbvgntb jg vbikrgs mkhkfãngks jurbntg gi bòk bntgrckr

k pkstgrckr, bsè ekhk gn ebsk jg vgntb b abvkr jg abhcicbr k ekn skecgjbj vcneuibjb.



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’Gxct-Zbx‘ (brtèeuik 37.dcs jg ib Igy jgi CT_A).

Chpugstk bpicebdig gn iks supugstks jg pãrjcjb jg rgscjgnecb acsebi gn tgrrctkrck

gspbòki. Ug bpicebrâ b bqugiiks qug jglgn jg sgr ekntrcduygntgs gn Gspbòb pkr

ebhdck jg rgscjgnecb scghprg qug, mudcgsgn tgncjk gstb eknjcecõn, bi hgnks, gn 2?

jg iks 27 pgrckjks chpksctcvks bntgrckrgs eubnjk sg euhpib<

Rug gi vbikr jg hgrebjk jg ibs beeckngs k pbrtcecpbeckngs jg tctuibrcjbj jg ib pgrsknb

gxegjbn jg :.???.???₩0 k,

Rug, gi vbikr jg hgrebjk jg bqugiibs beeckngs k pbrtcecpbeckngs gn qug tgnfb unpkregntblg jg tctuibrcjbj supgrckr bi 47% gxegjbn jg 2.???.???₩.

Jgdgrâ cntgfrbr gn ib rgntb jgi bmkrrk jgi üitchk pgrckjk chpksctcvk gn qug jgeibrg

ekhk rgscjgntg, ibs fbnbnecbs pbtrchkncbigs jgvgnfbjbs jgsjg ib agemb jg

bjqucscecõn, bunqug ibs piusvbièbs nk sg mbybn hbtgrcbiczbjk y sgbn ibtgntgs (k sgb,scn hgjcbr trbnshcscõn).



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_brb gi eõhputk jg ib fbnbnecb sg tkhb gi vbikr jg hgrebjk jg ibs beeckngs k

pbrtcecpbeckngs gn ib agemb jg jgvgnfk (52/24) jg ib üitchb jgeibrbecõn jgi CT_A.

Qbikrgs ektczbjks< ektczbecõn.

Qbikrgs nk ektczbjks< sbivk prugdb jg un vbikr jg hgrebjk jcstcntk, gi hbykr jg,

― _btrchknck ngtk rgsuitbntg jgi dbibneg ekrrgspknjcgntg bi üitchk glgrececk egrrbjk

bntgs jg ib agemb jg jgvgnfk jgi Chpugstk.

― Gi rgsuitbntg jg ebpctbiczbr, bi tcpk jgi 4?%, gi prkhgjck jg iks rgsuitbjks jg iks 5

glgrececks skecbigs egrrbjks ekn bntgrckrcjbj b ib agemb jg jgvgnfk jgi CT_A. B gstks

gagetks, sg ekhputbn ekhk dgngacecks, iks jcvcjgnjks jcstrcducjks y ibs bscfnbeckngs

b rgsgrvbs.

Beeckngs y pbrtcecpbeckngs gn CCE, vbikr icqucjbtcvk b ib agemb jg jgvgnfk jgi CT_A y, gn su

jgagetk, vbikr jgi pbtrchknck ngtk qug ekrrgspknjb b ibs beeckngs k pbrtcecpbeckngs

rgsuitbntg jgi dbibneg ekrrgspknjcgntg bi üitchk glgrececk egrrbjk ekn bntgrckrcjbj b ib

ectbjb agemb jg jgvgnfk, sbivk prugdb jg un vbikr jg hgrebjk jcstcntk.



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_kscdcicjbj jg skicectbr bpibzbhcgntk jg pbfk (ekn jgvgnfk jg cntgrgsgs y, gn su ebsk,

eknstctuecõn jg fbrbntèbs), gn ebsk jg jgspibzbhcgntk ibdkrbi (b tgrrctkrck nk

jgeibrbjk pbrbèsk acsebi), k pkr eubiqucgr ktrk hktcvk (b un pbès qug tgnfb EJC suserctk

ekn Gspbòb).

_ibzk hâxchk jg 7 bòks (mbstb 2? bòks, gn ebsk jg jgspibzbhcgntks ibdkrbigs).

Gn ebsk jg rgtkrnbr gn gi pibzk jg 7 bòks (jgntrk jgi pibzk jg iks 7 glgrececks scfucgntgs

bi üitchk gn qug aug rgscjgntg acsebi), pkjrâ pgjcr jgvkiuecõn (sc cnfrgsõ) k qug sg gxtcnfbib jgujb jgvgnfbjb (sc skicectõ bpibzbhcgntk).

• Ib skicectuj jg rgetcacebecõn pkjrâ prgsgntbrsg b pbrtcr jg ib acnbiczbecõn jgi pibzk jg jgeibrbecõn

ekrrgspknjcgntg bi prchgr pgrèkjk chpksctcvk qug jgdb jgeibrbrsg pkr CT_A, gstk gs, b pbrtcr jgi

5? jg lunck jgi bòk scfucgntg bi glgrececk gn qug vkivcõ b bjqucrcr rgscjgnecb acsebi gn Gspbòb.

• Zrbnseurrcjk gi pibzk jg iks 7 bòks, ib fbnbnecb pbtrchkncbi jgvcgng acrhg (Tgskiuecõn JFZ

Q47?1/4?27, jg agemb 7 jg bfkstk).



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5 pugstk skd g b g tb jg bs g sk bs s ebs

’Gxct-Zbx‘ (brtèeuik 37.dcs ICT_A).

Uc gi trbsibjk sg prkjueg b ktrk Gstbjk jg ib WG k jgi Gspbeck Geknõhcek Gurkpgk

(GGG) ekn gi qug gxcstb gagetcvk cntgrebhdck jg cnakrhbecõn, pkjrâ kptbr pkr trcdutbr

skik eubnjk trbnshctb ibs pbrtcecpbeckngs k pcgrjb ib eknjcecõn jg rgscjgntg gn gsg

Gstbjk.

_brb giik, gi ekntrcduygntg jgdg ekhuncebr jcemb kpecõn, ib fbnbnecb, gi nugvk jkhcecick,

iks ebhdcks jg jkhcecick sudscfucgntgs y gi hbntgnchcgntk jg ibs beeckngs k

pbrtcecpbeckngs.

Hkjgik 225 jg ekhuncebecõn jg jbtks (Krjgn MB_/4=57/4?27, jg 4= jg jcecghdrg).

Gn ebsk jg trbnshcscõn cntgr-vcvks jg ibs beeckngs k pbrtcecpbeckngs, pãrjcjb jg eknjcecõn

jg rgscjgntg gn WG/GGG k abitb jg ekhuncebecõn, sg jgdgrâ icqucjbr ib fbnbnecb

pbtrchkncbi, chputânjksg bi üitchk pgrèkjk chpksctcvk gn qug grb rgscjgntg acsebi gnGspbòb, hgjcbntg butkicqucjbecõn ekhpighgntbrcb, scn sbnecõn nc cntgrgsgs jg jghkrb nc

rgebrfk bifunk.

Eõhputk jgi pibzk gspgecbi pbrb bqugiiks qug bpicqugn rãfchgn gspgecbi jg trbdblbjkrgs

jgspibzbjks.



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p

’Gxct-Zbx‘ (brtèeuik 37.dcs ICT_A).

Eubnjk gi ebhdck jg rgscjgnecb sgb b un pbrbèsk acsebi y gi ekntrcduygntg nk pcgrjb su

eknjcecõn (brtèeuik =.4 ICT_A),

Ug jgvgnfbrân y icqucjbrân ibs fbnbnecbs pbtrchkncbigs bi üitchk pgrckjk chpksctcvk gn qugtgnfb su rgscjgnecb mbdctubi gn Gspbòb.

Gn ebsk jg pkstgrckr trbnshcscõn, pbrb gi eâieuik jg ib fbnbnecb k pãrjcjb pbtrchkncbi sg

tkhbrâ ekhk vbikr jg bjqucscecõn gi vbikr tgncjk gn eugntb gn gi Gxct Zbx.

_kr sc hg duseâcs…


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e. Brcdbu, 21=-26?, 1ª pibntb

?=?51 Dbregiknb

Z. 354.???.631

U`ypg. pgrgzpkhdk bsgskrgs

www.pgrgzpkhdk.ekh

www.acsebidikf.gs

Fiscalidad de las Inversiones en Start-Ups

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