At 31 December 2013, other current receivables totaled €188,835 thousand, a net decrease of €113,872 thousand over 31 December 2012, and consisted of the following:
|(€ thousand)||31 December 2013||31 December 2012||Change|
|Receivables from Group companies and other related parties for consolidated IRES tax||119,298||134,652||(15,354)|
|Other receivables from Group companies and other related parties||220||1,566||(1,346)|
|IRES tax receivables||42,226||50,309||(8,083)|
|IRAP tax receivables||131||131||-|
|Total other current receivables||188,835||302,707||(113,872)|
Receivables from Group companies and other related parties for consolidated IRES tax relate to tax calculated on the taxable income contributed by Italian subsidiaries participating in the domestic tax consolidation program.
Other receivables from Group companies and other related parties consist of miscellaneous amounts receivable.
VAT receivables essentially relate to the balance of VAT credits for Italian subsidiaries participating in the VAT tax consolidation, in addition to VAT refund claims from prior periods.
IRES tax receivables includes amounts receivable that Italian subsidiaries participating in the domestic tax consolidation transferred to Fiat S.p.A. in 2013 and previous years. At 31 December 2013, refund claims which had been factored amounted to €27,082 thousand (€26,622 thousand at 31 December 2012) and were recognized on balance sheet, with the corresponding liability recorded under advances on factored receivables (see Note 24), pursuant to IAS 39.
At 31 December 2013, no interest was recognized in relation to VAT receivables subject to refund (as was also the case at 31 December 2012), while interest on IRES tax receivables (100% factored) amounted to €4,082 thousand (€3,622 thousand at 31 December 2012).
The carrying amount of other current receivables is deemed to approximate their fair value.
Other current receivables are almost entirely due during the subsequent financial year.