6.2.3. Trade and tax payables
Accounting policies
Current trade payables and liabilities under purchase of property, plant and equipment and intangible assets are initially recognised at fair value, which is equal to their nominal value, and as at the reporting date are measured at amortised cost.
Taxes, customs duties and social security payable are determined in amounts due to Group companies in accordance with applicable laws and regulations.
Scrollbar is below the table
| Trade and tax payables | 2016 | 2015 |
|---|---|---|
| Trade payables | 1,290 | 956 |
| Liabilities under purchase of property, plant and equipment and intangible assets | 425 | 383 |
| VAT payable | 1,032 | 1,115 |
| Other taxes, customs duties and social security payable | 252 | 258 |
| Current income tax liabilities | 180 | 53 |
| Total | 3,179 | 2,765 |
The Group is exposed to currency risk and liquidity risk in relation to trade payables and liabilities under purchase of property, plant and equipment and intangible assets. For information on those risks, see Note 7.3.2.2 and Note 7.3.3, respectively.
