At December 31, 2014, other debt totaled €116,967 thousand, a net decrease of €19,060 thousand over December 31, 2013, and included the following:
|(€ thousand)||At December 31, 2014||At December 31, 2013||Change|
|Consolidated Italian corporate tax||45,499||78,746||(33,247)|
|Total intercompany debt||83,108||127,718||(44,610)|
|Current amounts payable to employees, social security, directors and statutory auditors||8,509||2,150||6,359|
|Taxes payable-direct tax||4,236||24||4,212|
|Taxes payable-indirect tax||11,900||966||10,934|
|Total other debt||116,967||136,027||(19,060)|
At December 31, 2014, intercompany debt for consolidated VAT of €34,154 thousand consisted of VAT receivables of Italian subsidiaries transferred to CNH Industrial N.V. as part of the consolidated VAT regime.
Intercompany debt for consolidated Italian corporate tax of €45,499 thousand (€78,746 thousand at December 31, 2013) consisted of compensation payable for tax losses and Italian corporate tax credits contributed by Italian subsidiaries participating in the domestic tax consolidation program for 2014 in relation to which CNH Industrial N.V. is the consolidating entity.
At December 31, 2014 taxes payable consisted of VAT payable debit due in the UK.
Other debt and taxes payable are all due within one year and their carrying amount is deemed to approximate their fair value.