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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.

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.