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Notes to the consolidated financial statements

16. Income tax

Download note 16 in XLS

Consolidated income statement

Key items of the tax expense for the years beginning on 1 January and ending on 31 December 2013 and beginning 1
January and ending on 31 December 2012:

  Period
from 1 January 2013
to 31 December 2013
 		 Period
from 1 January 2012
to 31 December 2012
(restated)
  PLN ‘000 PLN ‘000
Current income tax 9,022 13,344
Deferred income tax (1,789) (3,628)
Tax expense charged to consolidated income statement 7,233 9,716
     
Consolidated statement of other comprehensive income    
Deferred income tax related to items recognized in the comprehensive income 1,344 (1,502)
Tax charge disclosed in the consolidated statement of other comprehensive income 1,344 (1,502)

 

Reconciliation of the effective tax rate Period
from 1 January 2013 
to 31 December 2013
 		  Period
from 1 January 2012
to 31 December 2012
(restated)
  PLN ‘000 PLN ‘000
Gross financial profit/loss before tax 43,260 48,665
Tax at the statutory tax rate applicable in Poland (19%) 8,219 9,246
Items increasing/decreasing the effective tax rate not included in the deffered tax (986) 470
- premiums to National Fund for Rehabilitation of the Disabled (PFRON) 290 269
- costs of writing off overdue receivables and bad debts 224 267
- impairment allow ances for future liabilities and provisions for various debtors (85) 148
- decrease / increase in impairment allow ances with probable lack of realization (556) 12
- costs related to the share issue scheme 0 247
- investment tax credit (914) (665)
- other expenses 55 192
Income tax recognized in the income statement 7,233 9,716
Total current tax expense charged to consolidated income statement 7,233 9,716

 

  Statement of financial position Statement of comprehensive income
  Balance as at
31 December 2013
 		  Balance as at
31 December 2012
(restated)		 Period
from 1 January 2013
to 31 December 2013		 Period
from 1 January 2012
to 31 December 2012
(restated)
 Deferred tax assets PLN ‘000 PLN ‘000 PLN ‘000 PLN ‘000
Interest due on deposits (3,740) (4,236) 496 (3,175)
Cost of debt securities (premium, ESP) (839) (566) (273) (207)
Interest due on debt securities (1,289) (1,830) 541 (1,459 )
Negative measurement of derivatives (165) (232) 67 (179)
Provisions for due costs by type (1,953) (2,645) 692 (25)
Commissions and interest accounted for using the effective interest method (15,389) (11,286) (4,103) (949)
Impairment losses on receivables from financial entities (43) (24) (19) 22
Impairment losses on receivables from non-financial entities (11,316) (8,998) (2,318) (2,775)
Allowances for current account commissions (1,631) (780) (851) 734
Difference between balance-sheet amortization and tax amortization (1,097) (901) (196) (331)
Contribution to non-bank company (7) 0 (7) 98
Tax loss 0 0 0 83
Other (82) (121) 39 (77)
Net deferred income tax assets or asset items charged to profit or loss (37,551) (31,619) (5,932) (8,240)
Net deferred income tax assets or asset items charged to equity (529) (17) (512) 792
Total deferred tax assets (38,080) (31,636) (6,444) (7,448)
Deferred tax liability        
Interest receivable accrued on loans 3,968 3,352 616 (29)
Discounting and interest on securities 1,866 2,165 (299) 305
Exchange gains 0 0 0 0
Positive measurement of derivatives 421 374 47 372
Difference between balance-sheet amortization and tax amortization 3,552 3,296 256 354
Commissions with tax withholding paid to credit agents 10,053 6,524 3,529 3,731
Social Benefit Fund 2 8 (6) 8
Value of shares received for a contribution to a non-bank company 0 0 0 (129)
Provision for deferred income tax charged to profit or loss 19,862 15,719 4,143 4,612
Deferred tax liability charged to equity 214 1,046 (832) 710
Total deferred tax liability 20,076 16,765 3,311 5,322
Balance sheet presentation:        
Deferred tax asset (38,080) (31,636) (6,444) (7,448)
Deferred tax liability – continuing operations 20,076 16,765 3,311 5,322
Net deferred tax asset/liability (18,004) (14,871) (3,133) (2,126)

 

  Balance as at
31 December 2013		 Balance as at
31 December 2012
(restated)
  PLN ‘000 PLN ‘000
Current income tax receivables 98 61
Current income tax liabilities 3,138 7,826

 

Annual Report 2013 - Bank Pocztowy