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Notes to the consolidated financial statements

16. Income tax

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Consolidated income statement  Period
from 1 January 2014
to 31 December 2014		 Period
from 1 January 2013
to 31 December 2013
  PLN’000 PLN’000
Current income tax (15,513) (9,022)
Deferred income tax 4,007 1,789
Tax expense charged to the consolidated income statement (11,506) (7,233)

 

Consolidated statement of other comprehensive income Period
from 1 January 2014
to 31 December 2014		 Period
from 1 January 2013
to 31 December 2013
Deferred income tax related to items recognized in comprehensive
income		 (991) 1,344
Tax charge disclosed in the consolidated statement of other
comprehensive income		 (991) 1,344

 

Reconciliation of the effective tax rate Period
from 1 January 2014
to 31 December 2014		  Period
from 1 January 2013
to 31 December 2013
  PLN’000 PLN’000
Gross financial profit/loss before tax 55,145  43,260
Tax at the statutory tax rate applicable in Poland (19%) (10,478) (8,219)
Items increasing/decreasing the effective tax rate not included in
the deferred tax		 (1,028) 986
- premiums to National Fund for Rehabilitation of the Disabled
(PFRON)		 (286) (290)
- costs of writing off overdue receivables and bad debts (537) (224)
- impairment allowances for future liabilities and provisions for
various debtors		 (404) 85
- decrease/increase in impairment allowances with probable
lack of realization		 0 556
- costs related to the share issue scheme (103) 0
- prudence payments to the Bank Guarantee Fund (264) 0
- technology tax credit 483 914
- costs of establishing IBNR up to the amount of appropriation to
the general risk fund		 225 0
- other expenses (142) (55)
Total current tax expense charged to consolidated income
statement		 (11,506) (7,233)

 

   Balance as at
31 December 2014		 Balance as at
31 December 2013		 Period
from 1 January 2014
to 31 December 2014		 Period
from 1 January 2013
to 31 December 2013
Deferred tax assets PLN’000 PLN’000 PLN’000 PLN’000
Interest due on deposits 5,802 3,740 2,062 (496)
Cost of debt securities (premium, EIR) 1,028 839 189 273
Interest due on debt securities 621 1,289 (668) (541)
Negative measurement of derivatives 78 165 (87) (67)
Provisions for due costs by type 8,623 1,953 6,670 (692)
Commissions and interest accounted for using the effective interest method 14,497 15,389 (892) 4,103
Impairment losses on receivables from financial entities 31 43 (12) 19
Impairment losses on receivables from non-financial entities 13,878 11,316 2,562 2,318
Allowances for current account commissions 2,162 1,631 531 851
Difference between balance-sheet amortization and tax amortization 550 1,097 (547) 196
Contribution to non-bank company 0 7 (7) 7
Other 12 82 (70) (39)
Net deferred income tax assets or asset items charged to profit or loss 47,282 37,551 9,731 5,932
Net deferred income tax assets or asset items charged to equity 457 529 (72) 512
Total deferred tax assets 47,739 38,080 9,659 6,444
Deferred tax liability  PLN’000  PLN’000  PLN’000  PLN’000
Interest receivable accrued on loans (5,080) (3,968) (1,112) (616)
Discounting and interest on securities (686) (1,866) 1,180 299
Positive measurement of derivatives (314) (421) 107 (47)
Difference between balance-sheet amortization and tax amortization (4,255) (3,552) (703) (256)
Commissions with tax withholding paid to credit agents (15,251) (10,053) (5,198) (3,529)
Social Benefits Fund 0 (2) 2 6
Provision for deferred income tax charged to profit or loss (25,586) (19,862) (5,724) (4,143)
Deferred tax liability charged to equity (1,133) (214) (919) 832
Total deferred tax liability (26,719) (20,076) (6,643) (3,311)
Presentation in the statement of financial position and income statement:  PLN’000  PLN’000  PLN’000  PLN’000
Deferred tax asset recognized in the income statement 47,282 37,551 9,731 5,932
Deferred tax liability charged to the income statement (25,586) (19,862) (5,724) (4,143)
Deferred tax liability / asset – effect on the income statement 21,696 17,689 4,007 1,789
Presentation in the statement of financial position and other comprehensive income:  PLN’000  PLN’000  PLN’000  PLN’000
Deferred tax asset recognized in other comprehensive income  457  529  (72)  512
Deferred tax liability charged to other comprehensive income  (1,133)  (214)  (919)  832
Deferred tax liability / asset - effect on other comprehensive income  (676)  315  (991)  1,344

 

Current income tax liabilities/receivables

  Balance as at
31 December 2014		 Balance as at
31 December 2013
  PLN’000 PLN’000
Current income tax receivables 120 98
Current income tax liabilities 2,979 3,138

 

 

Annual Report 2014 - Bank Pocztowy