Notes to the consolidated financial statements
16. Income tax
Consolidated income statement | Period | Period |
---|---|---|
from 01.01.2016 | from 01.01.2015 | |
to 31.12.2016 | to 31.12.2015 | |
PLN’000 | PLN’000 | |
Current income tax | (19 009) | (9 966) |
Deferred income tax | 14 207 | 1 018 |
Tax charge disclosed in consolidated income statement | (4 802) | (8 948) |
Period | Period | |
---|---|---|
from 01.01.2016 | from 01.01.2015 | |
Consolidated statement of comprehensive income | to 31.12.2016 | to 31.12.2015 |
PLN’000 | PLN’000 | |
Deferred income tax on items recognized in consolidated other comprehensive income |
4 977 | (2 109) |
Tax charge recognized in consolidated statement of other comprehensive income | 4 977 | (2 109) |
Reconciliation of the effective tax rate | Period | Period |
---|---|---|
from 01.01.2016 | from 01.01.2015 | |
to 31.12.2016 | to 31.12.2015 | |
PLN’000 | PLN’000 | |
Gross financial profit/loss (before tax) | 7 312 | 42 879 |
Tax at statutory rate valid in Poland (19%) |
(1 389) | (8 147) |
Items increasing/decreasing effective interest rate not included in deferred tax |
(3 413) | (801) |
- tax on financial institutions | (911) | 0 |
- prudential payments to the Bank Guarantee Fund | (636) | (375) |
- premiums to State Fund for Rehabilitation of the Disabled (PFRON) | (226) | (245) |
- decrease in unused allowances on credit exposures | (565) | (235) |
- costs related to the share issue scheme | (607) | 79 |
- costs of writing off overdue receivables and bad debts | (115) | (7) |
- adjudicated fees | 0 | (352) |
- technology tax credit | 94 | 547 |
- costs of establishing IBNR up to the amount of appropriation to the general risk fund |
0 | 408 |
- allowances for future liabilities and provisions for sundry debtors |
(200) | (333) |
- other expenses | (247) | (288) |
Total current tax expense charged to consolidated income statement | (4 802) | (8 948) |
Consolidated statement of financial position | Consolidated statement of comprehensive income | |||
---|---|---|---|---|
Balance as at | Balance as at | Period | Period | |
31 December 2016 | 31 December 2015 | from 01.01.2016 | from 01.01.2015 | |
to 31.12.2016 | to 31.12.2015 | |||
Deferred tax asset | PLN’000 | PLN’000 | PLN’000 | PLN’000 |
Interest due on deposits | 9 378 | 6 631 | 2 747 | (2 015) |
Cost of debt securities (premium, EIR) | 2 536 | 1 491 | 1 045 | 463 |
Interest payable on securities | 327 | 591 | (264) | (30) |
Negative measurement of derivatives | 330 | 253 | 77 | 175 |
Provisions for due costs by type | 7 767 | 6 249 | 1 518 | (2 374) |
Commissions and interest accounted for using the effective interest method | 17 495 | 16 669 | 826 | 2 172 |
Impairment losses on receivables from financial entities | 5 | 18 | (13) | (13) |
Impairment losses on receivables from non-financial entities | 27 256 | 17 518 | 9 738 | 2 188 |
Allowances for current account commissions | 2 662 | 2 240 | 422 | 78 |
Difference between balance sheet and tax depreciation | 911 | 741 | 170 | 191 |
Costs payable to card service organizations | 154 | 0 | 154 | 0 |
Other | 120 | 106 | 14 | 94 |
Net deferred income tax assets or asset items charged to profit or loss | 68 941 | 52 507 | 16 434 | 929 |
Net deferred income tax assets or asset items charged to equity | 2 376 | 434 | 1 942 | (23) |
Total deferred tax asset | 71 317 | 52 941 | 18 376 | 906 |
Deferred tax liability | PLN’000 | PLN’000 | PLN’000 | PLN’000 |
Interest receivable accrued on loans | (8 035) | (6 408) | (1 627) | 1 516 |
Discounting and interest on securities | (1 366) | (823) | (543) | (137) |
Positive measurement of derivatives | (626) | (506) | (120) | (192) |
Difference between balance sheet and tax depreciation | (6 247) | (5 530) | (717) | (1 275) |
Commissions taxable in advance, paid to credit agents | (13 134) | (15 074) | 1 940 | 177 |
Revenue receivable from card service organizations | (1 160) | 0 | (1 160) | 0 |
IBNR amount included | (1 452) | (1 452) | 0 | 0 |
Deferred tax liability charged to profit or loss | (32 020) | (29 793) | (2 227) | 89 |
Deferred tax liability charged to equity | (184) | (3 219) | 3 035 | (2 086) |
Total deferred tax liability | (32 204) | (33 012) | 808 | (1 997) |
Presentation in consolidated statement of financial position and consolidated income statement: | PLN’000 | PLN’000 | PLN’000 | PLN’000 |
Deferred tax asset recognized in consolidated income statement | 68 941 | 52 507 | 16 434 | 929 |
Deferred tax liability charged to consolidated income statement | (32 020) | (29 793) | (2 227) | 89 |
Deferred tax liability / asset – effect on the consolidated income statement | 36 921 | 22 714 | 14 207 | 1 018 |
Presentation in consolidated statement of financial position and consolidated other comprehensive income: |
PLN’000 | PLN’000 | PLN’000 | PLN’000 |
Deferred tax asset recognized in consolidated other comprehensive income | 2 376 | 434 | 1 942 | (23) |
Deferred tax liability charged to consolidated other comprehensive income | (184) | (3 219) | 3 035 | (2 086) |
Deferred tax liability / asset - effect on consolidated other comprehensive income | 2 192 | (2 785) | 4 977 | (2 109) |
Compared to the financial statements for the year ended 31 December 2015, the Group has changed presentation of IBNR recognized in deferred tax liability, presented as a reduction in deferred tax asset. In these consolidated financial statements, the amount is presented as a separate item under deferred tax liability.
Current income tax liabilities/receivables
Balance as at | Balance as at | |
---|---|---|
31 December 2016 | 31 December 2015 | |
PLN’000 | PLN’000 | |
Current income tax receivables | 31 | 98 |
Current income tax liabilities | 5 001 | 2 145 |