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Notes to the consolidated financial statements

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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
15. Other operating expenses
17. Distribution of profit