ING Bank Śląski | Annual Report 2014

ING BANK ŚLĄSKI

ING BANK ŚLĄSKIAnnual Report 2014

Financial results
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11. Income tax

Income tax recognised in the profit and loss account

  2014 2013
Current portion, of which: 330.3 226.5
  Current year 337.7 240.2
  Adjustment of last-year tax settlement -7.4 -13.7
Deferred tax, of which: -23.7 4.9
  Recognised and reversed temporary differences -23.7 4.9
Total income tax recognised in the profit and loss account 306.6 231.4

 

Effective tax rate calculation

  2014 2013
A.     Profit before tax 1,347.4 1,192.9
B.     19% of profit before tax 256.0 226.7
C.     Increases – non-deductible expenses, of which: 54.6 14.6
  - expenses due to loan and non-loan receivables written off 5.4 1.9
  - setting up a provision against disputable debt claims and other assets 3.5 1.8
  - PFRON 1.4 1.3
  - impairment on receivables in a part not covered with the deferred tax 16.3 1.1
  - representation expenses 0.9 1.1
  - thin capitalisation 0.7 0.7
  - tax loss on the sale of debt 9.1 0.0
  - creating deferred tax on measurement of assets earmarked for sale reclassified from investment projects into associates 10.8 0.0
  - other 6.5 6.7
D.     Decreases – tax exempt income, of which: 4.0 9.9
  - share in net profit (loss) of associated entities recognised under the equity method 0.0 7.3
  - release of provisions against disputable debt claims 0.7 2.0
  - income exempt due to the entity 0.1 0.2
  - other 3.2 0.4
E.     Income tax from profit and loss account (B+C-D) 306.6 231.4
Effective tax rate (E : A) 22.75% 19.40%

The following developments impacted effective tax rate increase in 2014:

  • Conclusion in the H1 2014 of the letter of intent concerning sale of shares held by ING Bank Śląski S.A. in the ING Powszechne Towarzystwo Emerytalne S.A. (ING PTE) affiliated entity and due to a change of intent concerning the shares held, establishment of provision for deferred tax in the amount of PLN 13.2 million. 
  • Non-tax loss incurred on sale of debt claims to one of the commercial banking clients (income tax increase of PLN 9.1 million).
  • Adjustment of the deferred tax asset concerning impairment losses for cash loan receivables of ING Lease Sp. z o.o. (income tax increase of PLN 9.6 million). 

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