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Annual
Report 2022

16. Income tax

Significant accounting policies

Income tax expense comprises current and deferred tax. The income tax expense is recognized in the income statement excluding the situations when it is recognized directly in equity. The current tax is the tax payable of the Bank entities on their taxable income for the period, calculated based on binding tax rates, and any adjustment to tax payable in respect of previous years. The receivables resulting from taxes are disclosed if the Group’s companies has sufficient certainty that they exist and that they will be recovered.

Deferred tax assets and deferred tax liabilities are calculated, using the balance sheet method, on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred income tax is determined using tax rates based on legislation enacted or substantively enacted at the balance sheet date and expected to apply when the deferred tax asset or the deferred tax liability is realized.

A deferred tax asset is recognized for negative temporary differences to the extent that it is probable that taxable profit will be available against which the deductible temporary difference can be utilized.

A deferred tax liability is calculated using the balance sheet method based on identification of positive temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for tax purposes.

Financial data

The below additional information notes present the Group gross profit’s.

Reconciliation between tax calculated by applying the current tax rate to accounting profit and the actual tax charge presented in the separate income statement.

2022 2021
Profit before income tax 2 882 538 3 001 620
Tax charge according to applicable tax rate 547 682 570 308
Permanent differences: 615 365 254 754
Non taxable income (13 314) (6 517)
Non tax deductible costs including: 618 903 263 852
Bank Guarantee fund fee 50 772 54 968
banking tax 164 576 136 595
the provision for legal risk regarding foreign currency mortgage loans 301 797 37 370
allowances for expected credit losses 55 462 21 529
other non tax deductible costs 46 296 13 390
Impact of other tax rates applied in accordance with art.19.1.2 of CIT Act (93) 65
Impact of utilized tax losses
Tax relieves not included in the income statement 30 83
Other 9 839 (2 729)
Effective income tax charge on gross profit 1 163 047 825 062
Effective income tax charge on gross profit (%) 40.35% 27.49%

The applied tax rate of 19% is the corporate income tax rate binding in Poland.

The basic components of income tax charge presented in the income statement and equity

2022 2021
INCOME STATEMENT
Current tax (701 438) (532 121)
Current tax charge in the income statement (710 211) (528 506)
Adjustments related to the current tax from previous years 10 618 (2 233)
Other taxes (e.g. withholding tax) (1 845) (1 382)
Deferred tax (461 609) (292 941)
Occurrence and reversal of temporary differences (461 609) (292 941)
Tax charge in the separate income statement (1 163 047) (825 062)
EQUITY
Current tax (304)
Deferred tax 393 408 695 606
Income and costs disclosed in other comprehensive income:
revaluation of financial instruments – cash flows hedges 230 642 407 275
fair value revaluation through other comprehensive income 149 634 298 703
Tax on items that are or may be reclassified subsequently to profit or loss 380 276 705 978
Tax charge on items that will never be reclassified to profit or loss 13 132 (10 372)
fair value revaluation through other comprehensive income –equity securities 11 221 (1 292)
remeasurements the defined benefit liabilities 1 911 (9 080)
Total charge (769 639) (129 760)
CHANGES IN TEMPORARY DIFFERENCES IN 2022
OPENING BALANCE CHANGES RECOGNIZED IN CHANGES RESULTING FROM CHANGES IN THE SCOPE OF CONSOLIDATION AND OTHER CHANGES RECOGNIZED IN
TOTAL DEFERRED TAX IN THE INCOME STATEMENT IN EQUITY TOTAL DEFERRED TAX IN THE INCOME STATEMENT IN EQUITY TOTAL DEFERRED TAX IN THE INCOME STATEMENT IN EQUITY TOTAL DEFERRED TAX
DEFFERED TAX LIABILITY
Accrued income – securities 35 270 35 270 788 117 823 387 823 387
Accrued income – loans 114 863 114 863 75 784 190 647 190 647
Positive valuation of financial assets 24 002 24 002 24 002
Accelerated depreciation 143 324 143 324 (2 042) 141 282 141 282
Investment relief 3 673 3 673 (467) 3 206 3 206
Paid intermediation costs 197 336 197 336 2 937 200 273 200 273
Other 38 656 38 656 38 656
Gross deferred tax liability 494 466 494 466 926 987 1 421 453 1 421 453
DEFFERED TAX ASSETDEFFERED TAX ASSET
Accrued expenses – securities
Accrued expenses – deposits and loans 2 101 2 101 275 663 277 764 277 764
Negative valuation of financial assets 529 535 162 602 366 933 13 240 391 497 934 272 175 842 758 430
Income received to be amortized over time from loans and current accounts 299 001 299 001 (12 552) 286 449 286 449
Loan provisions charges 845 910 845 910 105 099 951 009 951 009
Personnel related provisions 118 722 108 186 10 536 11 707 1 911 132 340 119 893 12 447
Accruals 37 311 37 311 4 638 41 949 41 949
Previous year losses 4 319 4 319 (2 781) 1 538 1 538
Difference between accounting and tax value of leased assets and other differences from leasing 238 592 238 592 (7 554) 231 038 231 038
Other 42 878 42 878 77 918 120 796 120 796
Gross deferred tax assets 2 118 369 1 740 900 377 469 465 378 393 408 2 977 155 2 206 278 770 877
Deferred tax charge X X X (461 609) 393 408 X X X
Net deferred tax assets 1 648 808 1 271 339 377 469 X X X X 1 578 527 807 650 770 877
Net deferred tax liability 24 905 24 905 X X X X 22 825 22 825

CHANGES IN TEMPORARY DIFFERENCES IN 2021
OPENING BALANCE CHANGES RECOGNIZED IN CHANGES RESULTING FROM CHANGES IN THE SCOPE OF CONSOLIDATION AND OTHER CHANGES RECOGNIZED IN
TOTAL DEFERRED TAX IN THE INCOME STATEMENT IN EQUITY TOTAL DEFERRED TAX IN THE INCOME STATEMENT IN EQUITY TOTAL DEFERRED TAX IN THE INCOME STATEMENT IN EQUITY TOTAL DEFERRED TAX
DEFFERED TAX LIABILITY
Accrued income – securities 165 165 35 105 35 270 35 270
Accrued income – loans 110 415 110 415 4 448 114 863 114 863
Positive valuation of financial assets 526 591 188 839 337 752 (188 839) (337 752)
Accelerated depreciation 124 137 124 137 19 187 143 324 143 324
Investment relief 4 094 4 094 (421) 3 673 3 673
Paid intermediation costs 176 210 176 210 21 126 197 336 197 336
Other
Gross deferred tax liability 941 612 603 860 337 752 (109 394) (337 752) 494 466 494 466
DEFFERED TAX ASSET
Accrued expenses – securities 267 891 267 891 (267 891)
Accrued expenses – deposits and loans 10 219 10 219 (8 118) 2 101 2 101
Negative valuation of financial assets 336 030 336 030 (173 428) 366 933 529 535 162 602 366 933
Income received to be amortized over time from loans and current accounts 308 873 308 873 -9 872 299 001 299 001
Loan provisions charges 799 903 799 903 46 007 845 910 845 910
Personnel related provisions 127 607 107 992 19 615 194 -9 079 118 722 108 186 10 536
Accruals 32 099 32 099 5 212 37 311 37 311
Previous year losses 7 942 7 942 (3 623) 4 319 4 319
Difference between accounting and tax value of leased assets and other differences from leasing 230 775 230 775 7 817 238 592 238 592
Other 41 228 41 228 1 367 283 42 878 42 878
Gross deferred tax assets 2 162 567 2 142 952 19 615 (402 335) 357 854 283 2 118 369 1 740 900 377 469
Deferred tax charge X X X (292 941) 695 606 283 X X X
Net deferred tax assets 1 248 747 1 566 884 -318 137 X X X X 1 648 808 1 271 339 377 469
Net deferred tax liability 27 792 27 792 X X X X 24 905 24 905

In the opinion of the Group the deferred tax asset in the amount of PLN 1 578 527 thousand reported as at 31 December 2022 is sustainable in total amount. The analysis was performed based on the past results of the company and assumed results in the future periods. The analysis assumed the five years’ time horizon.

As at 31 December 2022 and 31 December 2021, there were no temporary differences related to investments in subsidiaries and associates, for which deferred tax liability was not created as a result of meeting the conditions of controlling the terms of temporary differences’ reversing and being probable that these differences will not reversein foreseeable future.

The amount of unrecognized tax losses in relation to which deferred tax asset was not recognized in the statement of financial position as well as the expiration date of the possibility of using an unrecognized tax loss.

EXPIRATION YEAR OF UNRECOGNIZED TAX LOSSES AMOUNT OF DIFFERENCES AS AT 31.12.2022 AMOUNT OF DIFFERENCES AS AT 31.12.2021
2022 6 457
2023 11 607 11 462
2024 28 28
2025 239 239
2026 374 374
2027 106
No time limits
Total 12 354 18 560

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