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| Income tax | 1 January – 31 December 2014 | 1 January – 31 December 2013 |
|---|---|---|
| Gross profit (consolidated) | 3,691,693 | 4,120,498 |
| CIT rate (or range of rates) for the country of the registered office of the parent entity (%) | 19% | 19% |
| Income tax which would be calculated as the product of the gross book profit of the entities and the CIT rate for the country for the registered office of the parent entity | 701,422 | 782,895 |
| Differences between the income tax calculated above and the income tax recognized in the statement of profit or loss: | 22,644 | 42,648 |
| - tax losses | 1,474 | -874 |
| - fines, contractual penalties | 1,370 | 1,678 |
| - dividends | -3,182 | -4,025 |
| - valuation of financial assets | -13,018 | -17,359 |
| - valuation of investment property | 5,365 | - |
| - created/reversed impairment losses on receivables not classified as tax deductible expenses | -3,731 | 4,137 |
| - other created/reversed provisions and impairment losses on other assets not classified as tax deductible expenses | 18,865 | 51,401 |
| - unrealized profits and losses on outward reinsurance | - | -4,033 |
| - tax on insurance activities in Ukraine | 4,015 | 4,585 |
| - depreciation | -524 | 448 |
| - other tax increases, cancellations, exemptions, deductions and reductions | 12,010 | 6,690 |
| Income tax recognized in the statement of profit or loss | 724,066 | 825,543 |
| Total current and deferred tax | 1 January – 31 December 2014 | 1 January – 31 December 2013 |
|---|---|---|
| 1. Recognized in the statement of profit or loss, including: | 724,066 | 825,543 |
| - current portion | 673,506 | 885,776 |
| - deferred tax | 50,560 | -60,233 |
| 2. Recognized in other comprehensive income, including: | 3,383 | -39,581 |
| - current portion | - | - |
| - deferred tax | 3,383 | -39,581 |
Regulations concerning corporate income tax, personal income tax, value added tax and contributions to social security undergo relatively frequent changes. The current regulations contain ambiguities which result in a difference in opinions regarding their legal interpretation, both among various State authorities as well as between these authorities and enterprises. Tax and other settlements (e.g. regarding customs duty or foreign currency settlements) may be controlled by authorities authorised to impose high penalties, and additional liability amounts recognized during are to be paid with high interest. As a result, the level of tax risk in Poland, the Baltic States and Ukraine exceeds that of countries with more developed tax systems. In Poland tax returns are subject to control over a period of five years. Consequently, the amounts presented in consolidated financial statements may change at a later date, after they have been finally assessed by tax authorities.
On 25 September 2014, a new Tax Capital Group ("TCG") agreement was signed between the PZU Group entities, comprising 13 companies: PZU, PZU Życie, Link4, PZU CO, PZU Pomoc SA, Ogrodowa-Inwestycje Sp. z o.o., Ipsilon Sp. z o.o., PZU AM SA, TFI PZU SA, PZU Zdrowie SA, PZU Finanse Sp. z o.o., Omicron SA, Omicron Bis SA. The TCG was formed for a period of 3 years from 1 January 2015 to 31 December 2017.
PZU is the parent entity and the company representing the TCG in the above-mentioned agreement. In accordance with paragraph 25 clause 1 of the CIT Act, the TCG conducts settlements with the Tax Office on a monthly basis. PZU makes advance payments of corporate income tax to the Tax Office, which are due from all the companies belonging to the TCG and the said companies transfer the CIT advances related to their business activities to PZU.
