|Changes in deferred tax assets in the year ended 31 December 2014||Opening balance||Changes recognized in the financial profit/loss||Change in group composition||Exchange difference||Other changes 1)||Closing balance|
|Provisions for employee benefits||129||-64||1,081||-7||-||1,139|
|Provision for bonuses and appropriation to the bonus fund||396||299||1,164||27||-||1,886|
|Other provisions and liabilities||3,506||1,809||2,790||-417||-||7,688|
|Tax losses to be used in future periods||685||3,303||4,080||102||-1,567||6,603|
|Provision for PTE’s reimbursement of undue handling fees to the Social Insurance Institution||1,406||-32||-||-||-||1,374|
|Tax allowance regarding operations in the special economic zone||7,268||-1,621||-||-||-||5,647|
|Total deferred tax assets||16,949||5,692||6,361||-478||-1,567||26,957|
1) this item presents the transfer of PZU Lietuva's assets to assets held for sale due to the transaction described in 59.9.1. The decrease of assets was converted at average rate described in Note 5.3.
|Changes in deferred tax assets in the year ended 31 December 2013||Opening balance||Changes recognized in the financial profit/loss||Change in group composition||Exchange difference||Other changes||Closing balance|
|Provisions for employee benefits||138||-9||2||-2||-||129|
|Provision for bonuses and deductions for the bonus fund||288||108||-||-||-||396|
|Other provisions and liabilities||3,564||-82||62||-38||-||3,506|
|Tax losses to be used in future periods||4,508||-3,845||15||-||7||685|
|Provision for PTE’s reimbursement of undue handling fees to the Social Insurance Institution||1,679||-273||-||-||-||1,406|
|Tax allowance regarding operations in the special economic zone||6,543||725||-||-||-||7,268|
|Total deferred tax assets||13,963||-473||478||-59||3,040||16,949|
For all consolidated entities participating in the Tax Capital Group (the "TCG"), deferred tax assets and provisions are offset.
As at 31 December 2014 undisclosed deferred tax assets related to tax losses which, were as follows:
- in Link4: PLN 16,846 thousand;
- in PZU Lietuva: PLN 10,429 thousand (as at 31 December 2013: PLN 11,321 thousand);
- in PZU Lietuva Gyvybes Draudimas PLN 12,292 thousand (as at 31 December 2013: PLN 12,109 thousand).
Losses in Lithuanian companies can be realised at a time that is not prescribed by the provisions of law. Tax loss on Link4 can be realised during one year (PLN 4,441 thousand) and up to 5 years (PLN 12,405 thousand). These periods will be counted from the moment in which Link4 ceases to be part of the TCG (not earlier than the end of 2017).