Integrated report 2020
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Integrated report 2020
The reconciliation of income tax on the gross financial result before tax at the statutory interest rate with income tax calculated according to the tax rate applicable to the Group is as follows:
|
Year ended December 31, 2020 |
Year ended December 31, 2019 |
|
| PROFIT/(LOSS) BEFORE TAX | 314 | (4,703) |
| Tax at statutory rate effective in Poland – 19% | 60 | (894) |
| ITEMS ADJUSTING INCOME TAX | ||
| Adjustments to deferred income tax | 5 | (10) |
| Non-deductible costs | 139 | 65 |
| Creation of rehabilitation provisions with respect to which no deferred tax was recognised | 15 | 110 |
| Non-taxable income | (27) | (9) |
| Other adjustments | (26) | (37) |
|
INCOME TAX EXPENSE AT EFFECTIVE TAX RATE Income tax (charge) in the consolidated financial statements |
166 | (775) |
| EFFECTIVE TAX RATE | 53% | 16% |
The increase in non-deductible costs is mainly due to the write-down on PGG S.A. shares made in 2020.