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Company Announcements

Proposed changes to Polish Corporate Income Tax

By LSE RNS

RNS Number : 6517S
International Personal Finance Plc
04 October 2017
 

This statement contains inside information

 

INTERNATIONAL PERSONAL FINANCE PLC ("IPF" or the "Company")

 

IPF NOTES PROPOSED CHANGES TO POLISH CORPORATE INCOME TAX

 

The Company notes that yesterday a comprehensive set of proposed changes to Polish Corporate Income Tax was approved by the Polish Government's Council of Ministers. An official draft of the proposals discussed and approved by the Council has not been issued but is expected to be published imminently. It is expected that the proposals will be submitted to the Polish Parliament for consideration through the usual legislative process and if approved would likely come into force on 1 January 2018. 

 

Based on an earlier draft of the proposals published on Monday 2 October, which the Company is continuing to review, the main impact for IPF would be an increase in tax payable arising from disallowance of tax deductions for expenses linked to certain intra-group transactions.  For illustrative purposes, in the absence of the Group taking mitigating action such as replacing the current intra-group credit hedging arrangement with a third party equivalent, the proposals would have resulted in an increase in the Group's tax charge of around £12M to £14M in 2016.  In addition, it would result in a one-time accounting charge in 2017 of up to £30M arising from the write-down of a deferred tax asset.

 

The proposals may be enacted in their current form or modified through the Polish legislative process and the Company will continue to make the case for their appropriate modification. In addition, work has commenced to evaluate potential changes to our business operations in order to mitigate the impact of this proposed legislation.

 

The Company will keep the market updated and further details will be communicated in due course.

 

International Personal Finance will host a conference call for investors and analysts at 07:45hrs (BST) today - Wednesday 4 October 2017.  The dial-in details for the call are below.

 

Dial-in (UK)

+44 (0)330 336 9105

Access code

4676477

 

Investor relations and media contacts

 

International Personal Finance plc

Rachel Moran - Investor Relations

 

+44 (0)7760 167637 / +44 (0)113 285 6798

 


Gergely Mikola - Media

 

+36 20 339 02 25

 

Legal Entity Identifier: 213800II1O44IRKUZB59

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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