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IPF notes proposed change in Polish tax rules

04 October 2017 08:22

International Personal Finance has noted proposed changes to Polish Corporate Income Tax have been approved by the Polish government's council of ministers.

IPF said it was expected that the proposals would be submitted to the Polish parliament for consideration through the usual legislative process and if approved would likely come into force on 1 Jan.

It said: 'Based on an earlier draft of the proposals published on Monday 2 Ocrt, 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.'

At 8:22am: (LON:IPF) International Personal Finance PLC share price was -26.5p at 184.75p

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