4.18. Taxation
The income tax charge comprises the following:
| (CZK’000) | 2016 | 2015 adjusted |
|---|---|---|
| Current income tax expense (note 4.11) | 117,600 | 85,900 |
| Withholding tax | 6,972 | 6,682 |
| Adjustment of prior year tax expense | 1,911 | 402 |
| Deferred tax income/expense | 17,236 | 10,936 |
| Total income tax charge | 143,719 | 103,920 |
The current tax expense is calculated as follows:
| (CZK’000) | 2016 | 2015 adjusted |
|---|---|---|
| Profit /loss before taxation (+/-) | 624,826 | 612,849 |
| Non-taxable income | (716,318) | (726,531) |
| Non-deductible expenses | 670,874 | 599,276 |
| Adjustment to net taxable profit – tax loss from previous periods claimed | – | (61,000) |
| Net taxable profit | 579,382 | 424,594 |
| Current tax charge at 19% | 110,083 | 80,673 |
| Tax from separate tax base | 7,517 | 5,227 |
| Current tax expense | 117,600 | 85,900 |
| Provision for income tax (note 4.11) | 117,600 | 85,900 |
| Less advances paid (note 4.11) | 41,314 | – |
| Net tax asset/liability (+/-) | 76,286 | 85,900 |
| Provision as at 31 December (note 4.11) | – | – |
Deferred tax asset (+)/ liability (-) can be analyzed as follows:
| (CZK’000) | 2016 | 2015 adjusted |
|---|---|---|
| Deferred tax liabilities | ||
| Buildings | (20,527) | (13,643) |
| Total deferred tax liability | (20,527) | (13,643) |
| Deferred tax assets | ||
| Allowances and provisions | 6,223 | 16,575 |
| Total deferred tax asset | 6,223 | 16,575 |
| Net deferred tax asset/liability (+/-) | (14,304) | 2,932 |
The change in the net deferred tax asset/ liability can be analyzed as follows:
| (CZK’000) | 2016 | 2015 adjusted |
|---|---|---|
| Net deferred tax asset/(liability) as at 1 January | 2,932 | (3,836) |
| Deferred tax expense recognized on temporary differences in profit and loss | (17,236) | (10,936) |
| Deferred tax expense recognized on temporary differences in equity | – | 17,704 |
| Net deferred tax asset /liability as at 31 December (+/-) | (14,304) | 2,932 |