20. Taxation
The income tax charge comprises the following:
| (CZK’000) | 2015 | 2014 |
|---|---|---|
| Current income tax expense | 85,900 | 5,800 |
| Withholding tax | 6,682 | 5,710 |
| Adjustment of prior year tax expense | 402 | — |
| Deferred tax income/expense | 14,095 | 32,931 |
| Total income tax charge | 107,079 | 44,441 |
The current tax expense is calculated as follows:
| (CZK’000) | 2015 | 2014 |
|---|---|---|
| Profit / loss before taxation (+/-) | 629,473 | 305,329 |
| Non-taxable income | (726,531) | (787,246) |
| Non-deductible expenses | 582,652 | 647,457 |
| Adjustment to net taxable profit – tax loss from previous periods claimed | (61,000) | (165,540) |
| Net taxable profit | 424,594 | — |
| Current tax charge at 19% | 80,673 | — |
| Tax from separate tax base | 5,227 | 5,800 |
| Current tax expense | 85,900 | 5,800 |
| Provision for income tax (Note 13) | 85,900 | 5,800 |
| Less advances paid (Note 13) | — | (88,351) |
| Net tax asset/liability (+/-) | 85,900 | 82,551 |
| Provision as at 31 December (Note 13) | — | — |
Deferred tax asset (+)/ liability (-) can be analyzed as follows:
| (CZK’000) | 31 December 2015 | 31 December 2014 |
|---|---|---|
| Deferred tax liabilities | ||
| Buildings | (48,253) | (42,898) |
| Total deferred tax liability | (48,253) | (42,898) |
| Deferred tax assets | ||
| Tax loss | — | 6,206 |
| Allowances and provisions | 16,575 | 19,109 |
| Revaluation difference in equity (Note 11) | 27,360 | 13,747 |
| Total deferred tax asset | 43,935 | 39,062 |
| Net deferred tax asset/ liability (+/-) | (4,318) | (3,836) |
The change in the net deferred tax asset/ liability can be analyzed as follows:
| (CZK’000) | 2015 | 2014 |
|---|---|---|
| Net deferred tax asset/(liability) as at 1 January | (3,836) | 22,302 |
| Deferred tax expense recognized on temporary differences in profit and loss | (14,095) | (32,931) |
| Deferred tax expense recognized on temporary differences in equity | 13,613 | 6,793 |
| Net deferred tax asset / liability as at 31 December (+/-) | (4,318) | (3,836) |