Warsaw – Ciech, the Polish holding company that owns flexible foamer Pianki, is restating its 2018 consolidated financial statements. Polish tax authorities dispute the way it accounted for tax losses between subsidiaries and the parent company.
The company said it will be creating a provision of PLN 65m ($17 m) for income tax, and a further PLN 6m for late payment interest, on the date of the balance sheet.
The tax write-off appears in all the company's accounts from 2015 to the first quarter of 2019. The company said that because of this 'provisions for income tax and the write-off for deferred tax assets… fall within the amount of PLN 143.8m'.
Ciech added that it disagrees with the tax authorities, and its subsidiaries have appealed against the charges.
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