TBC Bank Group PLC Recent Changes to the Georgian Tax Code (5979R)
June 15 2018 - 8:35AM
UK Regulatory
TIDMTBCG
RNS Number : 5979R
TBC Bank Group PLC
15 June 2018
Recent Changes to the Georgian Tax Code
TBC Bank Group PLC ("TBC PLC") announces that the recent
amendment to the Georgian Tax Code in relation to corporate income
tax will have an immediate impact on its deferred tax liability.
The amendment, which comes into force on 12 June 2018, postpones
tax relief for re-invested profit from 1 January 2019 to 1 January
2023 for financial institutions. As a result, TBC PLC will reverse
the one-off deferred tax gain recognized in 2016. This reversal
will result in an estimated GEL 14-19 million expense on the profit
and loss statement and an estimated GEL 5 million reduction in
equity in Q2 2018. Excluding this effect, TBC PLC expects its
effective tax rate to be in the range of 9-11% in 2018.
For further enquiries, please contact:
Head of Investor Relations
Anna Romelashvili
ir@tbcbank.com.ge
About TBC PLC
TBC PLC is a public limited company registered in England and
Wales that was incorporated in February 2016. TBC PLC became the
parent company of JSC TBC Bank ("TBC Bank") on 10 August 2016. TBC
PLC is listed on the London Stock Exchange under the symbol
TBCG.
TBC Bank, together with its subsidiaries, is the leading
universal banking group in Georgia, with a total market share of
37.8% of loans and 38.9% of non-banking deposits as at 31 March
2018, according to the data published by the National Bank of
Georgia.
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