42.1 Deferred tax assets

As at 31 December 2016, undisclosed deferred tax assets related to tax losses were as follows:

  • in Link4: PLN 17 million (as at 31 December 2015: PLN 11 million) – their realization will be possible in the period of up to 5 years counted from the moment in which Link4 ceases to be part of the TCG;
  • in PZU Lietuva Gyvybes Draudimas: PLN 2 million (as at 31 December 2015: PLN 2 million) – unlimited period for realization.

Changes in deferred tax assets in the year ended 31 December 2016 Opening balance Changes recognized in profit or loss Changes recognized in other comprehensive income Change in group composition Other changes 1) Closing balance
Loan receivables from clients 230 6 - 74 - 310
Bank commissions collected in advance 145 51 - 98 - 294
Liabilities to clients 27 -5 - 2 - 24
Intangible assets – trademarks and customer relations -57 9 - - - -48
Financial instruments -2 13 21 1 - 33
Property -4 4 - - - -
Other provisions and accruals 12 39 - -113 5 -57
Tax losses to be used in future periods 3 -1 - - 3 5
Provision for PTE’s reimbursement of undue handling fees to the Social Insurance Institution 2 - - - - 2
Provision for restructuring expenses - 37 - 11 - 48
Tax allowance regarding operations in the special economic zone 13 - - - - 13
Total deferred tax assets 369 153 21 73 8 624

Changes in deferred tax assets in the year ended 31 December 2015 (restated) Opening balance Changes recognized in profit or loss Change in group composition Other changes 1) Closing balance
Loan receivables from clients - - 230 - 230
Bank commissions collected in advance - - 145 - 145
Liabilities to clients - - 27 - 27
Intangible assets – trademarks and customer relations - - (57) - (57)
Financial instruments (1) 1 (4) 2 (2)
Receivables 1 (1) - - -
Property 2 (2) - (4) (4)
Provisions for employee benefits 1 - - (1) -
Provision for bonuses 2 - - (2) -
Other provisions and accruals 8 - 8 (4) 12
Tax losses to be used in future periods 7 (1) 3 (6) 3
Provision for PTE’s reimbursement of undue handling fees to the Social Insurance Institution 1 1 - - 2
Tax allowance regarding operations in the special economic zone 6 7 - - 13
Total deferred tax assets 27 5 352 (15) 369

1) The item presents deferred assets and tax liabilities in some of PZU Group entities.

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