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An Estimation of the Amount of Corporate Income Tax for PKP Cargo Capital Group plc
Abstract
The primary metric for the efficiency worked out by a company from operating and financial segments remains the gross profit. After making appropriate reconciliations, it reveals the scale of the business's debts due to income tax, whose taxpayer the entity is (Journal of Laws from 2023, item 120, Article 42.1). The aim of the study is to produce scenarios for corporate income tax estimates as of the balance sheet date depending on the amount of its predetermined gross profit or loss as well as taxable temporary differences fluctuations. Based on the cumulative distribution function of the earnings before taxes in a given time horizon, a simulation of their occurrence was performed. Treating the book amount of the income tax as the input in calculating current tax, it was adapted in two stages. In the first one, by the average permanent tax differences, creating the tax base. The second adjustment concerns the estimates of assets and tax reserves obtained under the Winter's forecasting model, with an additive seasonality pattern. The standard mix of temporary differences for the three quarters preceding the balance sheet date revealed the need to increase the value of projected deferred tax assets over the period end.
Keywords:
gross profit or loss, income tax, PKP Cargo Capital Group PLC, tax differences, Winter's predicting modelMost read articles by the same author(s)
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