Share Name Share Symbol Market Type Share ISIN Share Description
BGEO Group LSE:BGEO London Ordinary Share GB00BF4HYT85 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -17.20p -0.89% 1,910.00p 1,901.20p 1,908.60p 1,925.40p 1,894.00p 1,920.00p 56,913 16:35:23
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Banks 307.6 124.1 3.3 535.6 754.46

Bank of Georgia Group PLC Amendment to the current corporate taxation model

14/06/2018 4:40pm

UK Regulatory (RNS & others)


BGEO Group (LSE:BGEO)
Historical Stock Chart

1 Month : From May 2018 to Jun 2018

Click Here for more BGEO Group Charts.

TIDMBGEO

RNS Number : 4686R

Bank of Georgia Group PLC

14 June 2018

London, 14 June 2018

Amendment to the current corporate taxation model applicable to financial institutions

Bank of Georgia Group PLC ("the Group") announces that an amendment to the current corporate taxation model applicable to financial institutions, including banks and insurance businesses ("financial institutions"), has become effective from 12 June 2018. The change implies a zero corporate tax rate on retained earnings and a 15% corporate tax rate on distributed earnings starting from 1 January 2023, instead of 1 January 2019 as previously enacted in 2016. The current model implies a 15% tax rate charged to financial institutions profit before tax, regardless of the retention or distribution status. The change will have an immediate impact on deferred tax asset and deferred tax liability balances ("deferred taxes") attributable to previously recognised temporary differences arising from prior periods. The re-measurement of deferred taxes is estimated to result in a GEL 40-45 million one-off deferred income tax expense that will be recognised in the Group's 2(nd) quarter and half-year 2018 results. This impact is a reversal of the one-off deferred tax gain recognised by the Group in 2016. The Group continues to expect its effective tax rate, excluding the one-off deferred tax impact, to be in the range of 9-11% in 2018.

Name of authorised official of issuer responsible for making notification: Natia Kalandarishvili, Head of Investor Relations and Funding

About Bank of Georgia Group PLC

Bank of Georgia Group PLC ("Bank of Georgia Group" or the "Group" - LSE: BGEO LN) is a UK incorporated holding company, which comprises: a) retail banking and payment services, b) corporate investment banking and wealth management operations and c) banking operations in Belarus ("BNB"). JSC Bank of Georgia ("Bank of Georgia", "BOG" or the "Bank"), the leading universal bank in Georgia, is the core entity of the Group. The Group targets to benefit from the underpenetrated banking sector in Georgia through both its retail banking and corporate investment banking services and aims to deliver on its strategy: (1) at least 20% ROAE, and (2) 15%-20% growth of its loan book.

 
 JSC Bank of Georgia has, as of 
  the date hereof, the following 
  credit ratings: 
 
      Fitch Ratings   'BB-/B' 
      Moody's         'Ba3/NP' (FC) & 
                       'Ba2/NP' (LC) 
 

For further information, please visit www.bankofgeorgiagroup.com or contact:

 
 Kaha Kiknavelidze       Michael Oliver     David Tsiklauri    Natia Kalandarishvili 
 Group CEO               Adviser to the     Group CFO          Head of Investor 
                          CEO                                   Relations 
                                                               +995 322 444 444 
 +995 322 444 126        +44 203 178 4034   +995 322 444 108    (9282) 
 k.kiknavelidze@bog.ge   moliver@bgeo.com   dtsiklauri@bog.ge  ir@bog.ge 
 

This news report is presented for general informational purposes only and should not be construed as an offer to sell or the solicitation of an offer to buy any securities

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

MSCGGUCWQUPRGAC

(END) Dow Jones Newswires

June 14, 2018 11:40 ET (15:40 GMT)

1 Year BGEO Group Chart

1 Year BGEO Group Chart

1 Month BGEO Group Chart

1 Month BGEO Group Chart
Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P:30 V:gb D:20180625 19:43:18