MILLIRE_2019_Annual Report

Milli Re Annual Report 2019 157 Activities and Major Developments Related to Activities Financial Status Risks and Assessment of the Governing Body Unconsolidated Financial Statements Together with Independent Auditors’ Report Thereon Consolidated Financial Statements Together with Independent Auditors’ Report Thereon General Information Financial Rights Provided to the Members of the Governing Body and Senior Executives Research & Development Activities Millî Reasürans Türk Anonim Şirketi NOTES TO THE UNCONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 (Convenience Translation of Financial Statements and Related Disclosures and Footnotes Originally Issued in Turkish, See Note 2.1.1) (Currency: Turkish Lira (TL)) Corporate tax liabilities and prepaid taxes are disclosed below: December 31, 2019 December 31, 2018 Taxes paid during the year 43.539.965 24.474.548 Corporate tax liabilities (37.227.141) (27.682.983) Prepaid assets, net 6.312.824 (3.208.435) Total amount of investment incentives which will be benefited in current and forthcoming periods None. 20 Financial liabilities As of 31 December 2019, discounted repayment plans for the Company’s operating leases are as follows (31 December 2018: None); Total Within one year 1.392.078 Total 1.392.078 21 Deferred tax As of December 31, 2019 and 2018, deferred tax assets and liabilities are attributable to the following: December 31, 2019 December 31, 2018 Deferred tax assets/(liabilities) Deferred tax assets/(liabilities) Equalization provision 18.304.698 13.065.362 Provision for the pension fund deficits 10.643.391 8.947.362 Unexpired risks reserve 5.175.344 726.661 Provisions for employee termination benefits 2.208.358 1.844.858 Provision for doubtful receivables 999.697 855.039 Personnel Bonus Accrual 866.784 743.308 Time deposits 91.793 192.055 Rediscount of receivables and payables 20.954 (31.612) Amortization correction differences (314.155) (271.977) Valuation differences in financial assets (1.803.001) 2.246.258 Profit commission accrual (2.723.769) (2.028.998) Real estate valuation differences (55.505.531) (53.136.321) Deferred tax (liabilities)/assets, net (22.035.437) (26.848.005) As of December 31, 2019, the Company does not have deductible tax losses. The Company also does not have deductible tax losses as of December 31, 2018.