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(Alliance News) - International Personal Finance PLC said Thursday the Polish government has closed its audits of the company's 2010, 2011 and 2012 financial years.
Shares in the the home and digital credit provider were 19% higher in afternoon trade in London on the back of the news at 130.40 pence each.
After closing the audits, the Polish government issued International Personal Finance's Polish home credit business, Provident Polska, with a report on its findings.
"The report includes a challenge to the pricing of an intra-group arrangement with a UK group company. In view of the ongoing nature of this arrangement, the tax authority has also proposed adjustments to the tax base for later years," the company explained.
Provident Polska has not contested these findings and has accepted the tax authority's proposed adjustments, International Personal Finance said. In total, the company was asked to hand over GBP3.8 million for 2010 to 2017, which the company said it has paid.
The Polish government still has proceedings open for the company's 2008 and 2009 financial years, which will be stayed pending the outcome of a process involving the UK and Polish tax authorities.
International Personal Finance said this is aimed at "ensuring that the intra-group arrangement in question is taxed in accordance with international tax principles".
Chief Executive Gerard Ryan added: "We are delighted to be able to announce this very positive development with respect to the financial years 2010 onwards, particularly the greater certainty that this brings for the group. In the meantime, we are continuing our work on the options for resolving the 2008 and 2009 position as quickly as possible."
By Paul McGowan; paulmcgowan@alliancenews.com
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