Page 149 - Annual Report 2022

87 Banka Kombëtare Tregtare Annual Report 2022

Banka Kombëtare Tregtare Sh.a.
Notes to the Consolidated Financial Statements for the year ended
31 December 2022 (Amounts in USD, unless otherwise stated)

32. Income tax (continued)
The tax on profit before tax differs from the theoretical amount that would arise using the basic tax rate as follows:

31 December 2022 31 December 2021
Profit before taxes 121,248,974 107,839,968
Computed tax using statutory tax rate of 15 % 14,961,309 13,078,310
Effect of tax rates in foreign jurisdictions at 10% 2,017,769 1,830,315
Non tax deductible expenses (67,437) (177,527)
Foreign exchange difference (977,944) 15,974
Income tax 15,933,697 14,747,072
Effective tax rate 13.14% 13.67%
33. Related party transactions

In accordance with IAS 24 “Related Party Disclosures”, a related party is any party that has the ability to control the other party
or exercise significant influence over the other party in making financial and operating decisions.
Identity of related parties
The Bank has related party relationships with its shareholders and affiliates, directors and executive officers. The Bank’s sole
shareholder is Calik Holding at 100% as at 31 December 2022. The ultimate controlling party is Mr. Ahmet Calik. ALBtelecom
Sh.a., Aktif Yatirim Bankasi A.S. (“AktifGroup”), ArkEstate Investments, Kosovo Electricity Distribution and Supply Company
J.S.C (KEDS) and Kosovo Electricity Supply Company J.S.C (KESCO) are controlled by Calik Holding. Albania Leasing sh.a
represent an affiliate of the Group. On March 4th, 2022, following the approval of the Albanian authorities, 4iG Plc. acquired 80.27
percent stake from Çalik Holding in ALBtelecom.
Balances and transactions with related parties

31 December 2022 31 December 2021
Assets
Placement and balances with banks:
Current accounts with Aktifbank 112,198 91,592
Placements with Aktifbank 14,940,217 -
Investment Securities with Calik Holding 18,892,512 -
Loans to customers:
Albtelecom - 38,148,737
Albania Leasing - 3,212
ArkEstate 5,568,248 -
Other assets:
Receivables from Albtelecom Sh.a - 10,311
Total assets 39,513,175 38,253,852
Liabilities
Due to banks and financial institutions:
Borrowings from Aktifbank 15,080,244 18,005,053
Customer deposits:
Albtelecom Sh.a. - 469,039
Albania Leasing 79,420 112,499
KEDS / KESCO 19,057,455 22,876,105
Other Liabilities:
Dividend Payable to Calik Holding 50,000,000 45,000,000
Total liabilities 84,217,119 86,462,696