TGE to pay PLN 80 mln in back taxes

Warsaw Stock Exchange power trading platform TGE will pay PLN 80 million overdue VAT liabilities for the period between December 2011 and December 2016. In order to cover the debt, PGE took out a PLN 60 million loan from DNB Bank Polska. The owed VAT amounts to PLN 69.8 million plus PLN 10.2 million in interest. “TGE will issue correction invoices to its counterparties, requesting them to pay the VAT which was not previously charged,” the filing said. “TGE intends to finance the remaining amount of liabilities to the tax office with own funds and an additional loan to be taken within the GPW Group.”