MILLIRE_2019_Annual Report

258 Milli Re Annual Report 2019 Millî Reasürans Türk Anonim Şirketi NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2019 (Currency: Turkish Lira (TL)) (Convenience Translation of Financial Statements and Related Disclosures and Footnotes Originally Issued in Turkish, See Note 2.1.1) 33 Employee benefit expenses As of December 31 2019 and 2018, employee benefit expenses are disclosed as follows: December 31, 2019 December 31, 2018 Wages and salaries 211.068.619 179.381.299 Employer’s share in social security premiums 56.028.392 40.460.148 Pension fund benefits 5.362.795 5.044.995 Other 19.035.012 14.842.516 Total (Note 32) 291.494.818 239.728.958 34 Financial costs As of December 31, 2019, interest expense arising from the leases that the Group has subject to TFRS 16 Leasing Standards amounting to TL 12.262.383 has accounted under “Investment Management Expenses - Including Interest”; amortization expense amounting to TL 7.196.904 has been accounted under “Depreciation and Amortization Expense” accounts (January 1 - December 31, 2018: None). As of December 31, 2019, discounted repayment plans for the Group’s operating leases are as follows (December 31, 2018: None): Operating lease repayments -TL Up to 1 year 3.620.551 1 - 2 years 2.813.212 2 - 3 years 3.500.198 3 - 4 years 4.354.946 4 - 5 years 5.387.487 Over 5 years 38.499.393 Total 58.175.787 35 Income tax Income tax expense in the accompanying consolidated financial statements is as follows: December 31, 2019 December 31, 2018 Current tax expense provision: Corporate tax provision (201.913.417) (106.996.427) Deferred taxes: Origination and reversal of temporary differences 69.039.680 (4.635.421) Total income tax expense/(income) (132.873.737) (111.631.848)