OJSC Oil Company Rosneft Consolidated Financial Statements

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OJSC Oil Company Rosneft Notes to Consolidated Financial Statements (continued) 18. Income and Other Tax Liabilities Income and other tax liabilities as of December 31 comprise the following: 2008 2007 Mineral extraction tax 393 1,084 Value-added tax 244 214 Excise tax 138 184 Personal income tax 20 24 Property tax 66 23 Income tax 113 651 Other 120 166 Total income and other tax liabilities 1,094 2,346 Tax liabilities above include the respective current portion of non-current restructured tax liabilities (see Note 22). 19. Export Customs Duty Export customs duty for the years ended December 31, comprises the following: 2008 2007 2006 Oil and gas sales Export customs duty 17,200 10,754 9,763 Petroleum products sales and processing fees Export customs duty 4,806 2,278 1,377 Total revenue related taxes 22,006 13,032 11,140 Petroleum products sales also include excise taxes which are presented in Note 20. 20. Income and Other Taxes Income tax expenses for the years ended December 31 comprise the following: 2008 2007 2006 Current income tax expense 3,394 3,848 2,385 Deferred income tax (benefit)/expense (1,490) 1,058 (1,845) Total income tax expense 1,904 4,906 540 The Company does not file a consolidated tax return, rather each legal entity files separate tax returns with various authorities, primarily in the Russian Federation. 40
OJSC Oil Company Rosneft Notes to Consolidated Financial Statements (continued) 20. Income and Other Taxes (continued) Temporary differences between these consolidated financial statements and tax records gave rise to the following deferred income tax assets and liabilities as of December 31: 2008 2007 Deferred income tax asset arising from tax effect of: Tax loss carry-forward – 33 Asset retirement obligations 155 77 Property, plant and equipment 53 50 Prepayments and other current assets 6 15 Accounts receivable 38 27 Accounts payable and accruals 54 63 Inventories 11 16 Long-term investments 56 4 Interest swap contract 38 3 Other 96 60 Total 507 348 Valuation allowance for deferred income tax asset (237) (135) Deferred income tax asset 270 213 Deferred income tax liability arising from tax effect of: Mineral rights (2,578) (3,996) Other properties, plant and equipment and other (2,908) (3,748) Deferred income tax liability (5,486) (7,744) Net deferred income tax liability (5,216) (7,531) Classification of deferred taxes: 2008 2007 Current deferred tax assets 152 156 Non-current deferred tax assets 118 57 Current deferred tax liabilities (115) (118) Non-current deferred tax liabilities (5,371) (7,626) 41
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OJSC Oil Company Rosneft Consolidated Financial Statements

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