OJSC Oil Company Rosneft Consolidated Financial Statements

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)
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