12 Months Financial Report - Turkish Airlines

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TÜRK HAVA YOLLARI ANONİM ORTAKLIĞINOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE PERIOD ENDED 31 DECEMBER, 200935 TAX ASSETS AND TAX LIABILITIES (cont’d)1 January- 1 January-31 December 2009 31 December 2008Reconciliation of provision for taxes:Profit from operations before tax 736.977.617 1.305.465.938Domestic income tax rate of 20% 147.395.523 261.093.188Taxation effects on:- revenue that is exempt from taxation (2.846.785) (5.848.893)- foreign branch earning exemption 33.119.035 (87.285.760)- non-deductible expenses 233.564 3.281.192Provisions for tax expense in income statement 177.901.337 171.239.727Tax effect regarding other comprehensive income is as follows:1 January - 31 December 2009Amount Tax (expense) Amountbefore tax /income after taxForeign currency translation differences 181.933 - 181.933Change in cash flow hedge fund ( 2.189.161) 437.832 ( 1.751.329)Other comprehensive income for the period ( 2.007.228) 437.832 ( 1.569.396)Change in translation differences of foreign currency that is included in other comprehensive income, isTL 4.459.406. In addition, the effect on taxation does not exist for the period 1 January - 31 December2008.The Group recognizes deferred tax assets and liabilities based upon temporary differences arisingbetween its financial statements prepared in accordance with IFRS and its statutory financialstatements. Deferred tax assets and liabilities calculated for temporary differences expected to berealized in future are calculated under the liability method.57
TÜRK HAVA YOLLARI ANONİM ORTAKLIĞINOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE PERIOD ENDED 31 DECEMBER, 200935 TAX ASSETS AND TAX LIABILITIES (cont’d)The deferred tax assets and (liabilities) as of 31 December 2009 and 31 December 2008 are asfollows:31 December 2009 31 December 2008Fixed assets (437.228.761) (433.734.782)Provisions for ticket sales advances (48.624.219) (32.179.753)Accrued expense 41.874.247 36.194.357Provisions for retirement pay 30.375.1<strong>12</strong> 28.491.817Long-term lease obligations 21.625.506 49.277.131Short-term lease obligations 21.321.316 21.716.516Allowance for doubtful receivables 3.752.304 3.050.391Provisions for impairment in inventories 2.873.729 2.944.944Provisions for unused vacation 2.739.207 2.546.893Adjustment of inventories (1.165.198) -Income and expenses relating to future periods(756.009) 1.037.855Discount on receivables 279.604 472.633Discount on payables (164.343) (485.657)Accummulated loss - 31.206.428Other 854.400 158.260(362.243.105) (289.302.967)31 December 2009 31 December 2008Deferred tax assets - 1.986.324Deferred tax liabilities (362.243.105) (291.289.291)Deferred tax assets/ (liabilities), net (362.243.105) (289.302.967)The movements of deferred tax liability as of 31 December 2009 and 2008 are as follows:1 January- 1 January-31 December 2009 31 December 2008Opening balance at January 1 289.302.967 <strong>12</strong>5.736.925Deferred tax expense 73.377.970 163.566.042Hedge fund tax income (437.832) -Closing balance at December 31 362.243.105 289.302.96758
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