Annual Report 2009 - Toyota Financial Services

Annual Report 200910. TAXATIONThe income tax expense is comprised of the following:2008/09 2007/08CZK’000CZK’000Deferred tax expense 2,770 7,194Current tax expense 0 5,054Supplementary tax 2007/08 131 0Total income tax expense 2,901 12,248Current tax can be analysed as follows:2008/09 2007/08CZK’000CZK’000Net profit before taxation 12,506 46,826Adjustments for tax purposes:Non taxable income (15,842) (22,096)Non-tax deductible costs 14,472 33,449Diference between tax and accounting depreciation of fixed assets (14,856) (20,843)Net taxable profit (3,720) 37,336Tax losses carried forward 0 (13,269)Corporate taxation at 21% (2007/08: 21%) 0 5,054The deferred tax liability is calculated at 19% (the tax rate enacted for period of expected realisation of deferred tax;2007/08: 21%) from the net taxable profit and can be analysed as follows:31 March 2009 31 March 2008CZK’000CZK’000Deferred tax liability/asset:Difference between accounting and tax depreciation rate (14,882) (12,779)Other provisions 1,300 2,661Other temporary differences (42) (29)Tax losses carried forward 707 0Net deferred tax liability (see Note 7) (12,917) (10,147)45