TPCC Annual Report 2008.indd - HeidelbergCement
TPCC Annual Report 2008.indd - HeidelbergCement
TPCC Annual Report 2008.indd - HeidelbergCement
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Tanzania Portland Cement Company Ltd, <strong>Annual</strong> <strong>Report</strong> 2008<br />
30. Taxation<br />
TZS ‘000 2008 2007<br />
Tax expense<br />
Current year tax 11,813,742 14,159,269<br />
Prior year taxes 87,153 300,433<br />
56<br />
11,900,895 14,459,702<br />
Deferred tax charge 3,329,735 (989,725)<br />
Reconciliation of tax expense to tax based on accounting profit:<br />
15,230,630 13,469,977<br />
Accounting profit before taxation 50,192,950 43,581,562<br />
Tax applicable rate of 30% 15,057,885 13,074,469<br />
Additional tax assessed for previous years 87,153 300,433<br />
Tax effect on non taxable/non deductible items<br />
Disallowable expenses 85,592 95,075<br />
Tax expense 15,230,630 13,469,977<br />
Deferred Taxation<br />
Accelerated depreciation for tax purposes 32,850,411 21,099,415<br />
Provision for employee benefits (1,116,878) (465,000)<br />
General provision - -<br />
31,733,533 20,634,415<br />
Deferred tax liability thereon at 30% 9,520,060 6,190,325<br />
Prior year taxes - -<br />
Less: Opening deferred tax liability (6,190,325) (7,180,050)<br />
Deferred tax (release)/expense 3,329,735 (989,725)<br />
Tax (recoverable)/payable<br />
Tax payable brought forward 806,525 (953,369)<br />
Tax charge for the year 11,813,742 14,159,269<br />
Prior year taxes 87,153 300,433<br />
Tax payments during the year (11,742,413) (12,699,808)<br />
Tax (recoverable)/payable 965,007 806,525<br />
31. Employees<br />
The number of employees at the end of the year was 345 (2007: 312).<br />
32. Comparative figures<br />
Previous year’s balances have been regrouped whenever appropriate for comparison purposes.
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