30
BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
ANNUAL REPORT 2013
Notes to the Consolidated Financial Statements
For the year ended March 31, 2013, with comparative figures for 2012
(Expressed in Barbados dollars)
7. TAXATION
The corporation tax charge for the year is as follows:
2013
2012
Current tax expense
$ 295,983
182,250
Under accrual of prior year taxes
4,831
-
Deferred tax charge (credit)
20,267
(5,009)
Tax expense
$ 321,081
177,241
The tax on the Group’s income before taxation differs from the theoretical
amount that would arise using the statutory rate of corporation tax as follows:
2013
2012
Income before taxation
$ 13,214,356
9,423,147
Tax calculated at a rate of 25% (2012 - 25%)
3,303,589
2,355,786
Income not subject to tax
(3,009,046)
(2,207,964)
Effect of different tax rates
(12,094)
(7,132)
Expenses not deductible for tax
29,335
59,288
Movement on deferred tax asset not recognised
14,328
74,469
Prior year’s under (over) provision of taxes
4,831
(14,994)
Losses utilized
(46,563)
(33,728)
Other
36,701
(48,484)
Tax expense
$ 321,081
177,241
Deferred taxation
2013
2012
Beginning of the year
$ 9,059
14,068
Deferred tax charge (credit)
20,267
(5,009)
End of year
$ 29,326
9,059
