BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED
CONSOLIDATED ANNUAL REPORT 2016
38
BARBADOS PUBLIC WORKERS' CO-OPERATIVE CREDIT UNION LIMITED
Notes to the Consolidated Financial Statements
For the year ended March 31, 2016
(Expressed in Barbados dollars)
26
8.
Taxation
The corporation tax charge for the year is as follows:
2016
2015
Current tax expense
$
223,721
117,077
Under accrual of prior year taxes
76,944
16,396
Deferred tax charge
(31,861)
2,256
Tax expense
$
268,804
135,729
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:
2016
2015
Income before taxation
$ 13,451,101 9,777,286
Tax calculated at a rate of 25% (2015 - 25%)
3,362,775 2,444,322
Income not subject to tax
(3,338,558)
(2,334,089)
Effect of different tax rates
(9,496)
(13,221)
Expenses not deductible for tax
43,891
21,020
Movement on deferred tax asset not recognised
161,226
1,301
Prior year’s under provision of taxes
58,156
16,396
Tax loss utilization
(9,579)
-
Other
389
-
Tax expense
$
268,804
135,729
Deferred taxation
The movement of deferred tax liability is as follows:
2016
2015
Beginning of the year
$
84,041
81,785
Deferred tax charge
(31,861)
2,256
End of year
$
52,180
84,041
The deferred tax asset not recognised comprises tax losses and accelerated tax depreciation of the
St. Lucia Branch and tax losses of BPW Financial Holdings Inc.
