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A14<br />
A14<br />
| TAXATIOn|<br />
Unit Trust Corporation Annual Report 2012<br />
Trinidad and Tobago Unit Trust Corporation<br />
Notes<br />
to the Consolidated<br />
Financial Statements<br />
8) TAXATION<br />
The local subsidiary companies are subject to Corporation Tax<br />
and foreign subsidiaries are subject to taxation relevant to their<br />
country of domicile.<br />
FOR THE YEAR ENDED<br />
31 DECEMBER, 2012<br />
Expressed in<br />
Trinidad and Tobago dollars<br />
2012 2011<br />
$’000 $’000<br />
net income from continuing operations before taxation 102,992 101,460<br />
Corporation tax rate 0% for the Corporation - -<br />
Corporate tax at 25% for local subsidiaries 1,060 905<br />
Corporate tax for foreign subsidiaries 349 232<br />
Withholding tax 5,268 4,153<br />
Business Levy payments 118 23<br />
Green Fund Levy payments 492 489<br />
Tax charge 7,287 5,802<br />
9) DEFERRED TAX<br />
Deferred taxes are calculated on all temporary differences under<br />
the liability method using the current rate of 25%.<br />
Deferred tax assets and liabilities and deferred tax (credit)/charge<br />
in the profit and loss account are attributable to the following<br />
items:<br />
2012 2011<br />
$’000 $’000<br />
Tax losses carried forward (2,269) (2,768)<br />
Accelerated tax depreciation 6,478 5,917<br />
Net deferred liability 4,209 3,149<br />
The movement in deferred tax assets and liabilities during the year<br />
was as follows:
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