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A14 A14 | TAXATIOn| Unit Trust Corporation Annual Report 2012 Trinidad and Tobago Unit Trust Corporation Notes to the Consolidated Financial Statements 8) TAXATION The local subsidiary companies are subject to Corporation Tax and foreign subsidiaries are subject to taxation relevant to their country of domicile. FOR THE YEAR ENDED 31 DECEMBER, 2012 Expressed in Trinidad and Tobago dollars 2012 2011 $’000 $’000 net income from continuing operations before taxation 102,992 101,460 Corporation tax rate 0% for the Corporation - - Corporate tax at 25% for local subsidiaries 1,060 905 Corporate tax for foreign subsidiaries 349 232 Withholding tax 5,268 4,153 Business Levy payments 118 23 Green Fund Levy payments 492 489 Tax charge 7,287 5,802 9) DEFERRED TAX Deferred taxes are calculated on all temporary differences under the liability method using the current rate of 25%. Deferred tax assets and liabilities and deferred tax (credit)/charge in the profit and loss account are attributable to the following items: 2012 2011 $’000 $’000 Tax losses carried forward (2,269) (2,768) Accelerated tax depreciation 6,478 5,917 Net deferred liability 4,209 3,149 The movement in deferred tax assets and liabilities during the year was as follows:
Notes to the Consolidated Financial Statements FOR THE YEAR ENDED 31 DECEMBER, 2012 Expressed in Trinidad and Tobago dollars Deferred Tax Liability Accelerated Tax Depreciation $’000 Balance at 1 January 2011 5,253 Charged to the Consolidated Statement of Income 2011 664 Balance as at 31 December 2011 5,917 Charged to the Consolidated Statement of Income 2012 _561 Balance as at 31 December 2012 6,478 Deferred Tax Asset Tax Losses $’000 Balance at 1 January 2011 (3,009) Charged to the Consolidated Statement of Income 2011 241 Balance as at 31 December 2011 (2,768) Charged to the Consolidated Statement of Income 2012 499 Balance as at 31 December 2012 (2,269) 10) SINKING FUND LIABILITY The Corporation is contractually obligated to generate minimum returns on two (2) sinking funds that it manages. The sum of $13.6 million represents the shortfall of the actual balances with respect to the targeted balances as at 31 December, 2012 (2011 $7.8 million). The liability on one Sinking Fund ($5.7 million) crystallises in December 2013. 11) RETIREMENT BENEFITS Prior to 1 January, 2001 the Unit Trust Corporation Pension Fund Plan (the Plan) had been a defined benefit plan. The Plan received formal approval during 2002 for conversion to a defined contribution plan with effect from 1 January, 2001 with pre 1 January, 2001 benefits guaranteed. Retirement benefits are currently paid out of the Fund and are guaranteed for life. The defined benefits comprise a small portion of plan benefits. (a) Changes in the present value of the defined benefit obligations are as follows: 2012 2011 $’000 $’000 Opening present value of defined benefit obligation 109,100 - Current service cost 7,865 - Plan participant contributions 3,595 - Interest cost 8,693 - Actuarial Losses 10,618 - Benefit paid (3,573) - Closing present value of defined benefit obligation 136,298 - A15 Unit Trust Corporation Annual Report 2012 A15
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Our mission is to create and enhanc
Page 5 and 6: ContentS 7 Corporate Information 10
Page 7 and 8: Unit Trust Corporation Annual Repor
Page 9 and 10: oard of direCtorS Leonardo Ambrose
Page 15 and 16: Performance HigHligHts Bonds 22.10%
Page 17 and 18: Performance HigHligHts Equities 90.
Page 19 and 20: Performance HigHligHts Equities 89.
Page 21 and 22: Bonds 48.80% Performance HigHligHts
Page 23 and 24: Performance HigHligHts 23 US DOLLAR
Page 49 and 50: Notes to the Consolidated Financial
Page 55: Notes to the Consolidated Financial
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