Download TPS, East Africa 2008 Annual Report - Serena Hotels
Download TPS, East Africa 2008 Annual Report - Serena Hotels
Download TPS, East Africa 2008 Annual Report - Serena Hotels
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Notes to the Financial Statements (cont’d)<br />
15 Deferred income tax<br />
Deferred income tax is calculated using the enacted income tax rate of 30% (2007: 30%). The movement on the deferred<br />
income tax account is as follows:<br />
Movement Movement<br />
in deferred in deferred<br />
tax liability tax asset Total<br />
Shs'000 Shs'000 Shs'000<br />
Year ended 31 December 2007<br />
At start of year 526,500 (196,814) 329,686<br />
Income statement charge (Note 9) 47,090 77,021 124,111<br />
Charge to equity - (8,756) (8,756)<br />
At end of year 573,590 (128,549) 445,041<br />
Year ended 31 December <strong>2008</strong><br />
At start of year 573,590 (128,549) 445,041<br />
Income statement charge (Note 9) 17,357 69,075 86,432<br />
Credit to equity - (7,718) (7,718)<br />
Currency translation differences - 814 814<br />
At end of year 590,947 (66,378) 524,569<br />
Deferred income tax liability - Tourism Promotion Services (Kenya) Limited<br />
Year ended 31 December <strong>2008</strong> 1.1.<strong>2008</strong> Charged to 31.12.<strong>2008</strong><br />
P/L<br />
Shs'000 Shs'000 Shs'000<br />
Deferred income tax liabilities<br />
Property, plant & equipment<br />
- on historical cost 211,489 10,352 221,841<br />
- on revaluation surpluses 388,261 (8,222) 380,039<br />
Unrealised exchange gains 12,506 8,431 20,937<br />
612,256 10,561 622,817<br />
Deferred income tax assets<br />
Provisions (38,666) 6,796 (31,870)<br />
(38,666) 6,796 (31,870)<br />
Net deferred income tax liability 573,590 17,357 590,947<br />
48 <strong>TPS</strong> EASTERN AFRICA LIMITED | ANNUAL REPORT AND FINANCIAL STATEMENTS <strong>2008</strong>
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