Download TPS, East Africa 2008 Annual Report - Serena Hotels

15 Deferred income tax (continued)
Notes to the Financial Statements (cont’d)
Year ended 31 December 2007 1.1.2007 Charged to 31.12.2007
P/L
Shs'000 Shs'000 Shs'000
Deferred income tax liabilities
Property, plant & equipment
- on historical cost 159,115 52,374 211,489
- on revaluation surpluses 395,838 (7,577) 388,261
Unrealised exchange gains 9,112 3,394 12,506
564,065 48,191 612,256
Deferred income tax assets
Provisions (37,565) (1,101) (38,666)
(37,565) (1,101) (38,666)
Net deferred income tax liability 526,500 47,090 573,590
Deferred income tax asset - Tourism Promotion Services (Tanzania) Limited and Tourism Promotion Services (Zanzibar)
Limited.
Year ended 31 December 2008 1.1.2008 Charged Credited Exchange 31.12.2008
to P/L to equity differences
Shs'000 Shs'000 Shs'000 Shs'000 Shs'000
Deferred income tax liabilities
Property revaluation 246,198 1,904 (7,718) - 240,384
Deferred income tax assets
Accelerated tax depreciation 40,702 - - - 40,702
Tax losses carried forward (302,010) 91,814 - - (210.196)
Other deductible temporary differences (113,439) (24,643) - 814 (137,268)
(374,747) 67,171 - 814 (306,762)
Net deferred income tax asset (128,549) 69,075 (7,718) 814 (66,378)
Year ended 31 December 2007 1.1.2007 Charged Credited 31.12.2007
to P/L to equity
Shs'000 Shs'000 Shs'000 Shs'000
Deferred income tax liabilities
Property revaluation 245,534 8,548 (7,884) 246,198
Deferred income tax assets
Accelerated tax depreciation 40,702 - - 40,702
Tax losses carried forward (404,040) 102,030 - (302,010)
Other deductible temporary differences (79,010) (33,557) (872) (113,439)
(442,348) 68,473 (872) (374,747)
Net deferred income tax asset (196,814) 77,021 (8,756) (128,549)
TPS EASTERN AFRICA LIMITED | ANNUAL REPORT AND FINANCIAL STATEMENTS 2008 49