FY 2010 Annual Report - Part II - Orascom Development

ODH Annual Report 2010
13 INCOME TAXES RELATING TO CONTINUING OPERATIONS
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13.1 Income tax recognised in profit or loss
CHF 2010
2009
(restated)
Current tax
Current tax expense 19,221,498 18,581,661
Adjustments recognized in the current year in relation to the current tax of prior years - -
19,221,498 18,581,661
Deferred tax
Deferred tax (income)/expense recognized in the current year (689,592) 3,508,821
Deferred tax reclassified from equity to profit or loss - -
Adjustments to deferred tax attributable to changes in tax rates and laws - -
(689,592) 3,508,821
Total income tax expense recognized in the current year relating to continuing operations 18,531,906 22,090,482
The income tax expense for the year can be reconciled to the accounting profit as follows:
CHF 2010
2009
(restated)
Profit from operations 140,783,823 166,989,882
Income tax expense calculated at 20.12% (2009 restated:: 20.48%) 28,323,937 34,200,166
Previously unrecognized deferred tax assets (12,573,387) -
Effect of income that is exempt from taxation 1,658,462 (14,830,660)
Effect of expenses or (income) that are not (deductable) or added in determining taxable profit 1,122,894 2,720,976
Income tax expense recognized in profit or loss 18,531,906 22,090,482
The average effective tax rate of 20.12% (2009 (restated): 20.48%) is the effective tax rate from countries in which the company
generates taxable profit.
13.2 Income tax recognized in other comprehensive income
CHF 2010 2009
Deferred tax
Arising on income and expenses recognised in other comprehensive income:
Fair value measurement of hedging instruments entered into in a cash flow hedge (152,816) (181,260)
Total income tax recognised in other comprehensive income (152,816) (181,260)
13.3 Current tax assets and liabilities
CHF 2010 2009 (restated)
Current tax expense 19,221,498 18,581,661
Tax risks covered in other provisions (see note 31) - (7,000,000)
Foreign currency difference (3,245,597) (708,277)
Current tax liabilities 15,975,901 10,873,384
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