Annual Report 2011/2012 - Colombo Stock Exchange
Annual Report 2011/2012 - Colombo Stock Exchange
Annual Report 2011/2012 - Colombo Stock Exchange
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MERCANTILE SHIPPING COMPANY PLC<br />
NOTES TO THE FINANCIAL STATEMENTS Contd...<br />
Year ended 31 March <strong>2012</strong><br />
19. INCOME TAX<br />
Current Income Tax<br />
Current Tax Expense on Ordinary Activities for the Year (Note 19.1)<br />
Under/(Over) Provision of Current Taxes in respect of Prior Years<br />
Deferred Income Tax<br />
Deferred Taxation (Reversal)/Charge (Note 19.3)<br />
Income Tax (Reversal)/Charge<br />
<strong>2012</strong><br />
Rs.<br />
840,352<br />
-<br />
(1,990,069)<br />
(1,149,716)<br />
Group<br />
<strong>2011</strong><br />
Rs.<br />
155,109<br />
(3,899,829)<br />
(1,512,413)<br />
(5,257,133)<br />
<strong>2012</strong><br />
Rs.<br />
840,352<br />
-<br />
(1,990,069)<br />
(1,149,716)<br />
Company<br />
<strong>2011</strong><br />
Rs.<br />
155,109<br />
(5,120,179)<br />
(1,512,413)<br />
(6,477,483)<br />
19.1 Reconciliation between Current Tax Expense/ (Income) and the product of Accounting Profit.<br />
Group<br />
Company<br />
<strong>2012</strong><br />
Rs.<br />
<strong>2011</strong><br />
Rs.<br />
<strong>2012</strong><br />
Rs.<br />
<strong>2011</strong><br />
Rs.<br />
Accounting Profit/(Loss) Before Tax<br />
Aggregate Disallowed Items<br />
Aggregate Allowable Expenses<br />
(Income) /Loss Not Subject to Tax<br />
(33,366,164)<br />
7,265,847<br />
(9,345,237)<br />
37,730,490<br />
2,284,935<br />
(28,609,925)<br />
5,389,935<br />
(7,007,633)<br />
16,398,089<br />
(13,829,535)<br />
4,364,325<br />
7,265,847<br />
(9,345,237)<br />
-<br />
2,284,935<br />
(14,513,491)<br />
5,389,935<br />
(7,007,633)<br />
-<br />
(16,131,189)<br />
Other Sources of Income Liable to Tax<br />
Finance Income<br />
Total Other Sources of Income Liable for Tax<br />
2,332,385<br />
2,332,385<br />
1,056,338<br />
1,056,338<br />
2,332,385<br />
2,332,385<br />
1,056,338<br />
1,056,338<br />
Total Assessable Income<br />
Tax Losses Brought Forward and utilized (Note 19.2)<br />
Less : Qualifying Payments<br />
Taxable Income<br />
4,617,321<br />
(1,616,062)<br />
-<br />
3,001,258<br />
1,056,338<br />
(369,718)<br />
(250,000)<br />
436,620<br />
4,617,320<br />
(1,616,062)<br />
-<br />
3,001,258<br />
1,056,338<br />
(369,718)<br />
(250,000)<br />
436,620<br />
Statutory Tax Rate<br />
28%<br />
35%<br />
28%<br />
35%<br />
Current Income Tax Expense<br />
Social Responsibility Levy - 1.5%<br />
840,352<br />
-<br />
840,352<br />
152,817<br />
2,292<br />
155,109<br />
840,352<br />
-<br />
840,352<br />
152,817<br />
2,292<br />
155,109<br />
Group<br />
Company<br />
19.2 Tax Losses<br />
<strong>2012</strong><br />
Rs.<br />
<strong>2011</strong><br />
Rs.<br />
<strong>2012</strong><br />
Rs.<br />
<strong>2011</strong><br />
Rs.<br />
Tax Loss Brought Forward<br />
Tax Loss Incurred During the Year<br />
Tax Loss Utilized During the Year<br />
Tax Losses Carried Forward<br />
20,904,751<br />
-<br />
(1,616,062)<br />
19,288,689<br />
5,709,602<br />
15,564,867<br />
(369,718)<br />
20,904,751<br />
13,762,186<br />
-<br />
(1,616,062)<br />
12,146,124<br />
-<br />
14,131,904<br />
(369,718)<br />
13,762,186<br />
34
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