2008 Financial Statement - Access Bank

Access Bank Plc and Subsidiary Companies
Group Financial Statements – 31 March 2008
Together with Directors’ and Auditor’s Reports
15. Taxation payable:
(a) The movement on this account during the year is as follows:
Group Bank Bank
2008 2008 2007
N000 N000 N000
Beginning of year 1,751,833 1,751,833 699,109
Charge for the year (see note (c) below) 2,883,866 2,883,866 1,725,110
Payments during the year (1,975,776) (1,975,776) (672,386)
End of year 2,659,923 2,659,923 1,751,833
The current tax charge has been computed at the current company income tax rate of 30%
(March 2007: 30%) plus 2% (March 2007: 2%) Education Levy for the year on the profit for
the year after adjusting for certain items of income and expenditure, which are not deductible
or chargeable for tax purposes.
(b) (i) The movement on deferred tax account during the year is as follows:
Group Bank Bank
2008 2008 2007
N000 N000 N000
Beginning of year 515,808 515,808 281,192
Charge for the year 108,715 101,776 234,616
End of year 624,523 617,584 515,808
The Banks exposure to deferred tax (which relates primarily to timing differences in the
recognition of depreciation, capital allowances on fixed assets and general provisions) have
been fully provided for in the financial statements.
(ii) Recognised deferred tax liabilities are attributable to the following:
Group Bank Bank
2008 2008 2007
N000 N000 N000
Fixed assets 1,455,118 1,448,179 868,334
General provision (830,595) (830,595) (352,526)
624,523 617,584 515,808
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