2012 Annual Report & Financial Statements - UBA Plc

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16. Other operating expenses
In millions of Nigerian Naira
December
2012
Group
December
2011
December
2012
Bank
December
2011
Auditors remuneration (309) (308) (179) (100)
Directors fees (37) (67) (37) (67)
Asset Management Corporation of Nigeria (AMCON) levy (4,966) (4,298) (4,966) (4,298)
Nigerian Deposit Insurance Corporation (NDIC) premium (5,685) (4,936) (5,685) (4,936)
Others (37,255) (38,121) (24,624) (26,341)
(48,252) (47,730) (35,491) (35,742)
17. Taxation
Recognised in the profit or loss
In millions of Nigerian Naira
(a) Current tax expense
December
2012
Group
December
2011
Bank
December
2012
December
2011
Current year (3,126) (2,185) (1,353) (784)
Prior year over provision – 167 – 237
(3,126) (2,018) (1,353) (547)
(b) Deferred tax expense
Origination and reversal of temporary differences (note 30) 2,593 19,953 2,548 19,049
Total income tax (expense)/credit (533) 17,935 1,195 18,502
(c) Current tax liabilities
Balance, beginning of year 2,627 2,869 784 1,185
Tax paid (4,479) (2,427) (812) (1,185)
Income tax charge 3,126 2,185 1,353 784
Balance, end of year 1,274 2,627 1,325 784
(d) Reconciliation of effective tax rate
(i) 31 December 2012
Profit before income tax 52,010 46,180
Income tax using the domestic corporation tax rate 15,603 13,854
Income tax payable for Bank is based on the minimum tax
provisions in the Nigerian tax law, which is applicable to
companies that do not have taxable profits
Companies Income Tax 1,173 –
Minimum tax 894 894
Effect of tax rates in foreign jurisdictions (352) –
Information Technology Levy 459 459
Disallowed permanent differences 403 350
Exempted permanent differences (17,647) (16,752)
Total income tax expense in comprehensive income 533 (1,195)