Annual Report & Accounts 2009 - Anglo Irish Bank

Notes to the financial statements continued
15. Taxation 15 months Year
ended ended
31 December 30 September
2009 2008
€m €m
Current taxation
76
Irish corporation tax - current period (91) 105
Irish corporation tax - prior year - 1
Double taxation relief - (6)
Foreign tax - current period 13 39
Foreign tax - prior year 7 (1)
Deferred taxation
(71) 138
Current period - temporary timing differences (note 35) (49) (18)
Taxation (credit)/charge for period (120) 120
Effective tax rate (0.9%) 15.3%
The reconciliation of taxation on (losses)/profits at the standard Irish corporation tax rate to the Group's actual tax
(credit)/charge is analysed as follows:
15 months Year
ended ended
31 December 30 September
2009 2008
€m €m
(Loss)/profit before taxation at 12.5%
Effects of:
(1,604) 98
Deferred tax asset not recognised on losses available for carry forward
Foreign earnings subject to different tax rates including the impact of a
1,487 -
Japanese Yen financing arrangement (note 5)
(47) 12
Deferred tax adjustments in respect of prior periods 15 -
Unrealised losses on investments 10 -
Under-provision in prior periods 7 -
Other 12 10
Taxation (credit)/charge for period (120) 120
A current tax credit has been recognised to the extent that losses can be carried back against prior period profits.
A deferred tax credit has been recognised to the extent that it is probable that future taxable profits will be available against
which losses can be utilised.