Financial StatementsNotes to the Accounts for the year ended 30 June 2005 (cont’d)12. BORROWINGS FROM CENTRAL BANKSGROUPBANK2005 2004 2003 2005 2004 2003MRs'000 MRs'000 MRs'000 MRs'000 MRs'000 MRs'000Borrowings under Refinance Scheme from Bank ofMauritius under Special Line of Credit by SBM Lease Ltd - 1,167 3,785 - - -Other Special Refinance Schemes from Bank of Mauritius 247,829 341,531 393,664 247,829 341,531 393,664247,829 342,698 397,449 247,829 341,531 393,664Remaining Term to MaturityGROUPBANK2005 2004 2003 2005 2004 2003MRs'000 MRs'000 MRs'000 MRs'000 MRs'000 MRs'000Within 3 months 37,786 30,670 5,837 37,786 30,670 4,624Over 3 months and up to 6 months 30,148 30,776 12,191 30,148 29,609 11,729Over 6 months and up to 12 months 61,762 60,648 38,469 61,762 60,648 37,517Over 1 year and up to 2 years 67,809 127,256 122,780 67,809 127,256 121,622Over 2 years and up to 5 years 50,324 93,348 218,172 50,324 93,348 218,172247,829 342,698 397,449 247,829 341,531 393,66413. BORROWINGS FROM OTHER BANKSRemaining Term to MaturityGROUPBANK2005 2004 2003 2005 2004 2003MRs'000 MRs'000 MRs'000 MRs'000 MRs'000 MRs'000Within 3 months 2,765,600 1,813,022 2,347,247 2,760,148 1,812,732 2,347,247Over 3 months and up to 6 months 518,084 78,820 205,922 518,084 78,820 205,922483,283,684 1,891,842 2,553,169 3,278,232 1,891,552 2,553,169
Financial StatementsNotes to the Accounts for the year ended 30 June 2005 (cont’d)14. TAXATION14A CURRENT TAXATIONGROUPBANK2005 2004 2003 2005 2004 2003MRs'000 MRs'000 MRs'000 MRs'000 MRs'000 MRs'000Accounting Profit 1,501,299 1,365,513 1,186,413 1,493,932 1,360,433 1,182,912Tax on Accounting Profit at the applicable Tax Rate 375,325 341,378 296,603 373,483 340,108 295,728Net Tax Effect of Non-taxable and Other Items (175,642) (284,513) (201,675) (197,757) (300,004) (215,549)Current Tax Provision for the Year 199,683 56,865 94,928 175,726 40,104 80,179Current Tax Liability 185,088 56,519 78,433 161,699 39,113 60,633The current tax liability is stated after deducting the current tax payable by the <strong>In</strong>dian Operations which is set off against taxpaid in advance.The applicable tax rate for the Bank in Mauritius is 25%.14B DEFERRED TAXATIONDeferred Tax LiabilityGROUPBANK2005 2004 2003 2005 2004 2003MRs'000 MRs'000 MRs'000 MRs'000 MRs'000 MRs'000At 1 July- As Previously Stated 51,411 134,179 70,135 51,393 133,790 69,470- Effect of Applying IAS 39 -) (238,326) -) -) (238,326) -)- As Restated 51,411 (104,147) 70,135) 51,393) (104,536) 69,470)Exchange Difference 1,210) (65) 81) 1,210) (65) 81)Transfer from SBM IT Ltd in respect of Pension Asset - - - - 264 -Deferred Tax charged to Property Revaluation Reserve 298,639 - - 298,639 - -Deferred Tax Expense 132,064 155,623 63,963 133,658 155,730 64,23949At 30 June 483,324 51,411 134,179 484,900 51,393 133,790Analysed as resulting from:Accelerated Capital Allowances 203,853 196,223 145,805 203,662 196,205 145,679Pension Asset and Other Employee Benefits 550) (2,057) 1,869) 550) (2,057) 1,606)Specific Provision for Credit Losses (8,675) (143,345) -) (8,675) (143,345) -)Portfolio Provision for Credit Losses (51,603) (47,868) (59,642) (49,836) (47,868) (59,642)Tax Deduction for Advances to Tax <strong>In</strong>centive Companies 47,891 48,458 46,147 47,891 48,458 46,147Revaluation Surplus of Buildings 291,308 - - 291,308 - -483,324 51,411 134,179 484,900 51,393 133,790