annual_repport_staatsolie_2016_lr

Annual REPORT
Confidence in Our Own Abilities
60
27 Financial (expenses)/ income
The breakdown of the financial (expenses) and income is as follows:
2016 2015
Interest income 1,232 404
Interest expense (42,797) (22,037)
(Loss)/Gain on foreign currencies transactions 7,312 (731)
(34,253) (22,364)
28 Income tax charge
The income tax comprises of:
2016 2015
Current tax expense or benefit (7,508) (5,865)
(7,508) (5,865)
Reconciliation statutory with effective tax rate: 2016 2015
Suriname statutory income tax rate 36% 36%
Effect of unrecognized tax credits 22% (16%)
Effective tax rate 58% 20%
Tax Losses Carry Forward
Ventrin has accumulated tax losses of approximately
US$ 15.2 million (2015: US$ 14.5 million) available
for offset against future taxable profits. These
losses have no expiry date in Trinidad and Tobago.
Income Tax Holiday
SPCS was enjoying an income for the years 2006 up
until and including 2015