annual_repport_staatsolie_2016_lr

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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
Annual REPORT Confidence in Our Own Abilities 61 VIII Staatsolie Separate Company Financial Statements 2016
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