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Annual Report & Accounts 2015 - NOTES
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5. taXation Current tax for the current and prior periods is classified as a current liability to the extent that it is unpaid. amounts paid in excess of amounts owed are classified as a current asset. there is a current tax liability from continuing operations of €1,291k (net of tax receivable amounts) at 31 december 2015 (2014: Current tax liability from continuing operations of €1,089k (net of tax receivable amounts)). 2015 2014 €000's €000's current tax expense Current year 758 840 Prior year 89 (112) 847 728 deferred tax origination and reversal of temporary differences - - total income tax expense in income statement 847 728 the tax for the year is different from that which would result from applying the standard rate of UK Corporation tax of 20.25%* (2014: 21.5%). a reconciliation is shown below: 2015 2014 €000's €000's Profit before tax 25,506 41,291 income tax using the domestic corporation tax rate 5,165 8,878 effect of tax rates in foreign jurisdictions (rates decreased) (4,748) (8,430) expenses not deductible/income not chargeable for tax purposes 773 36 Utilisation of tax losses (177) (261) tax losses for which no deferred tax assets have been recognised 659 1,693 adjustment in respect of prior years - corporation tax 89 (112) Capital allowances for the period in excess of depreciation** (914) (1,076) 847 728 * From 1 April 2015 the UK Corporation Tax rate changed from 21% to 20%. ** Represents current tax movement on temporary differences as deferred tax asset amounts have not been recognised. 5.1 taxation amounts recognised in the statement of financial position current tax Payable Receivable total €000's €000's €000's Balances at 1 January 2014 (2,722) 1,877 (845) Paid/(received) during the year ended 31 december 2014 1,740 (1,256) 484 Credit/(charge) in income statement for prior years 112 - 112 (Charge)/credit in income statement for the year ended 31 december 2014 (4,144) 3,304 (840) Balances at 31 december 2014 (5,014) 3,925 (1,089) Balances at 1 January 2015 (5,014) 3,925 (1,089) Paid/(received) during the year ended 31 december 2015 2,073 (1,416) 657 Credit/(charge) in income statement for prior years 119 (208) (89) (Charge)/credit in income statement for the year ended 31 december 2015 (4,429) 3,671 (758) Balances at 31 december 2015 (7,251) 5,972 (1,279) tax reclaimable represents a portion of the tax paid by maltese entities in the Group which is refundable by the maltese tax authorities to the parent company shortly after the submission of the audited accounts and tax computation for the company the tax is payable in. Unrelieved tax losses remain available to offset against future trading profits of approximately €43.9 million (2014: €34.7 million). 66 GVC HOLDINGS PLC ANNUAL REPORT 2015 notes to the consolidated financial statements continued for the year ended 31 december 2015