Asus 2011 Annual Report Download - page 119
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115
B. Pursuant to the Company Act, the Company purchased 54,000 shares, amounting to $3,105,
from shareholders who disagreed with the transfer of the Company’s OEM business. However,
the Company subsequently disposed those shares in the open market after they were
purchased.
C. Pursuant to the Securities and Exchange Act, the number of shares bought back as treasury
stock should not exceed 10% of the number of the Company’s issued and outstanding shares
and the amount bought back should not exceed the sum of retained earnings, paid-in capital in
excess of par value and realized capital reserve.
D. Pursuant to the Securities and Exchange Act, treasury stock should not be pledged as collateral
and is not entitled to dividends before it is reissued.
E. Pursuant to the Securities and Exchange Act, treasury stock for the purpose of enhancing the
Company’s credit worthiness and stockholders’ right should be retired within six months after
acquisition.
(17) Income tax
A. According to the amended tax law issued on May 27, 2009, the statutory income tax rate was
reduced from 25% to 20%, effective January 1, 2010. However, further amendment of this tax
law was made and announced on June 15, 2010, under which, the statutory income tax rate has
been reduced further to 17%. The Company is subject to income tax rate at a statutory rate of
17% for the years ended December 31, 2011 and 2010. The Company is also subject to the
“Income Basic Tax Act” to calculate income tax. The components of income tax expense of
the Company for the years ended December 31, 2011 and 2010, respectively, are as follows:
2011/1/1~12/31 2010/1/1~12/31
Current income tax 1,844,695$ 1,727,447$
10% additional income tax on 484,385 -
unappropriated earnings
Investment tax credits - 137,299)(
2,329,080 1,590,148
Deferred income tax expense (benefit):
Increase in unrealized sales profit on 202,495)( 15,188)(
inter-affiliate accounts
Decrease (increase) in unrealized 102,942 241,628)(
purchase discounts
Decrease in allowance for decline in value 121,507 84,452
of inventories
Increase in investment income under 832,893 955,740
the equity method
Effect of change in income tax rate - 21,060)(
Others 33,379 68,049
888,226 830,365
Income tax expense 3,217,306$ 2,420,513$