BP 2008 Annual Report Download - page 136
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Financial statements
1
BP Annual Report and Accounts 2008
Notes on financial statements
20. Taxation
Tax on profit
$ million
2008 2007 2006
Current tax
Charge for the year 13,468 10,006 11,199
Adjustment in respect of prior years (85) (171) 442
13,383 9,835 11,641
Innovene operations – – 159
Continuing operations 13,383 9,835 11,800
Deferred tax
Origination and reversal of temporary differences in the current year (324) 671 1,771
Adjustment in respect of prior years (442) (64) (1,240)
(766) 607 531
Tax on profit from continuing operations 12,617 10,442 12,331
Tax included in the statement of recognized income and expense
$ million
2008 2007 2006
Current tax (264) (178) (51)
Deferred tax (2,492) 241 985
(2,756) 63 934
This comprises:
Currency translation differences (100) (139) 201
Actuarial gain (loss) relating to pensions and other post-retirement benefits (2,602) 427 820
Share-based payments 190 (213) (26)
Cash flow hedges (194) (26) 47
Available-for-sale investments (50) 14 (108)
(2,756) 63 934
Reconciliation of the effective tax rate
The following table provides a reconciliation of the UK statutory corporation tax rate to the effective tax rate of the group on profit before taxation from
continuing operations.
$ million
2008 2007 2006
Profit before taxation from continuing operations 34,283 31,611 34,642
Tax on profit from continuing operations 12,617 10,442 12,331
Effective tax rate 37% 33% 36%
% of profit before taxation
from continuing operations
UK statutory corporation tax rate 28 30 30
Increase (decrease) resulting from
UK supplementary and overseas taxes at higher rates 14 7 11
Tax reported in equity-accounted entities (2) (2) (3)
Adjustments in respect of prior years (2) (1) (2)
Current year losses unrelieved (prior year losses utilized) (1) (1) (1)
Other ––
Effective tax rate 37 33 36
135