BP 2009 Annual Report Download - page 139
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137
BP Annual Report and Accounts 2009
Notes on financial statements
Financial statements
16. Taxation
–
Tax on profit
$ million
2009 2008 2007
Current tax
Charge for the year 6,045 13,468 10,006
Adjustment in respect of prior years (300) (85) (171)
5,745 13,383 9,835
Deferred tax
Origination and reversal of temporary differences in the current year 2,131 (324) 671
Adjustment in respect of prior years 489 (442) (64)
2,620 (766) 607
Tax on profit 8,365 12,617 10,442
Tax included in other comprehensive income
$ million
2009 2008 2007
Current tax –(264) (178)
Deferred tax (525) (2,682) 454
(525) (2,946) 276
Tax included directly in equity
$ million
2009 2008 2007
Deferred tax (65) 190 (213)
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.
$ million
2009 2008 2007
Profit before taxation 25,124 34,283 31,611
Tax on profit 8,365 12,617 10,442
Effective tax rate 33% 37% 33%
% of profit before taxation
UK statutory corporation tax rate 28 28 30
Increase (decrease) resulting from
UK supplementary and overseas taxes at higher rates 814 8
Tax reported in equity-accounted entities (3) (2) (2)
Adjustments in respect of prior years 1(2) (1)
Current year losses unrelieved (prior year losses utilized) –(1) (1)
Goodwill impairment 2–
Tax incentives for investment (2) (1) –
Other (1) 1 (1)
Effective tax rate 33 37 33