Epson 2016 Annual Report Download - page 90
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89
Epson has no taxable temporary differences associated with investments in subsidiaries for which deferred tax
liabilities have not been recognised as of March 31, 2015 and 2016.
(2) Tax Expense
“Tax expense” recognised as an expense was as follows:
Deferred tax expense increased by ¥3,424 million and ¥1,575 million ($13,977 thousand) mainly due to the effect
of changes in Japanese applicable tax rates for the years ended March 31, 2015 and 2016, respectively.
Deferred tax expense includes the benefit arising from a previously unrecognised tax loss, tax credit or temporary
difference of a prior period, and expenses or benefits arising from write-downs of deferred tax assets or the reversal
of previous write-downs of deferred tax assets. These effects increased/decreased the deferred tax expense by
¥13,253 million and (¥11,740) million ($104,188 thousand) for the years ended March 31, 2015 and 2016,
respectively.
(3) Reconciliation of the Effective Tax Rate
The breakdown of major items that caused differences between the effective statutory tax rate and the actual tax
rate was as follows.
Epson is subject mainly to corporate tax, inhabitant tax, and enterprise tax, and the effective statutory tax rates
calculated based on these taxes were 35.4% and 32.8% for the years ended March 31, 2015 and 2016, respectively.
The Special Corporation Tax for Reconstruction has been abolished in this fiscal year. Foreign subsidiaries are
subject to income tax at their locations.
%
Year ended
March 31, 2015
Year ended
March 31, 2016
Effective statutory tax rate 35.4 32.8
Different tax rates applied to foreign subsidiaries (5.4) (3.4)
Expenses not deductible for tax purposes (0.8) 1.0
Reassessment of recoverability of deferred tax assets (18.8) 16.7
Other 3.7 2.5
Actual tax rate 14.1 49.6
Millions of yen
Thousands of
U.S. dollars
March 31, March 31,
2015 2016 2016
1st year -- -
2nd year -- -
3rd year -- -
4th year -- -
5th year and thereafter 8,247 64,751 574,645
Total 8,247 64,751 574,645
Millions of yen
Thousands of
U.S. dollars
Year ended
March 31,
Year ended
March 31,
2015 2016 2016
Current tax expense (23,216) (19,720) (175,008)
Deferred tax expense 4,584 (25,700) (228,089)
Total (18,631) (45,421) (403,097)