Experian 2013 Annual Report Download - page 126
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124 Experian Annual Report 2013 Financial statements
16. Tax charge/(credit) in the Group income statement
(a) Analysis of Group tax charge/(credit)
2013
US$m
2012
US$m
Current tax:
Tax on income for the year 224 120
Adjustments in respect of prior years (40) (71)
Total current tax charge 184 49
Deferred tax:
Origination and reversal of temporary differences (46) (82)
Adjustments in respect of prior years 14 (2)
Total deferred tax credit (32) (84)
Group tax charge/(credit) 152 (35)
The Group tax charge/(credit) comprises:
UK tax 5 (241)
Non-UK tax 147 206
Group tax charge/(credit) 152 (35)
(b) Tax reconciliations
(i) Reconciliation of the Group tax charge/(credit)
2013
US$m
2012
US$m
Profit before tax 440 689
Profit before tax multiplied by the main rate of UK corporation tax of 24% (2012: 26%) 106 179
Effects of:
Adjustments in respect of prior years (26) (73)
Exceptional items 5 4
Other income not taxable (27) (46)
Increase in fair value of Serasa put option not deductible 134 85
Other expenses not deductible 67 54
Adjustment in respect of previously unrecognised tax losses (3) (217)
Adjustment in respect of tax benefits recognised on corporate transactions (98) –
Reduction in future rate of UK corporation tax 12 9
Different effective tax rates in non-UK businesses (18) (30)
Group tax charge/(credit) 152 (35)
Effective rate of tax based on Profit before tax 34.5% (5.1%)
Notes to the Group financial statements continued