HSBC 2013 Annual Report Download - page 85
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83
6 Tax expense
2013
$m
2012
$m
Current taxation
Federal ...................................................................................................................... 136 168
Provincial ................................................................................................................. 100 93
236 261
Deferred taxation
Origination and reversal of temporary differences .................................................. 11 14
Tax expense .................................................................................................................... 247 275
The provision for income taxes shown in the consolidated income statement is at a rate that is different than the
combined federal and provincial statutory income tax rate for the following reasons:
Analysis of tax expense 2013
%
2012
%
Combined federal and provincial income tax rate ......................................................... 26.1 25.8
Adjustments resulting from:
Adjustment for tax exempt income .......................................................................... –(1.0)
Substantively enacted tax rate changes .................................................................... (0.2) 1.0
Additional financial institution taxes ....................................................................... –0.2
Other, net .................................................................................................................. 0.8 0.9
Effective tax rate ............................................................................................................ 26.7 26.9
In addition to the amount charged to the income statement, the aggregate amount of current and deferred taxation relating
to items that are taken directly to equity was $47m decrease in equity (2012: $86m increase in equity).
Deferred taxation
Movement in deferred taxation during the year:
2013
$m
2012
$m
At 1 January ................................................................................................................... 138 139
Income statement charge ................................................................................................ (11)(16)
Other movements ........................................................................................................... –1
Other comprehensive income:
Actuarial gains and losses ........................................................................................ (7) 14
At 31 December ............................................................................................................. 120 138