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14 INCOME TAXES
The effective tax rate reflected in the consolidated statement of operations for the year ended March 31, 2013 differs
from the statutory tax rate for the following reasons.
For the year ended March 31 2013
Statutory tax rate 37.8%
Valuation allowance (31.3)
Equity in net income of affiliated companies (9.7)
Effect of adjustment of gain on sales of stock for subsidiaries and affiliates 17.1
Other (2.1)
Effective tax rate 11.8%
For the year ended March 31, 2012, since loss before income taxes was reported, the information on the recon-
ciliation from statutory tax rate to effective tax rate is not provided in accordance with the applicable provisions of
Japanese GAAP.
Deferred tax assets and liabilities reflect the estimated tax effects of loss carryforwards and accumulated
temporary differences between assets and liabilities for financial accounting purposes and those for tax purposes.
The significant components of deferred tax assets and liabilities as of March 31, 2013 and 2012 were as follows:
Millions of yen
Thousands of
U.S. dollars
As of March 31 2013 2012 2013
Deferred tax assets:
Allowance for doubtful receivables ¥ 1,528 ¥ 1,619 $ 16,255
Employees’ severance and retirement benefits 23,417 25,390 249,117
Loss on impairment of long-lived assets 5,308 8,740 56,468
Accrued bonuses and other reserves 19,226 19,855 204,532
Inventory valuation 6,613 7,075 70,351
Valuation loss on investment securities, etc. 1,399 1,589 14,883
Deferred gains/(losses) on hedges 9,043 2,146 96,202
Net operating loss carryforwards 119,359 128,920 1,269,777
Other 46,082 38,748 490,234
Total gross deferred tax assets 231,975 234,082 2,467,819
Less valuation allowance (162,737) (178,423) (1,731,245)
Total deferred tax assets 69,238 55,659 736,574
Deferred tax liabilities:
Asset retirement cost corresponding to asset retirement obligations, and others (7,050) (7,582) (75,000)
Net deferred tax assets ¥ 62,188 ¥ 48,077 $ 661,574
The net deferred tax assets are included in the following accounts in the consolidated balance sheet:
Millions of yen
Thousands of
U.S. dollars
As of March 31 2013 2012 2013
Current assets—Deferred tax assets ¥59,999 ¥45,997 $638,287
Investments and other assets—Deferred tax assets 5,155 6,035 54,840
Current liabilities—Other current liabilities (38) (69) (404)
Long-term liabilities—Other long-term liabilities (2,928) (3,886) (31,149)
Net deferred tax assets ¥62,188 ¥48,077 $661,574
Mazda Annual Report 2013 49