Nokia 2003 Annual Report Download - page 134
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Notes to the Consolidated Financial Statements (Continued)
11. Income taxes
2003 2002 2001
EURm EURm EURm
Income tax expense
Current tax ................................................ (1,686) (1,423) (1,542)
Deferred tax ............................................... (13) (61) 350
Total ....................................................... (1,699) (1,484) (1,192)
Finland ..................................................... (1,118) (1,102) (877)
Other countries ............................................... (581) (382) (315)
Total ....................................................... (1,699) (1,484) (1,192)
The differences between income tax expense computed at statutory rates (29% in Finland in 2003,
2002 and 2001) and income tax expense provided on earnings are as follows at December 31:
2003 2002 2001
EURm EURm EURm
Income tax expense at statutory rate ............................... 1,555 1,431 1,011
Deduction for write-down of investments in subsidiaries .............. —— (37)
Amortization of goodwill ....................................... 46 59 87
Impairment of goodwill ........................................ 58 70 197
Provisions without income tax benefit/expense ..................... —(10) 5
Taxes for prior years .......................................... 56 823
Taxes on foreign subsidiaries’ net income in excess of income taxes at
statutory rates .............................................. (77) (59) (106)
Operating losses with no current tax benefit ....................... 8616
Other ....................................................... 53 (21) (4)
Income tax expense ............................................. 1,699 1,484 1,192
At December 31, 2003 the Group had loss carry forwards, primarily attributable to foreign
subsidiaries of EUR 186 million (EUR 425 million in 2002 and EUR 75 million in 2001), most of
which will expire between 2005 and 2023.
Certain of the Group companies’ income tax returns for periods ranging from 1998 through 2002
are under examination by tax authorities. The Group does not believe that any significant
additional taxes in excess of those already provided for will arise as a result of the examinations.
F-25