Pentax 2003 Annual Report Download - page 50

Download and view the complete annual report

Please find page 50 of the 2003 Pentax annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 66

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66

48
No»11 INCOME TAXES
The Company and its domestic subsidiaries are subject to Japanese national and local income taxes which, in the aggregate, resulted
in a normal effective statutory tax rate of approximately 41.7% for the years ended March 31, 2003, 2002 and 2001.
The tax effects of significant temporary differences and loss carryforwards which resulted in deferred tax assets and liabilities at
March 31, 2003 and 2002 are as follows:
Thousands of
Millions of Yen U.S. Dollars
2003 2002 2003
Current:
Deferred tax assets:
Accrued bonuses to employees ¥1,361 ¥1,090 $11,342
Amortization of goodwill 1,265,1,266 10,542
Inventories—intercompany unrealized profits 830 921 6,917
Accrued enterprise taxes 77 351 641
Other 772 622 6,433
Total 4,305 4,250 35,875
Deferred tax liabilities:
Enterprise taxes refund receivable 335 2,792
Prepaid pension cost 518
Other 117
Total 335 635 2,792
Net deferred tax assets ¥3,970 ¥3,615 $33,083
Non-current:
Deferred tax assets:
Amortization of goodwill ¥1,589 ¥2,910 $13,242
Devaluation of property, plant and equipment and software 913 677 7,608
Allowance for doubtful receivables 401 247 3,341
Accrued retirement benefits 2,548
Other 1,383 2,254 11,525
Total 4,286 8,636 35,716
Deferred tax liabilities:
Reserves for special depreciation and other 894 1,001 7,450
Other 181 224 1,508
Total 1,075 1,225 8,958
Net deferred tax assets ¥3,211 ¥7,411 $26,758
A reconciliation between the normal effective statutory tax rates and the actual effective tax rates reflected in the accompanying
consolidated statements of income for the years ended March 31, 2003, 2002 and 2001 is as follows:
2003 2002 2001
Normal effective statutory tax rate 41.7% 41.7% 41.7%
Lower income tax rates applicable to income in certain foreign countries (13.5) (5.2) (12.1)
Expenses not permanently deductible for income tax purposes 0.6 0.5 0.8
Per capita portion 0.4 0.3 0.4
Non-taxable dividend income (2.1) (3.9) (3.8)
Intercompany cash dividend 2.1 3.8 3.8
Adjustments of deferred tax assets and liabilities due to change 0.3
the normal effective statutory tax rate
Other—net 0.7 (0.6) (0.5)
Actual effective tax rate 30.2% 36.6% 30.3%