Suzuki 2014 Annual Report Download - page 57

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Consolidated Financial Statements
SUZUKI MOTOR CORPORATION 55
NOTE 8: Income taxes
Breakdown of deferred tax assets and deferred tax liabilities by their main occurrence causes were as follows:
Millions of yen
Thousands of
US dollars
2014 2013 2014
Deferred tax assets
Excess-depreciation and Impairment loss ....................... ¥ 59,105 ¥ 68,083 $ 574,283
Various reserves ................................................................. 39,548 41,433 384,268
Unrealized prots elimination ............................................ 20,876 18,725 202,839
Loss on valuation of securities .......................................... 12,254 12,648 119,071
Deferred assets and others ............................................... 3,367 3,154 32,723
Others ................................................................................. 82,757 76,845 804,095
Gross deferred tax assets total ....................................... 217,910 220,892 2,117,283
Valuation allowance ........................................................... (54,930)(48,183)(533,715)
Deferred tax assets total ................................................. ¥162,980 ¥172,708 $1,583,567
Deferred tax liabilities
Valuation difference on available-for-sale securities ........ ¥(56,219)¥ (30,468)$(546,247)
Variance from the complete market value method of
consolidated subsidiaries ................................................. (5,243)(5,167)(50,948)
Reserve for advanced depreciation of noncurrent assets
... (3,603)(3,555)(35,012)
Others ................................................................................. (2,071)(4,140)(20,131)
Deferred tax liabilities total .............................................. (67,138)(43,332)(652,340)
Net amounts of deferred tax assets .................................. ¥ 95,841 ¥129,376 $ 931,226
The differences between the statutory tax rate and the effective tax rate were summarized as follows:
2014 2013
Statutory tax rate .................................................................... 37.2% 37.2%
Effect of change of tax rate ............................................... 3.1% 2.7%
Tax credit ............................................................................ (3.3%) (5.9%)
Tax rate difference (consolidated overseas subsidiaries) (2.0%) —%
Others ................................................................................. 0.3% 0.7%
Effective tax rate .................................................................... 35.3% 34.7%