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Toyota Global Vision President’s Message Launching a New Structure Special Feature Review of Operations
Consolidated Performance
Highlights
Management and
Corporate Information Investor InformationFinancial Section
Page 93
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ANNUAL REPORT 2013
Other payables are mainly related to purchases of property, plant and equipment and non-manufacturing purchases.
15. Other payables
The components of income (loss) before income taxes comprise the following:
Yen in millions U.S. dollars in millions
For the years ended March 31,
For the year ended
March 31,
2011 2012 2013 2013
Income (loss) before income taxes:
Parent company and domestic subsidiaries ¥(278,229) ¥(177,852) ¥ 651,852 $ 6,931
Foreign subsidiaries 841,519 610,725 751,797 7,994
¥ 563,290 ¥ 432,873 ¥1,403,649 $14,925
The provision for income taxes consists of the following:
Yen in millions U.S. dollars in millions
For the years ended March 31,
For the year ended
March 31,
2011 2012 2013 2013
Current income tax expense:
Parent company and domestic subsidiaries ¥ 85,290 ¥111,363 ¥178,662 $1,900
Foreign subsidiaries 141,821 144,514 213,016 2,265
Total current 227,111 255,877 391,678 4,165
Deferred income tax expense (benefi t):
Parent company and domestic subsidiaries (44,268) (57,940) 140,041 1,489
Foreign subsidiaries 129,978 64,335 19,967 212
Total deferred 85,710 6,395 160,008 1,701
Total provision ¥312,821 ¥262,272 ¥551,686 $5,866
16. Income taxes
Toyota is subject to a number of different income taxes which, in the aggregate, indicate a statutory rate in
Japan of approximately 40.2%, 40.2% and 37.6% for the years ended March 31, 2011, 2012 and 2013,
respectively. The statutory tax rates in effect for the year in which the temporary differences are expected to
reverse are used to calculate the tax effects of temporary differences which are expected to reverse in the
future years. Reconciliation of the differences between the statutory tax rate and the effective income tax rate
is as follows:
For the years ended March 31,
2011 2012 2013
Statutory tax rate 40.2% 40.2% 37.6%
Increase (reduction) in taxes resulting from:
Non-deductible expenses 2.2 1.7 0.6
Deferred tax liabilities on undistributed earnings of
foreign subsidiaries 4.8 4.7 1.8
Deferred tax liabilities on undistributed earnings of affi liated
companies accounted for by the equity method 12.6 9.2 4.1
Valuation allowance 8.1 14.9 1.7
Tax credits (2.6) (1.8) (3.1)
The difference between the statutory tax rate in Japan and
that of foreign subsidiaries (9.3) (9.6) (4.8)
Unrecognized tax benefi ts adjustments (0.6) 2.5 0.1
Other 0.1 (1.2) 1.3
Effective income tax rate 55.5% 60.6% 39.3%
Notes to Consolidated Financial Statements
Selected Financial Summary (U.S. GAAP) Consolidated Segment Information Consolidated Quarterly Financial Summary Management’s Discussion and Analysis of Financial Condition and Results of Operations Consolidated Financial Statements Notes to Consolidated Financial Statements [16 of 44]
Management’s Annual Report on Internal Control over Financial Reporting Report of Independent Registered Public Accounting Firm