Volvo 2002 Annual Report Download - page 72

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70/71
Parent Company AB Volvo
Notes to financial statements
Provision has been made for estimated tax expenses that may arise
as a consequence of the tax audit carried out mainly during 1992.
Claims for which provisions are not deemed necessary amount to
–(–; 297), which is included in contingent liabilities.
Deferred taxes relate to estimated tax on the change in tax loss
carryforwards and temporary differences. Deferred tax assets are
reported to the extent that it is probable that the amount can be util-
ized against future taxable income.
Deferred taxes related to change in tax-loss carryforwards amount
to 1,111 (1,110; –) and to changes in other temporary differences to
10 (2; 2). No taxes have been debited or credited directly to equity.
Note 9Taxes
2000 2001 2002
Current taxes (117) (280) (51)
Deferred taxes 2 1,112 1,121
Total taxes (115) 832 1,070
Current taxes were distributed as follows:
Current taxes 2000 2001 2002
Current taxes for the period (217) – –
Adjustment of current taxes prior periods 100 (280) (51)
Total taxes (117) (280) (51)
Specification of tax income (expense) for the period 2000 2001 2002
Income before taxes 1,491 10,282 (3,555)
Tax according to applicable tax rate (28%) (417) (2,879) 995
Capital gains 43 81 1
Non-taxable dividends 296 7,353 350
Recognition of deferred tax assets – – (70)
Non-deductible write-downs of shareholdings (104) (3,421) (150)
Other non-deductible expenses (41) (39) (11)
Other non-taxable income 8 17 6
Adjustment of current taxes prior periods 100 (280) (51)
Tax income (expense) for the period (115) 832 1,070
Specification of deferred tax assets 2000 2001 2002
Tax-loss carryforwards – 1,110 2,221
Provision for doubtful receivables 1 1 1
Provision for pensions and other post-employment benefits 113 117 125
Other deductible temporary differences 4 2 4
Deferred tax assets 118 1,230 2,351
Note 8Allocations
2000 2001 2002
Provision to tax allocation reserve (250) – –
Reversal of tax equalization reserve 114 – –
Allocation to additional depreciation 3 (1) –
Utilization of replacement reserve – 3 –
Total (133) 2 –