Canon 2007 Annual Report Download - page 87
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85
The Company and its domestic subsidiaries are subject to a
number of income taxes, which, in the aggregate, represent a
statutory income tax rate of approximately 40% for the years
ended December 31, 2007, 2006 and 2005.
A reconciliation of the Japanese statutory income tax rate
and the effective income tax rate as a percentage of income
before income taxes and minority interests is as follows:
Years ended December 31 2007 2006 2005
Japanese statutory income tax rate 40.0% 40.0% 40.0%
Increase (reduction) in income taxes resulting from:
Expenses not deductible for tax purposes 0.3 0.3 0.3
Income of foreign subsidiaries taxed at lower than
Japanese statutory tax rate (2.8) (2.1) (1.9)
Tax credit for research and development expenses (4.5) (4.1) (3.9)
Other 1.4 0.4 0.3
Effective income tax rate 34.4% 34.5% 34.8%
Net deferred income tax assets and liabilities are included
in the accompanying consolidated balance sheets under the
following captions:
December 31 Thousands of
Millions of yen U.S. dollars
2007 2006 2007
Prepaid expenses and other current assets ¥ 79,846 ¥ 66,839 $ 700,403
Other assets 68,178 67,568 598,053
Other current liabilities (4,506) (4,133) (39,526)
Other noncurrent liabilities (28,157) (39,299) (246,991)
¥115,361 ¥ 90,975 $1,011,939