Creative 2014 Annual Report Download - page 35

Download and view the complete annual report

Please find page 35 of the 2014 Creative 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 64

  • 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

35
CREATIVE TECHNOLOGY LTD AND ITS SUBSIDIARIES
8. INCOME TAXES
Group
2014 2013
US$’000 US$’000
Tax (credit) expense aributable to prot (loss) is made up of:
Current income tax:
- Tax expense for current nancial year – –
- Withholding tax 62 197
62 197
Under (over) provision in respect of previous years :
- Current income tax (35) 2
- Deferred income tax (Note 22) (4,500) (2,700)
(4,473) (2,501)
The tax expense on results differs from the amount that would arise using the Singapore standard rate of income tax as
explained below:
Group
2014 2013
US$’000 US$’000
(Loss) prot before income tax (26,245) 14,161
Tax calculated at tax rate of 17% (2013: 17%) (4,462) 2,407
Eects of
- tax exempt (income) loss (1) (7,137)
- income not subject to tax (398) (431)
- expenses not deducble for tax purposes 154 372
- dierent tax rates in other countries (549) 354
- deferred tax assets not recognised 5,930 5,865
- ulisaon of tax losses and other reserves (674) (1,430)
- withholding tax 62 197
Tax expense 62 197
A deferred tax liability of US$4,500,000 (2013: US$2,700,000) was written back in the nancial year ended 30 June 2014.
The deferred tax liability write-back relates to an adjustment to the Group’s provision for the tax exposure of foreign
subsidiaries