Office Depot 2011 Annual Report Download - page 228
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The main items that give rise to deferred PTU asset as of December 31, 2011and 2010 (unaudited) are accrued expenses
for $798 and $877, respectively.
Income taxes in Mexico -
The Company is subject to ISR and IETU.
The ISR rate is 30% for 2010 through 2012 and was 28% in 2009; it will be 29% for 2013 and 28% for 2014.
IETU—Revenues, as well as deductions and certain tax credits, are determined based on cash flows of each fiscal year.
Beginning in 2010, the IETU rate is 17.5%, and it was 17% in 2009. The Asset Tax (IMPAC) Law was repealed upon enactment
of the IETU Law; however, under certain circumstances, IMPAC paid in the ten years prior to the year in which ISR is paid for
the first time, may be recovered, according to the terms of the law.
Income tax incurred will be the higher of ISR and IETU.
Based on its financial projections and according to Interpretation of Financial Information Standard (“INIF”) 8, Effects of the
Business Flat Tax, the Company determined that certain subsidiaries will pay ISR while others will pay IETU. Therefore,
deferred income taxes are calculated under both tax regimes.
Income taxes in other countries -
The foreign subsidiaries calculate income taxes on their individual results, in accordance with the regulations of each country.
The tax rates applicable in other countries where the Company operates and the period in which tax losses may be applied, are as
follows:
20
b. PTU is as follows:
2011 2010 2009
(Unaudited) (Unaudited)
PTU:
Current
$(10,186)
$ (8,822)
$ (5,244)
Deferred
(79)
1,018
(685)
$(10,265)
$ (7,804)
$ (5,929)
14. Tax environment
Statutory income tax rate (%)
Period of
2011 2010 2009 expiration
Colombia
33.0
33.0
33.0
(
a
)
Costa Rica
30.0
30.0
30.0
3
El Salvador
25.0
25.0
25.0
(b)
Guatemala
31.0
31.0
31.0
(b)
Honduras
35.0
35.0
30.0
4
Panama
25.0
27.5
30.0
5
(a) Tax losses generated in 2006 may be amortized up to 25% in each fiscal year. Beginning 2007, tax losses may be amortized
without limitation on the value or
p
eriod.
(b) O
p
eratin
g
losses are not amortizable.