Omron 2004 Annual Report Download - page 59
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57
11. INCOME TAXES
The provision for income taxes for the years ended March 31, 2004, 2003 and 2002 consisted of the following:
Normal Japanese statutory rates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Increase (decrease) in taxes resulting from:
Permanently non-deductible items . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Losses of subsidiaries for which no tax benefit was provided . . . . . . . . . . . . . . . . . . . . . . . . .
Tax loss on sale of subsidiary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Difference in subsidiaries’ tax rates. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Change in the beginning of the year balance of
the valuation allowance for deferred tax assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Effects of enacted change in tax rates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other, net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Effective tax rates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(42.0)%
1.9
3.3
—
(1.3)
0.4
—
0.9
(36.8)%
2002
42.0%
7.7
38.7
(33.0)
(14.9)
2.9
32.7
7.1
83.2%
2003
42.0%
1.0
1.0
—
(0.6)
(0.1)
0.3
(0.3)
43.3%
2004
Current income tax expense. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred income tax expense (benefit) ,exclusive of the following . . . . . . . . . .
Change in the beginning of the year balance of
the valuation allowance for deferred tax assets . . . . . . . . . . . . . . . . . . . . . .
Adjustments of deferred tax assets and liabilities
for enacted changes in tax rates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
¥006,783
(17,679)
1,548
—
¥ 1(9,348)
$127,613
67,311
(254)
1,198
$195,868
Thousands of
U.S. dollars
Millions of yen
2002 2004
¥ 7,851
(5,600)
136
1,549
¥ 3,936
2003
¥13,527
7,135
(27)
127
¥20,762
2004
The effective income tax rates of the Companies differ from the normal Japanese statutory rates as follows for the years ended
March 31:
The Company and its domestic subsidiaries are subject to a number of taxes based on income, which in the aggregate resulted in a
normal tax rate of approximately 42.0% in 2004, 2003 and 2002.
An amendment to Japanese tax regulations was enacted into law on March 31, 2003. As a result of this amendment, the normal
income tax rate was reduced from 42.0% to 41.0% effective April 1, 2004. Deferred income tax assets and liabilities as of March 31,
2003 were measured at both tax rates considering the period the deferred tax asset or liability would be realized. The effect was an
increase in the provision for income taxes of ¥127 million ($ 1,198 thousand) and ¥1,549 million increase for the year ended March 31,
2004 and 2003,respectively.