Pioneer 2013 Annual Report Download - page 43

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2013 2012
Normal effective statutory tax rate 38.0% 41.0%
Expenses not deductible for income tax purposes (8.3) 5.9
Revenue not taxable for income tax purposes 1.7 (32.4)
Difference in foreign and Japanese tax rates 0.4 (29.5)
Valuation allowance (108.7) 24.7
Effect of tax rate reduction – 7.0
Foreign tax credits (4.8) 8.6
Others—net (4.0) 2.6
Actual effective tax rate (85.7)% 27.9%
11. Research and Development Costs
Research and development costs charged to income were ¥33,671 million ($358,202 thousand) and ¥34,590 million
for the years ended March 31, 2013 and 2012, respectively.
Reconciliation between the normal effective statutory tax rates and the actual effective tax rates reflected in the
accompanying consolidated statement of operations for the years ended March 31, 2013 and 2012, were as follows:
Net deferred tax assets as of March 31, 2013 and 2012, were included in the following accounts:
Millions of Yen
Thousands of
U.S. Dollars
2013 2012 2013
Current assets:
Deferred tax assets ¥ 4,925 ¥ 7,874 $ 52,394
Investments and other assets:
Deferred tax assets 5,728 5,902 60,936
Long-term liabilities:
Other long-term liabilities (1,487) (1,169) (15,819)
12. Leases
The Group leases certain land, machinery and equipment, office space, warehouses, computer equipment and
employees’ residential facilities.
The minimum rental commitments under noncancellable operating leases as of March 31, 2013 and 2012, were
as follows:
Millions of Yen
Thousands of
U.S. Dollars
2013 2012 2013
Operating leases: 　
Due within one year ¥1,381 ¥1,413 $14,692
Due over one year 2,999 3,592 31,904
Total ¥4,380 ¥5,005 $46,596
Pioneer Corporation Annual Report 2013
41