Singapore Airlines 2002 Annual Report Download - page 76

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76
Notes to the Financial Statements
31 March 2002
SIA Annual Report 01/02
9 Taxation (in $ million)
The Group The Company
2001 - 02 2000 - 01 2001 - 02 2000 - 01
Current taxation 94.7 140.0 40.4 113.5
Overprovision in prior years (57.6) (1.9) (55.0) –
Deferred taxation 206.5 91.3 188.1 71.5
Share of joint venture companies’ taxation 3.0 2.9 – –
Share of associated companies’ taxation
– Current (42.1) 10.1 – –
– Underprovision in prior years 29.3 – – –
233.8 242.4 173.5 185.0
The current year’s taxation charge for the Group and the Company is computed after taking into account expenses not deductible for
tax purposes and income not assessable to tax and therefore differs from the amount determined by applying the statutory tax rate to
the financial year’s profit (refer note 34 to the financial statements for subsequent event in relation to taxation).
A reconciliation of the statutory tax rate to the Group and the Company’s effective tax rate applicable to pre-tax profits was as follows:
The Group The Company
2001 - 02 2000 - 01 2001 - 02 2000 - 01
Profit before taxation for the year 925.6 1,904.7 740.7 1,607.2
Taxation at statutory tax rate of 24.5% 226.8 466.7 181.5 393.8
Adjustments
Income not subject to tax (117.6) (178.1) (55.0) (166.9)
Expenses not deductible for tax purposes 162.2 21.3 101.0 19.8
Higher effective tax rates of other countries (2.2) 11.6 6.3 12.0
Overprovision in prior years (28.3) (1.9) (55.0) –
Effect of change in statutory tax rates – (90.9) – (87.3)
Others (7.1) 13.7 (5.3) 13.6
Current financial year’s taxation charge 233.8 242.4 173.5 185.0
10 Dividends Paid and Proposed (in $ million)
The Group The Company
2001 - 02 2000 - 01 2001 - 02 2000 - 01
Dividends paid :
Final dividend of 20.0 cents per share
less 24.5% tax in respect of previous
financial year (1999-2000: 20.0 cents per share
less 25.5% tax) 184.2 186.3 184.2 186.3
Interim dividend of 3.0 cents per share
less 24.5% tax (2000-01: 15.0 cents
per share less 25.5% tax) 27.6 136.9 27.6 136.9
211.8 323.2 211.8 323.2
The directors propose that a final tax exempt dividend of 4.0 cents per share ($48.7 million) and a dividend of 8.0 cents per share less
tax at 22.0% ($76.0 million) amounting to a total of $124.7 million, be paid for the year ended 31 March 2002.