Singapore Airlines 2008 Annual Report Download - page 110
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Singapore Airlines Annual Report 2007-08
108
11 Taxation (in $ million)
The Group
2007-08 2006-07
Current taxation
Provision for the year 369.1 185.6
Overprovision in respect of prior years (28.9) (42.1)
Share of joint venture companies’ taxation 0.1 4.9
Share of associated companies’ taxation 3.0 (7.1)
343.3 141.3
Deferred taxation
Movement in temporary differences 81.8 164.8
(Over)/Under provision in respect of prior years (14.8) 22.8
67.0 187.6
410.3 328.9
Adjustment for reduction in Singapore statutory tax rate - (246.7)
410.3 82.2
On 15 February 2007, the Government announced a 2% points reduction in statutory tax rate from Year of Assessment
2008. The financial effect of the reduction in tax rate was reflected in the 2006-07 accounts. The aggregate adjustment of
the prior year’s deferred tax liabilities was $246.7 million for the Group.
The Group has tax losses of approximately $22.9 million (2007: $26.9 million) that are available for offset against future
taxable profits of the companies in which no deferred tax assets are recognised due to uncertainty of its recoverability. The
use of the tax losses is subject to the agreement of the tax authorities and compliance with certain provisions of the tax
legislation of the respective countries in which the companies operate.
A reconciliation between taxation expense and the product of accounting profit multiplied by the applicable tax rate for the
years ended 31 March is as follows:
The Group
2007-08 2006-07
Profit before taxation 2,547.2 2,284.6
Taxation at statutory tax rate of 18.0% 458.5 411.2
Adjustments
Income not subject to tax (61.5) (114.7)
Expenses not deductible for tax purposes 45.0 57.4
Higher effective tax rates of other countries 10.6 15.4
Overprovision in respect of prior years, net (43.7) (19.3)
Effect of change in statutory tax rate - (246.7)
Income under an incentive scheme - (1.9)
Others 1.4 (19.2)
Taxation 410.3 82.2
NOTES TO THE FINANCIAL STATEMENTS
31 March 2008