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42
Notes to Consolidated Financial Statements
Toshiba Corporation and Subsidiaries
M arch 31, 2009
18. INCOME TAXES
The Company is subject to a number of different income taxes which, in the aggregate, result in an effective statutory tax rate
in Japan of approximately 40.7 percent for the years ended March 31, 2009 and 2008.
A reconciliation between the reported income tax expense and the amount computed by multiplying the income (loss)
from continuing operations, before income taxes and minority interest by the applicable statutory tax rate is as follows:
Thousands of
M illions of yen U.S. dollars
Year ended M arch 31 2009 2008 2009
Expected income tax expense (benefit) ¥(113,656) ¥107,875 $ (1,159,755)
Increase (decrease) in taxes resulting from:
Tax credits (3,590) (15,209) (36,633)
Non-deductible expenses for tax purposes 2,255 3,274 23,010
Dividends 19,985 8,877 203,928
Net changes in valuation allowance 159,965 15,212 1,632,296
Effect of income tax rate change 3,023 (2,376) 30,847
Net decrease in deferred tax liabilities due to the enacted change in tax law (12,819) —(130,806)
Other (840) (4,278) (8,571)
Income tax expense ¥ 54,323 ¥113,375 $ 554,316
The significant components of deferred tax assets and deferred tax liabilities as of March 31, 2009 and 2008 are as follows:
Thousands of
M illions of yen U.S. dollars
M arch 31 2009 2008 2009
Gross deferred tax assets:
Inventories ¥ 21,845 ¥ 33,104 $ 222,908
Accrued pension and severance costs 114,158 106,125 1,164,878
Tax loss carryforwards 247,304 108,324 2,523,510
Pension liability adjustment 210,906 183,240 2,152,102
Accrued expenses 130,779 122,014 1,334,480
Depreciation and amortization 65,115 62,807 664,439
Other 111,487 96,251 1,137,622
901,594 711,865 9,199,939
Valuation allowance for deferred tax assets (275,427) (113,869) (2,810,480)
Deferred tax assets ¥ 626,167 ¥597,996 $ 6,389,459
Thousands of
M illions of yen U.S. dollars
M arch 31 2009 2008 2009
Gross deferred tax liabilities:
Inventories ¥ (6,702) ¥ (22,793) $ (68,388)
Property, plant and equipment (24,204) (38,175) (246,980)
Unrealized gains on securities (17,808) (36,827) (181,714)
Gain on securities contributed to employee retirement benefit trusts (17,381) (17,381) (177,357)
Undistributed earnings of foreign subsidiaries and affiliates (44,524) (61,688) (454,326)
Goodwill and other intangible assets (69,903) (53,325) (713,296)
Other (12,069) (14,240) (123,153)
Deferred tax liabilities (192,591) (244,429) (1,965,214)
Net deferred tax assets ¥ 433,576 ¥353,567 $ 4,424,245