Unilever 2004 Annual Report Download - page 113
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Notes to the consolidated accounts
Unilever Group
110 Unilever Annual Report and Accounts 2004
6 Taxation on profit on ordinary activities
€ million € million € million
2004 2003 2002
Parent and group companies (777) (1 529) (1 582)
Joint ventures (4) (5) (19)
Associates (1) 7 (4)
Total (782) (1 527) (1 605)
Of which adjustments to previous years:
United Kingdom taxes 47 46 11
Other taxes 274 167 245
United Kingdom Corporation Tax at 30.0% (231) (346) (161)
less: double tax relief 132 191 66
United Kingdom taxes (99) (155) (95)
Non-United Kingdom taxes (678) (1 374) (1 487)
(777) (1 529) (1 582)
Tax credit on exceptional items included above amounted to 521 94 180
Deferred taxation has been included on a full provision basis for:
Accelerated depreciation 72 18 50
Amortisation and impairment of
goodwill and intangibles 220 (41) (42)
Pensions and similar obligations (82) 42 (67)
Other 301 (239) 284
511 (220) 225
Of which: United Kingdom deferred taxes 12 23 31
Non-United Kingdom deferred taxes 499 (243) 194
Europe is Unilever’s domestic tax base. The reconciliation between the computed rate of income tax expense which is generally applicable to
Unilever’s European companies and the actual rate of taxation charged, expressed in percentages of the profit on ordinary activities before
taxation, is as follows:
%%%
2004 2003 2002
Computed rate of tax (see below) 32 32 34
Differences due to:
Other rates applicable to non-European countries (2) 13
Incentive tax credits (6) (2) (3)
Withholding tax on dividends 212
Adjustments to previous years (11) (5) (6)
Non-deductible goodwill amortisation 12 79
Other 1–1
Actual rate of tax (current and deferred) 28 34 40
Actual rate of deferred tax for:
Accelerated depreciation 2–1
Other 16 (5) 4
Actual rate of current tax 46 29 45
In the above reconciliation, the computed rate of tax is the average of the standard rate of tax applicable in the European countries in which
Unilever operates, weighted by the amount of profit on ordinary activities before taxation generated in each of those countries.