Vistaprint 2007 Annual Report Download - page 90

Download and view the complete annual report

Please find page 90 of the 2007 Vistaprint annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 156

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156

VISTAPRINT LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Years Ended June 30, 2007, 2006 and 2005
(in thousands, except share and per share data)
12. Income Taxes
The components of the provision for income taxes are as follows:
Year Ended June 30,
2007 2006 2005
Current:
U.S. Federal ............................................................. $1,388 $(163) $ 265
U.S. State ............................................................... 368 6 —
Non-U.S. ................................................................ (166) 722 239
Total current ................................................................. 1,590 565 504
Deferred:
U.S. Federal ............................................................. (268) 218 (420)
U.S. State ............................................................... (80) — —
Non-U.S. ................................................................ 1,638 — —
Total deferred ................................................................ 1,290 218 (420)
Total ........................................................................ $2,880 $ 783 $ 84
The following is a reconciliation of the standard U.S. statutory tax rate and the Company’s
effective tax rate:
Year Ended June 30,
2007 2006 2005
U.S. federal statutory income tax rate ................................... 34.0% 34.0% (34.0)%
State taxes ........................................................... 1.0% 0.0% 0.0%
Tax reserve reversal ................................................... 0.0% (4.7)% 0.0%
Valuation allowance utilized ............................................ 0.0% 0.0% (5.4)%
Foreign rate differential ................................................ (24.4)% (26.6)% 40.4%
Other................................................................. (1.0)% 1.2% (0.5)%
Effective income tax rate ............................................... 9.6% 3.9% 0.5%
86