Vtech 2016 Annual Report Download - page 58

Notes to the Financial Statements
54 VTech Holdings Limited Annual Report 2016
3 Directors’ Emoluments and Individuals
with Highest Emoluments (Continued)
Directors’ emoluments (Continued)
Notes:
(i) The directors’ fee paid to each executive Director, except for Dr. Allan WONG Chi Yun,
was US$30,000 (2015: US$30,000) per annum. The directors’ fee paid to Dr. Allan
WONG Chi Yun was US$32,000 (2015: US$30,000) per annum.
(ii) Included in the emoluments paid to Dr. Allan WONG Chi Yun was housing bene t
of HK$4,200,000 for the year ended 31 March 2016 (2015: HK$3,600,000), which was
based on the lease agreement entered by the Company with Aldenham Company
Limited (“Aldenham”). Aldenham is an indirect wholly-owned subsidiary of a
discretionary trust of which Dr. Allan WONG Chi Yun, a Director, was the founder.
(iii) The emoluments paid to Dr. William FUNG Kwok Lun and Mr. Michael TIEN Puk Sun
were US$38,000 each (2015: US$30,000) per annum.
(iv) The emoluments paid to Dr. Patrick WANG Shui Chung was US$32,000 (2015:
US$30,000) per annum.
(v) The emoluments paid to Mr. WONG Kai Man was US$39,000 (2015: US$30,000)
per annum.
Individuals with highest emoluments
Of the  ve individuals with the highest emoluments, three (2015:
three) are Directors whose emoluments are set out above. The
aggregate of the emoluments in respect of the other two (2015:
two) individuals are as follows:
2016
US$ million
2015
US$ million
Salaries, allowances and
benefits in kind 0.9 0.9
Discretionary bonuses 2.0 2.6
Contributions to retirement benefit
schemes 0.1 0.1
3.0 3.6
The emoluments fell within the following bands:
2016
Individuals
2015
Individuals
US$
961,001 – 1,025,000 11
1,921,001 – 1,985,000 1–
2,689,001 – 2,753,000 –1
22
During the years ended 31 March 2015 and 31 March 2016,
there were no amounts paid to Directors and individuals for
compensation for loss of o ce and inducement for joining
the Group.
Emoluments of senior management
Other than the Directors’ remuneration and emoluments of  ve
highest individuals disclosed above, the emoluments of the
senior management whose pro les are included in Directors and
Senior Management section of this Annual Report fell within the
following bands:
2016
Individuals
2015
Individuals
US$
256,001 – 320,000 –1
321,001 – 385,000 32
385,001 – 449,000 1–
449,001 – 513,000 –2
513,001 – 577,000 11
577,001 – 641,000 1–
705,001 – 769,000 1–
769,001 – 833,000 –1
77
4 Taxation
Note
2016
US$ million
2015
US$ million
Current tax
– Hong Kong 15.3 17.1
– Overseas 7.0 8.1
(Over)/under-provision in
respect of prior years
– Hong Kong (0.5) 0.3
– Overseas (0.7) –
Deferred tax
– Origination and reversal of
temporary differences 11(b) 0.6 (1.9)
21.7 23.6
(a) Hong Kong Pro ts Tax has been calculated at the rate of 16.5%
(2015: 16.5%) on the estimated assessable pro t for the year.
(b) Overseas taxation has been calculated at the rates of taxation
prevailing in the countries in which the Group operates.
(c) Reconciliation between the e ective income tax rate and the
statutory domestic income tax rate:
The consolidated e ective income tax rate for the year ended
31 March 2016 was 10.7% (2015: 10.6%). The e ective income tax rate
is reconciled to the statutory domestic income tax rate as follows:
2016
%
2015
%
Statutory domestic income tax rate 16.5 16.5
Difference in overseas income
tax rates 1.2 1.1
Tax effect of non-temporary
differences (6.1) (6.5)
Others (0.9) (0.5)
Effective income tax rate 10.7 10.6