Yamaha 2008 Annual Report Download - page 78

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76 Yamaha Corporation
A reconciliation between the statutory tax rate and the effective tax rates for the years ended March 31, 2008 and 2007 is
as follows:
2008 2007
Statutory tax rate 39.5% 39.5%
Equity in earnings of unconsolidated subsidiaries and affiliates and non-temporary
differences not deductible for tax purposes —(20.4)
Non-temporary differences not deductible for tax purposes (0.5) —
Per capita inhabitants’ taxes and other 0.3 0.6
R&D expenses not deductible for tax purposes and other (2.0) (1.7)
Allowance for changes in valuation (21.2) 4.0
Accumulated losses of subsidiaries —(8.0)
Recognition of equity in earnings of subsidiaries and affiliates 20.0 —
Differences in tax rates of overseas subsidiaries and other (0.5) 0.3
Effective tax rates 35.6% 14.3%
14. INFORMATION FOR CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
The following tables present information related to the accompanying consolidated statements of changes in net assets for the
years ended March 31, 2008 and 2007:
a) Common stock
2008 2007
Beginning of the year 206,524,626 206,524,626
Increase ——
Decrease ——
End of the year 206,524,626 206,524,626
(b) Treasury stock
2008 2007
Beginning of the year 406,347 390,902
Increase 11,697 *115,775 *1
Decrease 183,463 *2330 *3
End of the year 234,581 406,347
*1 Increase owing to purchases of outstanding fractional shares of less than one trading unit: 11,697 shares and 15,775 shares for the years ended March 31, 2008 and
2007, respectively.
*2 Decrease owing to exclusion of affiliates from application of equity method: 183,463 shares
*3 Decrease owing to changes in the number of shares of common stock held in treasury held by companies accounted for under the equity method: 330 shares
(c) Bonds with rights to purchase new shares
None issued