Current and Deferred Taxes Sample Clauses

Current and Deferred Taxes. The tax expense (income) as reported in the statements of profit or loss consists of: Group 2017 2016 2015 Current tax expense: RCIT P 711 P 414 P 459 Final tax 203 177 326 Excess MCIT over RCIT 2 190 46 916 781 831 Application of MCIT ( 356) - - 560 Deferred tax expense (income) 781 831 relating to origination and reversal of temporary differences 281 ( 955) ( 1,138) P 841 (P 174) (P 307) Parent Company 2017 2016 2015 Current tax expense: RCIT P 563 P 140 P 161 Final tax 147 173 254 Excess MCIT over RCIT - 190 46 710 503 461 Application of MCIT ( 356 ) - - 354 Deferred tax expense (income) 503 461 relating to origination and reversal of temporary differences 343 ( 842) ( 443) P 697 (P 339) P 18 A reconciliation of tax on pretax profit computed at the applicable statutory rates to tax expense (income) reported in profit or loss is as follows: Group 2017 2016 2015 Tax on pretax profit at 30% P 1,545 P 1,109 P 1,446 Adjustments for income subjected to lower income tax rates ( 434) ( 180 ) ( 142 ) Tax effects of: Non-taxable income ( 786) ( 845 ) ( 539 ) Non-deductible expenses 595 520 356 Recognition of previously unrecognized deferred tax asset - ( 865 ) ( 992 ) Utilization of MCIT 356 - - FCDU income ( 306) ( 388 ) ( 125 ) Unrecognized temporary differences ( 130) 97 129 Utilization of NOLCO 1 374 ( 443 ) Others - 4 3 P 841 (P 174) ( P 307) Parent Company 2017 2016 2015 Tax on pretax profit at 30% P 1,502 P 1,059 P 1,544 Adjustments for income subjected to lower income tax rates ( 384) ( 118 ) ( 108 ) Tax effects of: Non-taxable income ( 899) ( 889 ) ( 548 ) Non-deductible expenses Recognition of previously unrecognized deferred tax asset - 531 ( 420 797 ) ( 423 992 ) Utilization of MCIT 356 - - FCDU income ( 275) ( 388 ) ( 125 ) Unrecognized temporary differences ( 134) - ( 282 ) Utilization of NOLCO - 374 ( 443 ) P 697 (P 339 ) P 18 The deferred tax assets of the Group recognized in the consolidated statements of financial position as of December 31, 2017 and 2016 relate to the operations of the Parent Company and certain subsidiaries as shown below. Statements of Statements of Financial Position Profit or Loss 2017 2016 2017 2016 2015 Allowance for impairment Provision for credit card reward payments P 1,610 127 P 1,619 105 (P 9) P 22 867 105 P - 695 Excess MCIT Post-employment benefit obligation 60 52 356 60 ( ( 296) 8) 356 39 - - Deferred rent – PAS 17 30 17 13 16 - NOLCO - - - ( 443) 443 Others 17 20 ( 3) 15 - Deferred tax assets Deferred tax income ...
Sample 1
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Related to Current and Deferred Taxes

  • Payment and Taxes 3.1 The initial Payment Period for a Lease shall begin on the first day of the month following the Commencement Date. Customer will remit each Payment payable hereunder to the bank account specified in the invoice sent by IBM. If any Payment is due on a non-Business Day, then such Payment shall become due and payable on the next Business Day.

  • Tax-Deferred Earnings The investment earnings of your IRA are not subject to federal income tax until distributions are made (or, in certain instances, when distributions are deemed to be made).

  • Deferred Earnings The manner in which the deferred salary is held shall be at the discretion of the Hospital. The employee will be made aware, in advance of having to sign any formal agreement, of the manner of holding such deferred salary. Interest which is accumulated during each year of the deferral period shall be paid out to the employee in accordance with Part LXVIII of the Income Tax Regulations, Section 6801.

  • Assessments and Taxes No assessments have been made against any portion of the Property which are unpaid (except ad valorem taxes for the current year), whether or not they have become liens, and Seller shall notify Buyer of any such assessments which are brought to Seller's attention after the execution of this Agreement. The Seller will pay or cause to be paid promptly all City, State, and County ad valorem taxes and similar taxes and assessments, all sewer and water charges, and all other governmental charges levied or imposed upon or assessed against the Property which are due on or prior to the Closing.

  • Setoffs and Deductions Each of Seller and Financing Provider agrees that PG&E shall have the right to set off or deduct from payments due to Seller each and every amount due PG&E from Seller whether or not arising out of or in connection with the Assigned Agreement. Financing Provider further agrees that it takes the assignment for security purposes of the Assigned Agreement and the Assigned Agreement Accounts subject to any defenses or causes of action PG&E may have against Seller.

  • Tax Deferred Annuities The Board of Directors for the District shall provide and pay for such tax deferred annuities pursuant to RCW 28A.400.250 as the union shall request and the Board of Directors shall authorize. Payment for said annuities shall be at the option of the employee and deducted from the monthly salary as authorized by the individual employee.

  • FINANCIAL CONTRIBUTIONS 10.1 The Financial Contribution of the CCG and the Council to any Pooled Fund or Non-Pooled Fund for the first Financial Year of operation of each Individual Scheme shall be as set out in the relevant Scheme Specification.

  • DEDUCTIONS FROM SALARY A. The Board agrees to deduct from teachers’ salaries membership dues and assessments for the Xxxxxx County Education Association, the Maryland State Teachers’ Association, and the National Education Association as said teachers individually and voluntarily authorize to deduct through an appropriate written authorization form prepared by the Association. The Board agrees to transmit such monies promptly to the Association.

  • C2 Payment and VAT C2.1 The Authority shall pay all sums due to the Contractor within thirty (30) days of receipt of a valid invoice, submitted Monthly in arrears.

  • PAYROLL TAXES Employer shall have the right to deduct from the compensation and benefits due to Employee hereunder any and all sums required for social security and withholding taxes and for any other federal, state, or local tax or charge which may be in effect or hereafter enacted or required as a charge on the compensation or benefits of Employee.

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