DEFERRED TAX ASSETS AND LIABILITIES. 16.1 Deferred tax assets and liabilities, consisted of Consolidated Financial Statements Separate Financial Statements As at June As at December As at June As at December 30, 2021 31, 2020 30, 2021 31, 2020 Deferred tax liabilities (6,837) (3,934) (4,237) (1,335) 16,437 18,931 14,646 17,140
16.2 Changes in deferred tax assets and liabilities for the six-month period ended June 30, 2021, are summarized as follows: Consolidated Financial Statements Balance as at Revenue (expenses) during the period Balance as at December 31, 2020 In profit or loss In other comprehensive income June 30, 2021 Deferred tax assets: Allowance for expected credit loss 196 - - 196 Allowance for impairment - clubhouse 351 - - 351 Lease liabilities 6,660 (336) - 6,324 Provisions for employee benefits obligations Provisions for compensation for housing estate juristic persons 11,599 4,059 356 389 - - 11,955 4,448 Total 22,865 409 - 23,274 Deferred tax liabilities: Unrealized gain on remeasuring available-for-sale Investments (17) - - (17) Property development costs and inventories 2,568 (3,213) - (645) Right-of-use assets (6,485) 310 - (6,175) Total (3,934) (2,903) - (6,837) Net 18,931 (2,494) - 16,437 Separate Financial Statements Balance as at Revenue (expenses) during the period Balance as at December 31, 2020 In profit or loss In other comprehensive income June 30, 2021 Deferred tax assets: Allowance for expected credit loss 196 - - 196 Allowance for impairment - clubhouse 351 - - 351 Leases liabilities 2,273 (336) - 1,937 Provisions for employee benefits obligations Provisions for compensation for housing estate juristic persons 11,596 4,059 356 388 - - 11,952 4,447 Total 18,475 408 - 18,883 Deferred tax liabilities: Unrealized gain on remeasuring available-for-sale Investments (17) - - (17) Property development costs and inventories 845 (3,212) - (2,367) Right-of-use assets (2,163) 310 - (1,853) Total (1,335) (2,902) - (4,237) Net 17,140 (2,494) - 14,646
DEFERRED TAX ASSETS AND LIABILITIES. (i) Seller shall prepare as of the Closing Date and in accordance with US GAAP a schedule of deferred tax assets for which Seller bears the economic burden of the associated liability and deferred tax liabilities for which Buyer does not enjoy the economic benefit of the associated asset. This schedule shall include balances for (w) the deferred tax liability associated with the Seller’s 481 adjustment relating to the accrual of bonuses (the “481 Adjustment”), (x) the deferred tax asset relating to compensation to be deducted post-Closing, the liability for which shall have been included in the calculation of the Closing Regulated Entity Regulatory Capital Statement or the Closing Unregulated Entity Working Capital Statement (such compensation being paid pursuant to the following compensation plans: Non Qualified Deferred Compensation Plan – Top Hat, Non-Qualified Deferred Compensation Plan – Supplemental Savings, Compensation Deferral Plan and Voluntary Levered Alpha Participation Plan) (the “Deferred Comp”), (y) the net deferred tax asset or liability resulting from all of the other deferred tax assets that produce ordinary deductions (other than the California NOL, as defined below) and all of the other deferred tax liabilities that produce ordinary income (the “Ordinary Items”) and (z) the net operating loss for California state Tax purposes of the Transferred Entities (the “California NOL”).
(ii) Notwithstanding any other provision of this agreement, including for clarification Section 4.7(g), neither Seller or Buyer will owe any amounts to each other in respect of the amounts reflected in the Schedule described in Section 6.5(k)(i) if (x) the 481 Adjustment does not exceed the Deferred Comp (such excess being the “Gap Amount”) by more than $35 million, (y) the Ordinary Items reflect a deferred tax asset of at least $24 million and (z) the California NOL on an after-tax basis (i.e., the total net operating loss of approximately $4.9 billion times the California effective Tax rate of approximately 1%) is at least $49 million.
(iii) If the three conditions of Section 6.5(k)(ii) are not satisfied then Seller shall pay to Buyer the sum of (x) 40% of the amount by which the Gap Amount exceeds $35 million, plus (y) 40% of the amount by which $24 million exceeds the Ordinary Items, plus (z) 9% of the amount by which $49 million exceeds the California NOL on an after-tax basis.
DEFERRED TAX ASSETS AND LIABILITIES. Deferred tax assets and liabilities as follows:- Consolidated financial statements Separate financial statements As at December As at June As at December Deferred tax assets 57,728,986 50,238,773 57,612,986 50,122,773 Deferred tax liabilities (98,935,606) (99,120,330) (94,893,436) (94,935,776) Deferred tax asset (liabilities) - net (41,206,620) (48,881,557) (37,280,450) (44,813,003) Balance as at The impacts Balance as at Income (expenses) during the period Balance as at of adoption of TFRSs related of financial January 1, 2020 In profit or loss In other comprehensive income June 30, 2020 Deferred tax assets : Unrealized loss from derivatives - 122,280 122,280 1,067,736 - 1,190,016 Allowance for doubtful accounts and goods returns 1,433,215 444,040 1,877,255 1,884,928 - 3,762,183 Allowance for dilapidated and slow moving 33,103,713 - 33,103,713 4,383,629 - 37,487,342 Allowance for assets impairment 182,999 - 182,999 379,358 - 562,357 Provision for impairment of investment in associate 116,000 - 116,000 - - 116,000 Employee benefits obligations 15,402,846 - 15,402,846 (791,758) - 14,611,088 Total 50,238,773 566,320 50,805,093 6,923,893 - 57,728,986 eferred tax liabilities: Unrealized gains from changes in investment values 7 (7) - 58 - 58 Surplus on revaluation of assets 99,120,323 - 99,120,323 (102,984) (110,430) 98,906,909 Right-of-use assets - - - 28,639 - 28,639 Total 99,120,330 (7) 99,120,323 (74,287) (110,430) 98,935,606 D Balance as at The impacts Balance as at Income (expenses) during the period Balance as at of adoption of TFRSs related of financial January 1, 2020 In profit or loss In other comprehensive income June 30, 2020 Deferred tax assets : Unrealized loss from derivatives - 122,280 122,280 1,067,736 - 1,190,016 Allowance for doubtful accounts and goods returns 1,433,215 444,040 1,877,255 1,884,928 - 3,762,183 Allowance for dilapidated and slow moving 33,103,713 - 33,103,713 4,383,629 - 37,487,342 Allowance for assets impairment 182,999 - 182,999 379,358 - 562,357 Employee benefits obligations 15,402,846 - 15,402,846 (791,758) - 14,611,088 Total 50,122,773 566,320 50,689,093 6,923,893 - 57,612,986 eferred tax liabilities: Unrealized gains from changes in investment values 7 (7) - 58 - 58 Surplus on revaluation of assets 94,935,769 - 94,935,769 (71,030) - 94,864,739 Right-of-use assets - - - 28,639 - 28,639 Total 94,935,776 (7) 94,935,769 (42,333) - 94,893,436 D
DEFERRED TAX ASSETS AND LIABILITIES. Movements in deferred tax assets and liabilities (prior to offsetting of balances) during the year are as follows:
iii. Expected capital expenditure for replenishment of parts and scheduled maintenance related costs have been included in the projections in accordance with plant maintenance programme; and
DEFERRED TAX ASSETS AND LIABILITIES. 16.1 Deferred tax assets and liabilities, consisted of
