Trinidad and Tobago Unit Trust Corporation
Notes
to the Consolidated
Financial Statements
FOR THE YEAR ENDED
31 DECEMBER, 2012
Expressed in
Trinidad and Tobago dollars
A19
8) TAXATION
The local subsidiary companies are subject to Corporation Tax and
foreign subsidiaries are subject to taxation relevant to their country
of domicile.
2012
2011
$’000
$’000
Net income from continuing operations before taxation
102,992
101,460
Corporation tax rate 0% for the Corporation
-
-
Corporate tax at 25% for local subsidiaries
1,060
905
Corporate tax for foreign subsidiaries
349
232
Withholding tax
5,268
4,153
Business Levy payments
118
23
Green Fund Levy payments
492
489
Tax charge
7,287
5,802
9) DEFERRED TAX
Deferred taxes are calculated on all temporary differences under
the liability method using the current rate of 25%.
Deferred tax assets and liabilities and deferred tax (credit)/charge in
the profit and loss account are attributable to the following items:
2012
2011
$’000
$’000
Tax losses carried forward
(2,269)
(2,768)
Accelerated tax depreciation
6,478
5,917
Net deferred liability
4,209
3,149
Unit Trust Corporation
Annual Report 2012
