PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2004 and 2003, and April 30, 2003 Expressed in millions of Rupiah, unless otherwise stated
93
29. TAXATION continued c. Corporate income tax expense - current continued
Tax Losses Carried Forward Under current Indonesian tax regulations, tax losses may be carried forward and utilized to offset
taxable income for up to five years after the year in which the tax loss was incurred. Movements of tax losses carried forward from January 1, 2000 to December 31, 2003 were as
follows:
Year of Amount
Expiry Balance as of January 1, 2000 tax loss in 1999
26,991,916 2004
Correction of 1999 tax losses carried forward by the tax office 5,098,190
Utilization of 1999 tax losses carried forward in 2000 12,729,623
Balance as of December 31, 2000 9,164,103
2004 Utilization of tax losses carried forward in 2001
4,404,391 Balance of tax losses carried forward as of December 31, 2001
4,759,712 2004
Additional tax losses carried forward in 2002 6,370,979
2007 Balance of tax losses carried forward as of December 31, 2002
11,130,691 Balance of tax losses carried forward from the merged banks,
transferred to Bank Mandiri 31,944,418
Utilization of tax losses carried forward to offset premises and equipment revaluation increment
3,875,351 Tax corrections in 2003:
1999 tax
losses 13,659,210
2000 taxable
income 15,506,709
2001 taxable
income 2,342,573
2002 tax
losses 7,659,860
Utilization of tax losses carried forward in 2003 31,406
Balance of tax losses carried forward as of December 31, 2003 -
PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2004 and 2003, and April 30, 2003 Expressed in millions of Rupiah, unless otherwise stated
94
29. TAXATION continued d. Corporate income tax expense - deferred
The reconciliations between estimated income tax expense, calculated using applicable tax rates based on commercial profit before estimated income tax, and estimated income tax as reported in
the statements of profit and loss for the six-month periods ended June 30, 2004 and 2003, and the four-month period ended April 30, 2003 are as follows:
Six-month Six-month Four-month
Period ended Period ended
Period ended June 30, 2004
June 30, 2003 April 30, 2003
Consolidated profit before corporate income tax expense and minority interests
4,453,228 3,146,723
1,896,917 Less: Income before corporate income tax expense
of Subsidiaries
24,407 9,657 2,494
Profit before estimated corporate income tax and minority interests - Bank Mandiri only
4,428,821 3,137,066
1,894,423 Estimated income tax expense at standard statutory rates
1,328,629 941,120
568,327 Tax effect of permanent differences:
Non-taxable incomenon-deductible expenses 161,601
14,330 15,584
Non-deductible loans write-offs 171,404
- -
Non-deductible provisionnon-taxable adjustment of provision for losses on earning assets other than loans
- 23,428
10,187 Non-deductible provisionnon-taxable adjustment of provision
for losses on commitments and contingencies -
23,120 30,625
Others 17,826
11,104 6,191
27,629 43,322
31,419 Corporate income tax expense - Bank Mandiri only
1,356,258 897,798
536,908 Corporate income tax expense - Subsidiaries
24,238 9,730
2,752 Corporate income tax expense - consolidated
1,380,496 907,528 539,660 Less: Current corporate income tax expense - consolidated
1,204,105 1,288,386
868,940 Deferred corporate income tax expensebenefit - consolidated
176,391 380,858
329,280
PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2004 and 2003, and April 30, 2003 Expressed in millions of Rupiah, unless otherwise stated
95
29. TAXATION continued
