PT BANK MANDIRI PERSERO Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2015 and for the year then ended Expressed in millions of Rupiah, unless otherwise stated
135
33. TAXATION continued d. Tax expense - current continued
The tax on Bank Mandiri and Subsidiaries Group’s profit before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits on the
consolidated entities are follows:
December 31, 2015
2014
Consolidated income before tax expense 26,369,430
26,008,015 Tax calculated at applicable tax rates
5,368,896 5,403,600
Tax effect of: Bank Mandiri
- Income not subject to tax and final tax
503,341 171,684
- Expense not deductible for tax purposes
156,932 91,987
346,409 79,697
Subsidiaries 194,545
29,329 Total tax effect
151,864 50,368
Income tax expense 5,217,032
5,353,232
Under the taxation laws of Indonesia, Bank Mandiri and Subsidiaries submit the Annual Corporate Income Tax Returns to the tax office on the basis of self assessment. The Directorate General of
Taxation may assess or amend taxes within 5 five years from time when the tax becomes due. Starting from 2009, Bank Mandiri has recognised written-off loans as deduction of gross profit by
fullfiling the three requirements stipulated in UU No. 36 Year 2008 and Regulation of the Minister of Finance No. 105PMK.032009 dated June 10, 2009, which was amended by Regulation of the
Minister of Finance No. 57PMK.032010 dated March 9, 2010. Based on UU No. 36 Year 2008 regarding Income Tax, Government Regulation No. 81 Year 2007
dated December 28, 2007 which is subsequently replaced by Government Regulation GR No. 77 Year 2013 dated November 21, 2013 and GR No. 56 Year 2015 dated August 3, 2015 regarding
Reduction of Income Tax Rate for Listed Resident Corporate Tax Payers and Regulation of the Minister of Finance No. 238PMK.032008 dated December 30, 2008 regarding Procedures for
Implementing and Supervising the Granting of Reduction of Income Tax Rate for Listed Resident Corporate Taxpayers, a public listed company can obtain a reduction of income tax rate by 5
lower from the highest income tax rate by fulfilling several requirements at least 40 of the total paid-up shares are listed and traded in the Indonesia Stock Exchange, the shares are owned by at
least 300 parties and each party can only own less than 5 of the total paid up shares. The above requirements must be fulfilled by the taxpayer at the minimum 183 one hundred and eighty three
calendar days in a period of 1 one fiscal year. Tax payer should include the certificate from Securities Administration Agency in the Annual
Corporate Income Tax return by attaching form X.H.1-6 as regulated in Bapepam-LK Regulation No X.H.1 for each respective fiscal year.
PT BANK MANDIRI PERSERO Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2015 and for the year then ended Expressed in millions of Rupiah, unless otherwise stated
136
33. TAXATION continued d. Tax expense - current continued
Based on Certificate No. DEI2016-0117 dated January 5, 2016 regarding Monthly Stock Ownerships of Publicly Listed Companies Report and the Recapitulation form No X.H. 1-2 dated
Desember 31, 2015 from PT Datindo Entrycom Securities Administration Agency to Bank Mandiri, it was stated that the Bank has fullfilled the requirements to obtain the income tax rate
reduction to become 20 based on GR No. 77 Year 2013 and GR No. 56 Year 2015. In accordance with Minister of Finance Regulation No. 238PMK.032008, OJK previously “Bapepam
- LK” will then later submit the information regarding the fulfillment by the Bank to the Tax office. Therefore the Bank’s corporate income tax for the year ended December 31, 2015 are calculated
using the tax rate of 20.
e. Deferred tax assets - net
Deferred tax arises from temporary differences between book value based on commercial and tax calculation are as follows:
December 31, 2015
Beginning balance
Credited charged to
consolidated statement of
profit or loss and other
comprehensive income
Charged to equity
Ending balance
Bank Mandiri Deferred tax assets:
Loans write-off until 2008 1,331,538
82,825 -
1,248,713 Provision for post-employment benefit expense, provision
for bonuses, leave and holiday THR entitlements 963,865
163,217 58,110
1,068,972 Allowance for impairment loan losses
869,007 242,700
- 1,111,707
Allowance for impairment losses on financial assets other than loans
410,180 16,632
- 426,812
Unrealised losses on decrease in fair value of marketable securities and
government bonds available for sale 139,816
- 235,953
375,769 Allowance for estimated losses arising from legal cases
100,936 6,710
- 107,646
Estimated losses on commitments and contingencies 39,030
35,116 -
74,146 Allowance for possible losses on abandoned properties
29,819 -
- 29,819
Allowance for possible losses on repossessed assets 1,994
- -
1,994 Accumulated losses arising from difference in
net realisable value of repossessed assets 1,969
- -
1,969 Unrealised losses on decrease in
fair value of marketable securities and government bonds - fair value through profit or loss
1,501 3,156
- 4,657
Accumulated losses arising from difference in net realisable value of abandoned properties
189 -
- 189
Deferred tax assets 3,889,844
384,706 177,843
4,452,393 Deferred tax liabilities:
Unrealised gain on BOT transactions 20,268
1,560 -
21,828 Net book value of fixed assets
66,252 45,632
- 111,884
Deferred tax assets - Bank Mandiri only 3,803,324
337,514 177,843
4,318,681
Net deferred tax assets - Subsidiaries 385,796
515,841
Total consolidated deferred tax assets - net 4,189,120
4,834,522
