PT SAMPOERNA AGRO Tbk FORMERLY PT SELAPAN JAYA AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Three Months Ended March 31, 2007
and Year Ended December 31, 2006 With Comparative Figures for 2005 and 2004
Expressed in thousands of Rupiah, unless otherwise stated
32
13. TAXATION continued
d. Corporate income tax continued:
2007 2006
2005 2004
Three Months One Year
One Year One Year
Temporary differences: Provision for employee service
entitlements 9,662,111
963,527 1,457,161
824,103 Depreciation
2,366,103 769,737
904,305 805,680
Provision for Plasma plantations -
- 2,739,997
12,971,371 Provision for claims in relation to
plantation activities -
- -
3,938,133 Payment of obligations under
capital leases -
- -
206,473 Interest of obligations under
capital leases -
- -
12,498 Total
7,296,008 1,733,264
378,531 15,473,696
Estimated taxable income tax loss before extraordinary item
51,794,554 163,741,744
80,336,396 126,351,857
Extraordinary item -
- 5,327,722
-
Estimated taxable income tax loss 51,794,554
163,741,744 85,664,118
126,351,857
Taxable income tax loss relating to Subsidiaries, net
25,218,559 142,848,273
82,876,979 96,152,072
Estimated taxable income - tax loss of the Company
26,575,995 20,893,471
2,787,139 30,199,785
Tax losses carried forward from prior years
- -
- 878,056
Taxable income tax loss - the Company
26,575,995 20,893,471
2,787,139 29,321,729
The current corporate income tax expense and the computation of the estimated income tax payable claim for tax refund are as follows:
2007 2006
2005 2004
Three Months One Year
One Year One Year
The Company Taxable income tax loss
- 20,893,471
2,787,139 29,321,729
Income tax expense - current -
6,250,541 818,642
8,779,019 Less: prepayment of income taxes
521,904 1,806,568
4,434,679 2,013,343
Estimated income tax payable tax overpayment
521,904 4,443,973
3,616,037 6,765,676
Estimated income tax payable: The Company
- 4,443,973
- 6,765,676
Subsidiaries -
21,600,133 7,419,250
9,927,801
Total -
26,044,106 7,419,250
16,693,477
PT SAMPOERNA AGRO Tbk FORMERLY PT SELAPAN JAYA AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Three Months Ended March 31, 2007
and Year Ended December 31, 2006 With Comparative Figures for 2005 and 2004
Expressed in thousands of Rupiah, unless otherwise stated
33
13. TAXATION continued
d. Corporate income tax continued:
2007 2006
2005 2004
Three Months One Year
One Year One Year
Claim for tax refund:
The Company -
3,616,037 3,616,037
- Subsidiaries
800,823 800,823
2,081 -
Total 800,823
4,416,860 3,618,118
-
Tax overpayment for the three-months ended March 31, 2007 was recorded as part of “Prepaid Taxes” since the related tax year was not ended yet.
For plantation companies, tax losses which are subject to the approval of the tax authorities, may be carried forward and utilized to offset taxable income for up to eight years.
e. The reconciliation between income tax expense benefit, computed using the marginal tax rate of 30 from consolidated income loss before corporate income tax expense benefit and
corporate income tax expense as shown in the consolidated statements of income is as follows:
2007 2006
2005 2004
Three Months One Year
One Year One Year
Consolidated income loss before corporate income tax expense
benefit
54,219,867 162,095,201
82,044,758 147,201,768
Estimated tax expense based on prevailing tax rate of 30
16,265,960 48,628,560
24,613,427 44,160,530
Effect on income taxed at statutory rates 17,500
87,500 87,500
52,500 Net permanent differences
at the maximum marginal tax rate 2,916,396
26,016 398,949
1,612,865 Adjustments
Tax loss carried forward 1,440,474
- -
- Change in valuation allowance
- -
- 1,948,570
Accumulated expired tax losses -
- -
50,539 Others
- -
248,678 -
Corporate Income tax expense benefit - net
11,926,590 48,515,044
23,878,300 40,597,134
f. Deferred tax assets liabilities:
December 31, March 31, 2007
2006 2005
2004
The Company: Tax loss carried forward
7,972,797 -
- -
Provision for employee service entitlements
8,533 334,893
430,615 354,114
Accrued expense 117,545
117,545 117,545
117,545 Fixed assets
114,308 131,628
166,267 271,032
Net deferred tax assets – the Company
7,984,567 320,810
381,893 200,627
PT SAMPOERNA AGRO Tbk FORMERLY PT SELAPAN JAYA AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Three Months Ended March 31, 2007
and Year Ended December 31, 2006 With Comparative Figures for 2005 and 2004
Expressed in thousands of Rupiah, unless otherwise stated
34
13. TAXATION continued
