ESTIMATED LOSSES ON COMMITMENTS AND CONTINGENCIES
33. TAXATION continued d. Tax expense - current
The reconciliation between income before tax as shown in the consolidated statements of comprehensive income and income tax calculations and the related estimated current tax expense for Bank Mandiri and its Subsidiaries are as follows: Year ended December 31, 2016 2015 Consolidated income before tax expense and non-controlling interests 18,572,965 26,369,430 Less: Income before tax expense of Subsidiaries - after elimination 2,983,934 1,900,221 Impact of changes in presenting investment from equity method to cost method 735,377 230,537 Income before tax expense and non-controlling interests - Bank Mandiri only 16,324,408 24,699,746 Adddeduct permanent differences: Non-deductible expensesnon-taxable income 48,829 1,732,048 Others 9,478 8,880 Adddeduct temporary differences: Allowance for impairment losses on loans and write-offs 5,536,094 799,374 Allowance for impairment losses on financial assets other than loans 88,974 83,164 Provision for post-employment benefit expense, provisions for bonuses, leave and holiday THR entitlements 690,957 816,084 Unrealised gain on BOT transactions 109,141 7,799 Allowance for estimated losses arising from legal cases 282,830 33,551 Provision for estimated losses on commitments and contingencies 177,583 175,580 Depreciation of fixed assets 43,015 228,162 Unrealised lossessgains on decreaseincrease in fair value of marketable securities and government bonds - fair value through profit or loss 5,765 15,779 Allowance for possible losses of abandoned properties 3,535 - Estimated taxable income 22,178,539 24,664,149 Estimated tax expense - current Bank Mandiri only 4,435,708 4,932,830 Subsidiaries 653,216 615,228 Estimated tax expense - current 5,088,924 5,548,058 PT BANK MANDIRI PERSERO Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2016 and for the year then ended Expressed in millions of Rupiah, unless otherwise stated 14633. 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: Year ended December 31, 2016 2015 Consolidated income before tax expense and noncontrolling interest 18,572,965 26,369,430 Tax calculated at applicable tax rates 4,010,865 5,368,896 Income tax effect of: Bank Mandiri - Income not subject to tax and final tax 213,279 503,341 - Expense not deductible for tax purposes 203,513 156,932 9,766 346,409 Subsidiaries 78,297 194,545 Total tax effect 88,063 151,864 Income tax expense 3,922,802 5,217,032 According to 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 Tax payers, 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 tax payer at the minimum 183 one hundred and eighty three calendar days in a period of 1 one fiscal year. Tax payer should attach 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.Parts
» Bank Mandiri Eng 31 Des 2016 Released Password Removed
» Merger GENERAL INFORMATION a. Establishment
» Recapitalisation GENERAL INFORMATION continued b. Merger continued
» Divestment of Government Share Ownership
» GENERAL INFORMATION continued g. Subsidiaries
» GENERAL INFORMATION continued g. Subsidiaries continued
» Structure and Management GENERAL INFORMATION continued g. Subsidiaries continued
» GENERAL INFORMATION continued h. Structure and Management continued
» Basis of Preparation of the Consolidated Financial Statements
» Financial instruments A. Financial assets
» SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued c. Financial instruments continued
» Transactions with related parties
» Current accounts with Bank Indonesia and other banks
» Placements with Bank Indonesia and other banks
» SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued
» Securities purchasedsold under resalerepurchase agreements
» Derivative receivables and derivative payables
» Loans and sharia receivablesfinancing
» Consumer financing receivables SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued l.
» Fixed Assets, leased assets and intangible assets i. Fixed assets and software
» Fixed assets and software continued
» Allowance for possible losses on non-earning assets
» Acceptance receivables and payables
» Deposits from customers SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued v. Other assets
» Deposits from other banks Insurance contract
» SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued z. Insurance contract continued
» SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued ad. Income tax continued
» SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued ae. Temporary syirkah funds continued
» SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued ai. Employee benefits continued
» Determining fair values of financial instruments
» Impairment of non-financial assets
» CURRENT ACCOUNTS WITH BANK INDONESIA December 31, December 31,
» CURRENT ACCOUNTS WITH BANK INDONESIA continued December 31, December 31,
» CURRENT ACCOUNTS WITH OTHER BANKS
» CURRENT ACCOUNTS WITH OTHER BANKS continued
» PLACEMENTS WITH BANK INDONESIA AND OTHER BANKS continued
» PLACEMENTS WITH BANK INDONESIA AND OTHER BANKS continued MARKETABLE SECURITIES
» MARKETABLE SECURITIES continued MARKETABLE SECURITIES continued
» MARKETABLE SECURITIES continued Bank Mandiri Eng 31 Des 2016 Released Password Removed
» MARKETABLE SECURITIES continued GOVERNMENT BONDS GOVERNMENT BONDS continued
» GOVERNMENT BONDS continued Bank Mandiri Eng 31 Des 2016 Released Password Removed
» OTHER RECEIVABLES - TRADE TRANSACTIONS
» OTHER RECEIVABLES - TRADE TRANSACTIONS continued
» SECURITIES PURCHASED UNDER RESALE AGREEMENTS
» SECURITIES PURCHASED UNDER RESALE AGREEMENTS continued
» DERIVATIVE RECEIVABLES AND PAYABLES
» DERIVATIVE RECEIVABLES AND PAYABLES continued
» 2 By type and Bank Indonesia’s collectibility:
» 2 By type and Bank Indonesia’s collectability continued:
» LOANS AND SHARIA RECEIVABLESFINANCING continued
» LOANS AND SHARIA RECEIVABLESFINANCINGcontinued
» LOANS AND SHARIA RECEIVABLESFINANCING continued LOANS AND SHARIA RECEIVABLESFINANCING continued
» CONSUMER FINANCING RECEIVABLES continued
» NET INVESTMENT FINANCE LEASES
» NET INVESTMENT IN FINANCE LEASE continued ACCEPTANCES RECEIVABLE
» ACCEPTANCES RECEIVABLE continued Bank Mandiri Eng 31 Des 2016 Released Password Removed
» ACCEPTANCES RECEIVABLE continued INVESTMENT IN SHARES
» INVESTMENT IN SHARES continued
» FIXED ASSETS Bank Mandiri Eng 31 Des 2016 Released Password Removed
» FIXED ASSETS continued Bank Mandiri Eng 31 Des 2016 Released Password Removed
» FIXED ASSETS continued Others
» FIXED ASSETS continued Others continued
» INTANGIBLE ASSETS December 31, December 31, OTHER ASSETS December 31, December 31,
» OTHER ASSETS continued DEPOSITS FROM CUSTOMERS - DEMANDWADIAH DEMAND DEPOSITS
» DEPOSITS FROM CUSTOMERS - SAVINGWADIAH SAVING DEPOSITS continued
» DEPOSITS FROM CUSTOMERS - TIME DEPOSITS continued
» DEPOSITS FROM OTHER BANKS - DEMANDWADIAH DEMAND AND SAVING DEPOSITS
» DEPOSITS FROM OTHER BANKS -DEMANDWADIAH DEMAND AND SAVING DEPOSITS continued
» DEPOSITS FROM OTHER BANKS - INTER-BANK CALL MONEY
» DEPOSITS FROM OTHER BANKS - TIME DEPOSITS
» LIABILITY TO UNIT-LINK HOLDERS
» LIABILITY TO UNIT-LINK HOLDERS continued
» LIABILITY TO UNIT-LINK HOLDERScontinued
» SECURITIES SOLD UNDER REPURCHASE AGREEMENTS
» ACCEPTANCES PAYABLE Bank Mandiri Eng 31 Des 2016 Released Password Removed
» MARKETABLE SECURITIES ISSUED Bank Mandiri Eng 31 Des 2016 Released Password Removed
» MARKETABLE SECURITIES ISSUED continued Bonds continued
» MARKETABLE SECURITIES ISSUED continued Subordinated notes sharia mudharabah
» MARKETABLE SECURITIES ISSUED continued Subordinated notes sharia mudharabah continued
» ESTIMATED LOSSES ON COMMITMENTS AND CONTINGENCIES
» Prepaid taxes December 31, December 31,
» Taxes payable December 31, December 31,
» TAXATION b. Taxes payable continued
» TAXATION continued d. Tax expense - current
» TAXATION continued d. Tax expense - current continued
» Tax on fixed assets revaluation
» Tax assessment letters Fiscal year 2013
» Tax collection letter Fiscal year 2014
» EMPLOYEE BENEFIT LIABILITIES December 31, December 31,
» OTHER LIABILITIES continued Bank Mandiri Eng 31 Des 2016 Released Password Removed
» FUND BORROWINGS continued December 31, December 31,
» FUND BORROWINGS continued FUND BORROWINGS continued
» FUND BORROWINGS continued Bank Mandiri Eng 31 Des 2016 Released Password Removed
» SUBORDINATED LOANS Bank Mandiri Eng 31 Des 2016 Released Password Removed
» SUBORDINATED LOANS continued Bank Mandiri Eng 31 Des 2016 Released Password Removed
» TEMPORARY SYIRKAH FUNDS Bank Mandiri Eng 31 Des 2016 Released Password Removed
» TEMPORARY SYIRKAH FUNDS continued
» Authorised, Issued and Fully Paid Capital
» SHARE CAPITAL continued a. Authorised, Issued and Fully Paid Capital continued
» SHARE CAPITAL continued a. Authorised, Issued and Fully Paid-in Capital continued
» Additional Paid-In CapitalShare Premium
» SHARE CAPITAL continued c. Distribution of net income continued
» INTEREST EXPENSE AND SHARIA EXPENSE OTHER OPERATING INCOME - OTHERS Year ended December 31,
» ALLOWANCE AND REVERSAL FOR IMPAIRMENT LOSSES Year ended December 31,
» UNREALISED GAINSLOSSES Bank Mandiri Eng 31 Des 2016 Released Password Removed
» GAIN ON SALE OF MARKETABLE SECURITIES AND GOVERNMENT BONDS Year ended December 31,
» SALARIES AND EMPLOYEE BENEFITS Year ended December 31,
» SALARIES AND EMPLOYEE BENEFITS continued
» GENERAL AND ADMINISTRATIVE EXPENSES Year ended December 31, EMPLOYEE BENEFITS
» EMPLOYEE BENEFITScontinued Pension Plan
» EMPLOYEE BENEFITS continued Pension Plan continued
» EMPLOYEE BENEFITS continued Pension Plan
» EMPLOYEE BENEFITScontinued Bank Mandiri Eng 31 Des 2016 Released Password Removed
» EMPLOYEE BENEFITS continued EMPLOYEE BENEFITS continued
» EMPLOYEE BENEFITS continued Labor Law No. 132003 continued
» NON-OPERATING EXPENSEINCOME - NET Year ended December 31,
» COMMITMENTS AND CONTINGENCIES continued
» FOREIGN CURRENCY TRANSACTIONS Bank Mandiri Eng 31 Des 2016 Released Password Removed
» RELATED PARTY TRANSACTIONS Bank Mandiri Eng 31 Des 2016 Released Password Removed
» RELATED PARTY TRANSACTIONS continued
» RELATED PARTY TRANSACTIONS continued RELATED PARTY TRANSACTIONS continued
» Liabilities RELATED PARTY TRANSACTIONS continued
» Temporary Syirkah Funds Note 38
» SEGMENT INFORMATION Bank Mandiri Eng 31 Des 2016 Released Password Removed
» SEGMENT INFORMATION continued Bank Mandiri Eng 31 Des 2016 Released Password Removed
» CAPITAL ADEQUACY RATIO Bank Mandiri Eng 31 Des 2016 Released Password Removed
» CAPITAL ADEQUACY RATIO continued
» CUSTODIAL SERVICES AND TRUST OPERATIONS
» CUSTODIAL SERVICES AND TRUST OPERATIONS continued
» CHANNELING LOANS Bank Mandiri Eng 31 Des 2016 Released Password Removed
» RISK MANAGEMENT Bank Mandiri Eng 31 Des 2016 Released Password Removed
» RISK MANAGEMENT continued Bank Mandiri Eng 31 Des 2016 Released Password Removed
» RISK MANAGEMENT continued RISK MANAGEMENT continued
» Integrated banking system agreement with vendor
» Legal matters Trade Financing with Asian Development Bank ADB
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