ESTIMATED LOSSES ON COMMITMENTS AND CONTINGENCIES continued
27. TAXATION continued c. Tax expense - current continued
Under the Indonesian taxation laws, Bank Mandiri and its Subsidiaries submit tax return on the basis of self assessment. The tax authorities may assess or amend taxes within 5 years after the date of the tax filings. In September 2008, the Government announced the changes of Law No. 7 Year 1983 regarding “Income Tax” which will be effective on January 1, 2009 which is Law No. 36 Year 2008 regarding revision for the fourth time of Law No. 7 Year 1983 on Income Tax. The revised Law stipulates changes in corporate tax rate from a marginal tax rate to a single rate of 28 for fiscal year 2009 and 25 for fiscal year 2010 onwards.d. Tax expense - deferred
The reconciliation between estimated income tax expense, calculated using applicable tax rates based on commercial income before tax expense, and estimated income tax as reported in the statements of income for the years ended December 31, 2008 and 2007 are as follows: 2008 2007 Consolidated income before tax expense and minority interests 8,068,560 6,333,383 Less: Income before tax expense of Subsidiaries after elimination 141,244 134,525 Income before tax expense and minority interests - Bank Mandiri only 7,927,316 6,198,858 Estimated income tax expense based on standard statutory rates 2,378,177 1,859,640 Decreaseincrease of deferred tax from changes of taxes rates and recognition of temporary difference not recognized in prior years 184,952 - Tax effect of permanent differences: Non-deductible expenses 56,861 15,731 Losses from Hong Kong branch 18,710 - Others 10,640 4,537 Recovery of credit 34,845 27,274 236,318 7,006 Tax expense - Bank Mandiri only 2,614,495 1,852,634 Tax expense - Subsidiaries 138,749 133,258 Tax expense - consolidated 2,753,244 1,985,892 Less: Current tax expense - consolidated 4,711,894 2,686,154 Deferred tax benefit - Consolidated 1,958,650 700,262Parts
» Recapitalization GENERAL continued b. Merger continued
» Initial Public Offering of the Bank’s Shares
» Quasi-Reorganization GENERAL continued d. Initial Public Offering of the Bank’s Shares continued
» Divestment of Government Share Ownership Structure and Management
» GENERAL continued g. Structure and Management continued
» Principles of Consolidation GENERAL continued g. Structure and Management continued
» SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued b. Principles of Consolidation continued
» Foreign Currency Transactions and Balances
» Transactions with Related Parties
» Placements with Bank Indonesia and Other Banks
» Securities SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued e. Cash and Cash Equivalents
» Government Bonds SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued g. Securities continued
» Other Receivables - Trade Transactions
» Securities PurchasedSold under ResellRepurchase Agreements
» Loans SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued g. Securities continued
» SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued l.
» Acceptances Receivable and Payable
» Investments in Shares of Stock
» SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued
» Deposits from Customers SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued q. Other Assets
» Securities Issued SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued
» Income Tax SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued
» Interest Income and Interest Expense
» Fees and Commissions SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued
» Post-Employment Benefits SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued
» Earning Per Share SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued
» SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued CURRENT ACCOUNTS WITH BANK INDONESIA
» CURRENT ACCOUNTS WITH BANK INDONESIA continued 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 SECURITIES
» SECURITIES continued SECURITIES continued
» SECURITIES continued Bank Mandiri Tbk (english)
» SECURITIES continued GOVERNMENT BONDS GOVERNMENT BONDS continued
» GOVERNMENT BONDS continued Bank Mandiri Tbk (english)
» OTHER RECEIVABLES - TRADE TRANSACTIONS continued
» SECURITIES PURCHASED WITH AGREEMENTS TO RESELL
» SECURITIES PURCHASED WITH AGREEMENTS TO RESELL continued
» DERIVATIVE RECEIVABLES AND PAYABLES continued
» LOANS Bank Mandiri Tbk (english)
» LOANS continued LOANS continued
» LOANS continued Bank Mandiri Tbk (english)
» ACCEPTANCES RECEIVABLE Bank Mandiri Tbk (english)
» ACCEPTANCES RECEIVABLE continued INVESTMENTS IN SHARES OF STOCK
» INVESTMENTS IN SHARES OF STOCK continued
» PREMISES AND EQUIPMENT Bank Mandiri Tbk (english)
» PREMISES AND EQUIPMENT continued
» OTHER ASSETS continued DEPOSITS FROM CUSTOMERS - DEMAND DEPOSITS
» DEPOSITS FROM CUSTOMERS - DEMAND DEPOSITS continued DEPOSITS FROM CUSTOMERS - SAVINGS DEPOSITS
» DEPOSITS FROM CUSTOMERS - TIME DEPOSITS
» DEPOSITS FROM CUSTOMERS - TIME DEPOSITS continued
» DEPOSITS FROM OTHER BANKS - DEMAND AND SAVINGS DEPOSITS continued
» DEPOSITS FROM OTHER BANKS - TIME DEPOSITS
» DEPOSITS FROM OTHER BANKS - TIME DEPOSITS continued
» SECURITIES SOLD WITH AGREEMENTS TO REPURCHASE
» ACCEPTANCES PAYABLE Bank Mandiri Tbk (english)
» ACCEPTANCES PAYABLE continued Bank Mandiri Tbk (english)
» SECURITIES ISSUED continued Bank Mandiri Tbk (english)
» Nil 2007 Bank Mandiri Tbk (english)
» FUND BORROWINGS Bank Mandiri Tbk (english)
» FUND BORROWINGS continued Bank Mandiri Tbk (english)
» ESTIMATED LOSSES ON COMMITMENTS AND CONTINGENCIES
» ESTIMATED LOSSES ON COMMITMENTS AND CONTINGENCIES continued
» TAXATION continued e. Deferred Tax Assets
» OTHER LIABILITIES Bank Mandiri Tbk (english)
» OTHER LIABILITIES continued Bank Mandiri Tbk (english)
» SUBORDINATED LOANS continued Bank Mandiri Tbk (english)
» MINORITY INTERESTS IN NET ASSETS OF CONSOLIDATED SUBSIDIARIES
» SHAREHOLDERS’ EQUITY Bank Mandiri Tbk (english)
» SHAREHOLDERS’ EQUITY continued Bank Mandiri Tbk (english)
» MANAGEMENT STOCK OPTION PLAN
» MANAGEMENT STOCK OPTION PLAN continued
» INTEREST INCOME Bank Mandiri Tbk (english)
» OTHER OPERATING INCOME - OTHERS
» PROVISION FOR POSSIBLE LOSSES ON EARNING ASSETS
» REVERSAL OF ALLOWANCE FOR POSSIBLE LOSSES - OTHERS - NET
» GAINSLOSSES FROM INCREASEDECREASE IN VALUE OF SECURITIES AND GOVERNMENT BONDS
» GENERAL AND ADMINISTRATIVE EXPENSES
» SALARIES AND EMPLOYEE BENEFITS
» SALARIES AND EMPLOYEE BENEFITS continued 2007 PENSION AND SEVERANCE
» PENSION AND SEVERANCE continued PENSION AND SEVERANCE continued
» PENSION AND SEVERANCE continued
» COMMITMENTS AND CONTINGENCIES Bank Mandiri Tbk (english)
» FOREIGN CURRENCY TRANSACTIONS continued RELATED PARTY TRANSACTIONS
» RELATED PARTY TRANSACTIONS continued
» RELATED PARTY TRANSACTIONS continued MATURITY PROFILE
» MATURITY PROFILE continued Bank Mandiri Tbk (english)
» MATURITY PROFILE continued SEGMENT INFORMATION
» SEGMENT INFORMATION continued Bank Mandiri Tbk (english)
» CAPITAL ADEQUACY RATIO Bank Mandiri Tbk (english)
» CAPITAL ADEQUACY RATIO continued
» NET OPEN POSITION Bank Mandiri Tbk (english)
» CUSTODIAL AND TRUST OPERATIONS continued
» CHANNELING LOANS Bank Mandiri Tbk (english)
» CHANNELING LOANS continued Bank Mandiri Tbk (english)
» RISK MANAGEMENT continued Bank Mandiri Tbk (english)
» SIGNIFICANT AGREEMENTS, COMMITMENTS AND CONTINGENCIES
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