PT SAMPOERNA AGRO Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Six Months Ended June 30, 2007 and 2006
Expressed in thousands of Rupiah, unless otherwise stated
30
13. TAXATION continued d Corporate income tax continued
2 0 0 7 2 0 0 6
Estimated income tax payable The
Company -
182,104 Subsidiaries
9,571,446 12,502,620
Total 9,571,446
12,684,724 Claims for tax refund:
The Company
- 3,616,037
Subsidiaries 800,823
-
Total 800,823
3,616,037
Tax overpayment for the six-months ended June 30, 2007 was recorded as part of “Prepaid Taxes” since the related tax year was not closed 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 and corporate income
tax expense as shown in the consolidated statements of income is as follows:
2 0 0 7 2 0 0 6
Consolidated income loss before corporate income tax benefit expense
56,806,008 84,926,603
Estimated tax expense based on prevailing tax rate of 30
17,041,802 25,477,981
Effect on income taxed at statutory rates 87,500
87,500 Net permanent difference
at the maximum marginal tax rate 274,996
356,056
Corporate income tax expense benefit
– net
16,679,306 25,034,425
PT SAMPOERNA AGRO Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Six Months Ended June 30, 2007 and 2006
Expressed in thousands of Rupiah, unless otherwise stated
31
13. TAXATION continued
f Deferred tax assets liabilities:
2 0 0 7 2 0 0 6
The Company:
Tax loss carried forward 8,424,733
- Provision for employee service entitlements
334,893 430,615
Accrued expense
117,545 117,545
Fixed assets
131,628 166,267
Net deferred tax assets, the Company 8,745,543
381,893
Subsidiaries: Provision for employee service entitlements
2,988,410 2,295,574
Tax losses carried forward 639,172
29,011 Provision for write down of Plasma
623,349 623,349
Accrued expense
62,426 62,425
Fixed assets
1,090,303 860,295
Net deferred tax assets - Subsidiaries
3,223,054 2,150,064
Deferred tax assets, Net 11,968,597
2,531,957
Deferred tax assets in 2007 has accounted deferred tax liabiities of Sungai Rangit, which was consolidated starting from January 1, 2007, amounted to Rp326,505 as of December 31, 2006.
The utilization of deferred tax assets recognized by the Group is dependent upon future taxable income in excess of income arising from the reversal of existing taxable temporary differences.
g In January 2007, the Company received tax assessment letters from the Tax Office, which approved to refund the Companys claim for corporate income tax at the amount of Rp3,420,782
from the total claim of Rp3,616,037. Out of the said approved amount, Rp195,255 was charged as part of Licences and permits in the General and administration expenses. From the approved
amount, Rp136,000 was transferred as current period’s prepaid income tax and Rp3.284.782 was already received.
h In April 2007, Sungai Rangit received tax assessment letters from Tax Office stating that corporate income tax for 2002 was nil.
14. ACCRUED EXPENSES
